Homecoin helps you list your property on the MLS for a flat fee. They are popular for their $95 plan but crucial additional services will significantly increase your overall costs.
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- Listings are automated within 24 hours
- Flexible cancellation policy
- Market exposure through syndications
- Expensive add-ons
- Limited coverage
- Outdated tech platform
Homecoin is known for its $95 Flat Fee MLS listing. If this pricing seems too good to be true, you're right, it is! Basic items like yard signs, showing services, and contract reviews will cost you hundreds more. This means that sellers spend much more than $95 on average with Homecoin.
Homecoin's outdated technology also lacks key features like the ability to manage showings, review and compare offers, counter an offer, or auto-filling listing data. You will have to do all these tasks manually.
With Houzeo, you can do all this and more. Not only does Houzeo automatically assign your local MLS, but listing your home is fast and easy. You can even do this on the go with the Houzeo mobile app.
In this Homecoin review, we’ll dive deep into their business model and understand if it is beneficial for home sellers.
- Pros: Homecoin's barebones listing will get you on the MLS for just $95.
- Cons: You will pay a high mark-up for essential upgrades and required forms. Homecoin's outdated tech means many basic features like showing scheduling and offer management are not available. Finally, Homecoin has very limited coverage.
- Our Take: For most home sellers, we recommend Houzeo over Homecoin. Houzeo offers better packages, cutting-edge technology, and stellar customer service. Compare Houzeo vs. Homecoin.
What is Homecoin?
Homecoin is a For Sale By Owner company that lets you list your property on the MLS for a flat fee. Along with the MLS, their $95 package syndicates your listing on websites like Zillow, Redfin, and Trulia.
This real estate company boasts of its online tools and software that are otherwise available only to realtors. These tools allow you to edit your MLS listing without interacting with a real estate agent. You can also update your MLS listing up to 10 times at no additional cost.
However, the $95 upfront listing fee is just the basic fare.
Services like form-filling assistance, rental sign posts, etc., come with additional costs. These are higher than what is charged by other Flat Fee MLS companies.
Though optional, these services are what simplifies the home-selling process, especially for first-time home sellers. So, the total cost may end up being higher than $500.
We still prefer Homecoin over paying the 3% commission to a listing agent. But, when compared to the best flat-fee MLS services, Homecoin comes across as overpriced.
Homecoin’s single package is designed to lure home sellers to purchase their MLS listing for a small $95 fee.
- Flat Fee MLS Listing – $95: Homecoin will get you listed on the MLS with 25+ photos.
👉 Our Take: Homecoin offers only a single package for listing on the MLS. Any additional service you require must be purchased separately.
» Pros and Cons of Homecoin: Read our in-depth analysis of Homecoin.
You should consider these points while choosing them:
- MLS Exposure: A Flat Fee MLS listing via Homecoin will get you on the MLS and in front of thousands of buyers.
- Covers 11 States: Homecoin covers California, Florida, Georgia, Michigan, Missouri, New York, North Carolina, South Carolina, Tennessee, Virginia, and Wisconsin.
» Is Homecoin Worth It?: Read this blog to find out.
In our research, we found several issues with Homecoin.
- The $95 Listing is the Bait: Homecoin’s $95 listing includes just a basic entry-only listing in the MLS. Homecoin will charge you extra for features like showings management with a lockbox, ability to counter an offer, or request highest & best offer. You can end up paying thousands more for these.
- Upgrades are Overpriced: Homecoin’s yard sign is expensive at $69 + $97 (for the post), if you want to manage showings, you have to rent a lockbox for $125 + $120 deposit. A standard forms help package is $400.
- Key Features are Not Available: In many states, key essentials are missing in Homecoin’s offerings. Without these, you risk turning-off buyers and buyer agents. These essential features include a showing service to manage showings, inspections, appraisals, and closings. Broker contract review & support is also not available in many areas. Homecoin calls this “Seller Forms Help (Premium)”. It should be available if you need it. You also don’t have the ability to counter an offer or request the highest & best. These are essential services in our opinion.
- Limited Customer Service via Phone: Homecoin provides decent customer service over text and email. The service is difficult to reach via phone.
- Dashboard is Clunky: Homecoin does not auto-populate listing data from public sources. So you have to fill all the listing data manually. Sellers have complained that this can take a lot of time.
Note: Homecoin’s offerings vary by region. Our research was in 28025 zipcode.
Is Homecoin Legit?
Yes. Apaus, Inc. DBA homecoin.com is a licensed brokerage in 11 states. Founded by Jonathan Minerick and based out of California, this real estate company has made around 1,065 sales in the last 12 months.
How Does Homecoin Work?
The process to list your property with Homecoin is just like any other flat-fee MLS service:
Step 1: Register as a FSBO home seller on their platform.
Step 2: Choose the services you need. With every add-on you select, you will be increasing your payable amount from $95. It may even go as high as $500.
Step 3: Fill in your personal and property details to proceed with the listing process.
Step 4: Pay the total fee, which includes the flat fee and the cost of the chosen add-on services.
Once you complete this process, Homecoin will list your home on the MLS.
