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Homie is a real estate brokerage that enables sellers and buyers to manage the transactions themselves, all the while having assisted with agents and real estate attorneys. It usually offers flat listing fee and rebates to sellers and buyers across the state of Utah, Las Vegas, NV, Phoenix, AZ. Their goal is to simplify the process of real estate transactions with the help of modern technology and professionals.
Whether you want to sell, buy, or loan a home, Homie promises to provide more services and an affordable listing fee. The way the company operates is similar to selling with a traditional agent. However, you get a discount on listing fees and agents are in-house employees.
Learn how Homie Real Estate works, their reviews, the costs, and other differences to other discount real estate brokers.
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Did you know Houzeo’s Gold Plan provides relevant Federal and State Seller Disclosures?
Homie Real Estate: Overview
What is Homie Real Estate?
Homie, a real estate brokerage, was founded in Utah and launched in Phoenix, AZ in 2018. Homie services include MLS listing, MLS Aggregator, staging, professional real estate photos, 3D images—and among other usual traditional services offered. They promise to keep home-selling or buying a fast and easy process, with a combination of cutting-edge technology and expert agents.
Instead of paying a hefty commission of 2.5-3% for the buyer’s agent, a $1,299 buyer transaction fee (or $2,000 in Las Vegas and Phoenix) is charged once the seller accepts an offer from a buyer, which is represented by Homie. At a glance, this could save you thousands. But this method cancels you out to the advertised rebate of up to $5,000—and would cause you to be part of a dual agency. This means, you as the home seller and the buyer are represented by a single company, Homie real estate.
How does Homie work?
For sellers and buyers, there are different ways of how real estate brokerages operate. But the Homie business formula is not unique, but quite a familiar one. Like a traditional realtor, the Homie process follows the same as this but with a few key differences.
Selling a property with Homie Real Estate
When you sell your property with Homie, you’ll get the same services as working with a traditional agent would have. You’ll be assisted with the home listing, pricing, marketing a home, showings, offers, negotiations, real estate photography or photos, paperwork, etc. However, the two striking differences are that (1) you’ll get an in-house, salaried agent from Homie, and (2) you’ll be offered flat listing fees.
Although the buyer’s agent commission can be negotiated or vary by property or market. Typically, sellers have to offer a 2.5-3% commission fee. But in the Home-2-Homie deal, you’ll get thousands of savings via flat fee when you sell a property to a Homie buyer. To be exact, you can only pay a flat buyer fee for $1300 in Utah or $2000 in Las Vegas and Phoenix.
The benefits may sound good, but there are still drawbacks when you opt for this option. First, you can’t get a rebate of up to $5,000 since you buy from a Homie seller. Second, you’ll lead yourself to a dual agency issue, which can cause problems or conflict of interest thereafter.
Buying property with Homie Real Estate
When choosing to buy homes for sale with Homie, you’ll have the same list of services you’d expect with a traditional realtor option. However, you’ll be handed over to a team of experts who will assist you from start to finish of your transaction. A group of professionals such as real estate agents, tour agents, mortgage coach, etc. Throughout the process, Homie also offers insurance broker and mortgage services for you to take advantage of.
Also termed as Homie Buyer Refund, you’ll have a rebate of up to $5,000 when you purchase a home (applicable only to a non-homie Home). Otherwise, you’ll be ineligible for the rebate. It’s also worth noting that Homie does not guarantee the said refund amount, and it depends on the “purchase price, prevailing market conditions, and other factors” (based on their Terms and Conditions).
Remember that you’ll be ineligible for a refund if you purchase a property from a Homie seller. For such a case, this is called a Homie-2-Homie deal where a Homie buyer buys a home from a Homie seller. The seller then doesn’t have to pay the usual buyer’s agent commission, instead only pays a flat fee depending on the state. But for the buyer, this only means you’re automatically disqualified from a refund.
Homie Loans are targeted to those first-time buyers or who try to refinance a home. They also offer a Lowest Price Guarantee, and guarantees to beat any competitor’s locked loan rate. The agreement says that they will pay “the amount of $500 towards your appraisal costs of the competitor.” But if you’ll find a better rate, Homie will give you the $500 back.
The Homie Loans in-house mortgage broker service helps buyers shop rates, apply for mortgages, refinance your current mortgage, or get pre-qualified or pre-approved. Of course, you necessarily don’t have to buy with Homie to avail the Homie Loans. You simply need to apply online for your loan, upload the essential documents, and sign online with your signature.
Service Provider Market Place
As part of simplifying the home-buying and selling experience, Homie introduces Service Provider Marketplace that provides a database of local vendors, home cleaners, services from home staging to pest control. These are the list of companies that you may want to avail or hire.
