Does the thought of spending $$$ on real estate commissions when you’re buying or selling a home make you shiver? It downright scares us to think about all the money that has been made off of buyers and sellers and their investments (AKA their homes). At Homie, we feel so passionate about changing the way people buy and sell homes, we set out on a mission to simplify the process while saving home buyers and sellers thousands of dollars.
How much does it cost to use Homie?
Savings While Selling
The average Homie seller saves $10k compared to traditional agents.
Now that we’ve got your attention, let’s talk about how Homie saves home sellers a lot of money. Your home is YOUR investment.
Flat Fees, Are the Bee’s Knees
Homie charges sellers a flat fee to sell their home. That’s it. No hidden fees, no surprises.
What Does a Flat Fee Get Me?
Just because we don’t charge a high commission doesn’t mean we don’t provide a full-service real estate experience. With Homie you get:
- A dedicated real estate agent
- A Comparative Market Analysis (CMA) on your home
- Pricing assistance
- Professional photography
- Listing on Homie.com
- Listing on the MLS
- Listing on major real estate websites
- Negotiation assistance
We might emphasize the savings, but we don’t skimp on service. Our priority is to make real estate stress free. To really drive home our point, we went a step further. Everything you need to manage during the sale of your home can be found on our website or on our app. You can set your availability for tours, review offers, and anything else you need all in one place. Real estate + technology = a beautiful, beautiful partnership.
Savings While Buying
You can get up to $5k back when you buy with Homie.
Oh yeah. That’s right. As a Homie buyer, you save on Buyer’s Agent Commission (BAC) because our agents are full-time salaried employees who don’t depend on commission for their income.
What Else Do I Get?
We can give you up to $5k back when you buy with us, and what else?
As a Homie buyer, you get a team of dedicated agents who are determined to help you find the home you’ve been dreaming of. You also get access to our platform. On Homie.com or on our app you can browse homes, schedule tours, and put in offers. It’s 2020, tech is the best way to get anything done, including buying a home.
How Does Homie Get Paid?
When a homeowner decides to put their home up for sale, they usually outline a percentage of the sale they are willing to offer a buyer’s agents who help someone purchase the home (that percentage is called the Buyer’s Agent Commission or the BAC). This is a negotiable percentage, but it typically hovers around 3%.
The buyer gets up to $5k of that would-be commission, and Homie keeps the rest.
Because Homie utilizes tech to speed up and simplify the home buying process, we can take a smaller percentage of the buyer’s agent commission than a traditional agent would.
Why Does Homie Do What They Do?
Why did Homie decide to make waves in the real estate industry? Because it needed it. Here’s a quick history lesson.
Back in the day, buyer’s agents used to work full time to find homes for their clients. After all, there was no internet. Agents scoured the streets for homes for sale, contacted agents and arranged tours, they did a lot of heavy lifting. In fact, they had to connect with other agents to find out who was selling what when all the time.
Listing agents networked with buyer’s agents in major cities to make sure all the homes they were selling had immediate buyers. They told their clients how to make their homes more desirable. Agents would create placards for the homes they have for sale and place them outside to gather attention.
Nowadays, that work has significantly reduced.
We’re not saying that agents don’t work hard. We’re saying that the job description of an agent has changed. That’s why Homie decided that the way the real estate industry works should change, too.
Right Here, Right Now
What are home buyers and sellers doing now that caused an agent’s job to change? For starters, homes are listed online, meaning that anyone with access to the interwebs can find homes that fit their criteria. Oftentimes, buyers find the homes they want to see by themselves and an agent helps them gain access to the home for a tour.
What buyers need now is an agent who:
- Helps them gain access to homes for showings.
- Understands contracts and legal documents.
- Knows the local real estate market.
- Assists in crafting the perfect offer.
- Knows how to negotiate.
- Walks them through the settlement and closing process.
In addition to needing different services from agents, buyers now want to save money. You’ve probably heard that, in the real estate world, buyers don’t have to pay their agent. While it may SEEM that way, that sentiment is not entirely true. A Buyer’s Agent Commission (BAC) is offered by the seller of a home. They can choose the percentage they’re willing to pay. Still sound confusing? We know. A lot of things in the world of real estate are confusing. That’s why one of Homie’s goals is to educate and advise. Here’s how it breaks down:
->Seller offers BAC.
->Seller adjusts (raises it) the price of their home to accommodate BAC.
->The buyer finances the home for the adjusted price to include the BAC.
Ahhh. So there it is. BAC is covered in the cost of the home, so what that means is: buyers usually end up financing the cost of the BAC into the cost of their mortgage. This trickle down cost to buyers has become a concern to homebuyers in every stage, but even more so to first-time buyers.
Like everyone else with a smartphone, they want an easy-to-use app to browse homes, book tours, and put in offers. Because we are the people with smartphones that want ease of use, we created the app that solves this problem. Buyers can download the Homie app and look at all the homes that their hearts desire. Once they find a home they want to look at, they can book a tour directly from the app. The app’s uses go on and on, but you just need to know that it’s easy (and some would say rad) to use.
Now what do sellers want?
They want a listing agent who:
- Helps them get professional pics of their home.
- Lists their home on major real estate websites, including the MLS.
- Markets their home to its full potential.
- Assists in negotiating offers.
- Walks them through the settlement and closing process.
The short story is, they want someone with industry knowledge to help them through the process of selling a home, but they don’t want to have to give up an arm and a leg to pay for it. That’s where Homie steps in. We charge sellers a flat fee to help them sell their home. You won’t find high commissions here. In addition to saving green, today’s sellers live in the world of credit cards and Amazon Prime; that means they want a quick, tech-enabled process. We’ve got a solution for that problem, too. Sellers can take advantage of our website, homie.com, or our app. With one login you can manage your listing, review offers, and sign paperwork. It’s no Candy Crush, but it’s almost as fun.
What’s the Bottom Line?
For sellers, Homie costs a flat fee.
For buyers, Homie will give up to $5k back of what would have been the buyer’s agent commission. Homie keeps what’s left after we give you yours.
Still Have Questions?