What Does Homecoin Offer?
Homecoin is primarily a seller-oriented real estate company. Apart from the Flat Fee listing, they offer a few other services a la carte. The idea behind these optional services, they say, is to allow the seller to pay for what they need.
Homecoin's paid services vary based on the local MLS the property is being listed on. These services are listed below:
- Flat Fee MLS Listing: Homecoin offers access to your local MLS for $95. At this price, you can list your property for a year with 25+ photos and make 10 free changes to your listing. Every change beyond this limited number will cost you $5.
- Lockbox: Homecoin lets you rent a Supra lockbox for $125, so you can track all agent entries on your property. But, you only get 3 free entry reports; each additional report costs $5. You receive email notifications, but they can be unreliable as they're not in real-time or consistent, posing a major security risk.
- Pro Photography: Homecoin provides real estate photography services in select areas. You can get standard DSLR photos within 24 hours uploaded directly to your MLS listing. The prices of these photos are not fixed, but they are more than $99.
- Real Estate Forms Help: Homecoin offers two packages that include paperwork assistance. The Standard Package costs around $400 to $450, while the Premium Seller Package costs $3000. Here, the broker helps you in negotiations, handles agent communication, and reviews all offers.
- Sign Post: You can get professional sign-post installation and removal services for a steep price of $99. You're responsible for removing and shipping the sign post back after six months or once escrow is closed.
- 🚩 When Free Services Cost You Money: Homecoin website advertises yard signs as a free perk with the sign post. But you have to pay around $69 for the sign in several cities.
Along with their pricey add-ons, Homecoin offers certain free services like:
- Comparable Sales Report
- Home Value Report
- Open House Kit
- FSBO Listing
🚨 Stay Alert: Homecoin lists disclosures as a free service with the Flat Fee MLS listing. But you are paying $95 for the listing. So, these disclosures are NOT actually free!
❌ Missing Services
Homecoin's technology is not on par with current industry standards. It lacks the following features:
- Showings Platform: Homecoin doesn't provide an easy way for you to organize showings and accept or reject open house requests.
- Offers Platform: You don't have access to technology to review, compare, and counter offers.
- Request Highest and Best Offer: If you receive multiple offers, Homecoin's website fails to provide you with the ability to request the highest and best offers before a set deadline.
Is Homecoin's Pricing Competitive?
Homecoin's MLS access package at $95 does seem like a steal. However, it only includes the MLS listing and the mandatory seller disclosures in the state.
For any extra assistance, yard signs, listing changes (more than 10 times), form filling, lockboxes, etc., you will have to shell out at least a couple hundred dollars more.
On the other hand, Houzeo's Gold Package checks all of these boxes and more! For just $399, you can list your property on the MLS, get all the mandatory seller disclosure forms, and upload the maximum number of photos.
If that's not enough, you also get Houzeo Showings, a dedicated showings management platform, and an offers platform where you can manage and compare multiple offers.
Homecoin vs. Houzeo
For most home sellers, Houzeo offers far better value with no nickel and diming. Houzeo plans are designed so that sellers do not have to purchase any additions. This means no surprises.
Plus, Houzeo mobile app and web technology will make your listing and sale a pleasant experience!
|Listing Fee||$95 + Overpriced|
|$349 Flat Fee|
|Customer Rating||4.6 stars (50 reviews)||4.9 stars (1,022 reviews)|
|Coverage||11 states||47 states + Washington D.C.|
|Unlimited Listing Changes||❌||✅|
|Counter an Offer||❌||✅|
|Request Highest and Best Offer||❌||✅|
|Home Inspection Dashboard||❌||✅|
Where Does Homecoin Offer Its Services?
Homecoin offers its services in just 11 states.
However, they do plan to expand to Arizona, Minnesota, and Texas in March 2023.
Conversely, Houzeo is one of the few Flat Fee MLS listing companies that cover almost all states and Washington D.C. So, you can benefit from Houzeo.com's packages regardless of your location.
✅ Advantages of Using Homecoin
Flat Fee MLS companies offer certain benefits over the traditional home-selling model. Let's see how Homecoin matches up to these expectations.
- Upfront Fee Instead of Listing Commission: Homecoin lets you access the MLS for $95. So, you save money on agent commissions which are 2.5% to 3% of the home sales price.
- Digital Automation: Homecoin's listings are digitized. This makes the home-selling process easier, and you can fill out the listing documents instantly.
- Quick Listing: Homecoin can list your house within 24 hours from the time you submit your property details.
- Free Cancellation: You can cancel your Homecoin listing without any additional charges or hidden costs.
- Additional Exposure: Your MLS listing gets syndicated to websites like Zillow, Trulia, Redfin, Realtor.com, etc.
⛔ Disadvantages of Using Homecoin
Homecoin has a few drawbacks compared to other Flat Fee MLS companies.
- Overpriced Add-ons: Homecoin's a la carte services, though essential for home sellers, come with a hefty price tag. Often, these services, like the yard sign and the lockbox, cost much less.
- Limited Number of Listing Changes: Homecoin provides only 10 MLS listing changes. Every additional change costs $5. This may be inadequate, especially if your home has been on the MLS for a long time.