All you have to do is search for a service and click on your preferred provider. There’s no other information or details provided, only an overview, contact details, websites, and their availability. Although seems convenient, this feature doesn’t guarantee reliability and quality—and doesn’t even show customer feedback. To be cautious, you have to do your research first before you commit to hiring on its list.
Homie Pros and Cons
To weigh and consider the advantages and disadvantages the Homie services can offer, here we compiled some of the pros and cons.
- The qualified home buyers can get up to a $5,000 rebate at closing.
- In-house Homie attorneys will provide help to assist you with most of the federal transactions and negotiations.
- You’ll get an option to choose from Homie’s in-house mortgage and insurance broker services, which keep the home-selling experience seamless.
- Home sellers get full service, almost like a traditional transaction, for a discounted/flat $1,500-$2,500 listing fee.
- You save more since you don’t have to pay for a buyer’s agent commission. And when you sell your property to a Homie buyer.
- The Homie-2-Homie deals service can cause a conflict of interest for buyers, and of course, leads to a dual agency scenario.
- You aren’t qualified for a rebate if you buy from a Homie seller.
- In-house, employed Homie agents could not be expected to do more when selling your home since they have a fixed salary no matter what’s the profit of your property.
- There’s a $199 cancellation fee if you decided to stop or terminate your contract with Homie.
Homie Real Estate Reviews (2020)
Although Homie doesn’t have a BBB profile and does not seem yet accredited, there are third-party reviews that are available as of the moment. On Google, there are 4.3/5 stars in 543 reviews and 4.25/5 average ratings on Facebook. While on Zillow, it gains a 4.8/5 average rating for 34 reviews, while 3/5 average rating from 15 reviews on Yelp.
As far as the online review goes, Homie real estate has an average score of 4.3/5 rating based on the 978 customers’ feedback and reviews on Google, Zillow, Facebook, and Yelp.
Here, we’ve compiled some of the negative and positive ones to let you know what others think of their service.
Homie vs Traditional Realtor
The Homie service works almost like a traditional realtor. As a seller, you can list your home on MLS to reach a wide audience—and to different prominent real estate websites such as Zillow, Realtor.com, Redfin, etc. Aside from that, you also get a professional property appraisal, home photos, yard signs, home showings, negotiating, marketing, and assistance at closing.
The only key differences for both of them are the listing commission fee and the buyer’s agent commission fee. So, instead of the typical (traditional option) 2.5-3% buyer’s agent commission, the Homie seller can only pay the $1300-$2000 commission fee. While you can also get a flat listing fee of $1500-$2,500 instead of the usual 2.5-3% traditional realtor fee.
Homie vs Houzeo
Other than the affordable basic to premium plans designed for you, they have a user-friendly interface that automates most of the real estate process. Although both of these platforms offer a cutting-edge feature that simplifies the paperwork online, Houzeo offers real savings with no hidden fees. When you sell your house for sale by owner, you can actually save up to $15,000 selling your home with 0% seller agent commission and also 0% at closing.
Houzeo is a flat-fee MLS referral service that helps you list your home on MLS for a pre-negotiated fee. It’s considered as America’s #1 For Sale By Owner and Flat Fee MLS service, with tailored-packages that suit your only needs. Unlike Homie that offers a $1500-$2500 flat listing fee, Houzeo enables you to list your home starting at only $199. And it’s a staggering steal!
While Homie asks for a $1,299 buyer transaction fee (or $2,000 in Las Vegas and Phoenix), Houzeo does it better. If your buyer has no agent represented, then you don’t have to pay any single penny for a commission.
Here’s a quick comparison table you can check out.
After compiling Homie reviews, and evaluating their full-service, flat-fee option, and other benefits, Homie does seem a great contender when you want to save more on paying commission. But when you ponder about it deeper, the benefits still don’t outweigh the cons. Moreover, various alternative services can offer more, do more, but charge less.
As to find the best option, we’ve compared some of the best alternatives. Since if you’re not selling property in Utah, Phoenix, or Las Vegas, there are tons of great options you have to consider. Houzeo, for instance, has a wide range of networks and offers a customized plan for your real estate needs. Rather than paying for a $1,299 buyer transaction fee or 2,0000 in selected Utah properties, with Houzeo you don’t have to pay a commission if there’s no buyer’s agent. Also, you can start listing your home for a starting flat fee of $199 (basic package) or choose the premium plan for only $999 to get full service, compared to Homie’s $1500-$2500 flat listing fee.
4 min video: Learn How to Submit & Review Offers on Houzeo
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