- Restricted Coverage: Homecoin is present only in 11 states in America. So, home sellers living outside their coverage area cannot avail of their services.
- No Feature for Buyers to Directly Make Offers on Properties: Homecoin doesn't allow buyers to make offers on the properties listed on their website. So, sellers have to rely on the buyers that agents bring in.
- Lack of Critical Services That Allow for an Easy Home-Selling Process: Homecoin uses relatively age-old technology like agent lockboxes to manage showings. They are both a security risk and inefficient. Additionally, they do not offer any platform to manage and compare offers.
Most Homecoin and Houzeo reviews praise the Flat Fee MLS companies' affordable packages. However, some Homecoin.com complaints mention inconsistent experiences with their customer support.
✅ Randolph was happy to have saved money otherwise spent on commissions.
✅ Cindy appreciated Homecoin's prompt customer support and commission-saving package.
❌ Jeff highlighted Homecoin's seemingly inefficient customer service. He was unhappy with having received a response on Google instead of his actual request.
❌ John focused on how this service needed the seller to have prior experience with listing forms. Additionally, he also mentioned the need for a realtor to look over the property's listing to check for possible errors.
Homecoin Customer Service
Here's how you can reach out to Homecoin customer service:
📍 Address: WeWork c/o homecoin.com, 600 B St Suite 300, San Diego, CA 92101
📞 Contact Number: (888) 400-2513
💻 Website: support.homecoin.com
Best Alternatives to Homecoin
If Homecoin's barebones services didn't excite you, here are two alternate companies you can consider:
Houzeo offers the best combination of maximum savings, advanced technology, 5-star customer support, and listing exposure.
It is a 100% online MLS listing website with thousands of customer reviews. Houzeo covers 47 states and DC, offering near-nationwide coverage.
Beycome's technology allows you to complete the entire listing process 100% online. Further, you get free access to all legal forms and disclosures without any additional costs.
Their customer support can provide you with expert assistance on all 7 days of the week in English and Spanish.
Flat Fee MLS Listing Services Near Me
Still looking for more options? We've compiled a list of the best Flat Rate MLS Listing Services in each state. Click on your state to check them out!
Other Options You Should Consider
- Sell to an iBuyer: Many iBuyers, like Opendoor and Offerpad, purchase hundreds of homes available in the market. iBuyers can be a great option if you're wondering how to sell your house fast.
- Sell to Cash Home Buyers: Individual companies that buy houses for cash make all-cash offers, usually within 24 to 48 hours. Cash buyers let you skip the hassle of listing on the MLS, inspection, appraisal, etc.
- Sell For Sale By Owner: For Sale By Owner websites will help you list and sell a house by owner and save thousands in listing agent commission. Many FSBO websites will also get you listed on the MLS and help you with FSBO paperwork.
Flat Fee Listing Services Near Me
Bottomline: Should You Sell Your House with Homecoin?
We do not recommend Homecoin for first-time home sellers.
While the $95 flat fee is definitely attractive, the additional features come with a hefty price point. Further, Homecoin's limited coverage may make it difficult for many Americans to benefit from their MLS access package.
Houzeo is the best For Sale By Owner MLS listing service. It is an ideal option for sellers who need guidance throughout their real estate transactions.
Houzeo's Gold Package is comprehensive and affordable, making your home-selling experience a breeze!
Eager to Know How Houzeo Works?
We've got you covered. Check out the following video to understand how Houzeo works and why it is one of the best For Sale By Owner websites in the U.S.
What is Houzeo?
An overview of what the platform is all about
Frequently Asked Questions About Homecoin Reviews
1. What does the Homecoin flat fee access package include?
Homecoin offers a $95 flat fee package that provides a barebones listing of your property. Apart from this plan, they offer optional add-ons that come at a hefty price.
If you're a first-time home-seller, these add-ons are vital to your home-selling experience. But you will spend way more than you will actually save.
2. What are the major Homecoin.com complaints?
Homecoin's complaints mostly focus on inconsistent customer service and the need for prior experience when filling up listing forms. Further, these complaints also highlight the importance of a realtor looking over the listing to eliminate possible errors.
Homecoin's lack of technology does not allow sellers to manage showings and compare and counter offers online. In contrast, Houzeo's easy-to-use, advanced website lets you manage your entire real estate transaction from list to close on just one platform.
3. Can you list on the MLS yourself?
Yes, you can list it as For Sale by Owner on the MLS. You don’t need an agent to do that. A simple flat-fee package would allow you to list your property on the MLS.
4. Is Flat Fee MLS worth it?
Yes, definitely. Flat-fee MLS services like Houzeo and Homecoin will not only make the For Sale By Owner (FSBO) process easier for you but will also save you thousands of dollars otherwise spent as a listing commission.
5. Does it cost to list on the MLS?
Yes, it does cost to list your property on the MLS. However, you can buy a flat-fee MLS access package and list your home on the local MLS. Houzeo even syndicates your listing to websites like Zillow, Redfin, Trulia, etc., for an upfront, affordable price.
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