Could Homie be the next Zillow, changing the way that the real estate industry works in massive ways?
The startup company from Utah, which combines technological know-how with traditional real estate practices, is expanding into the Arizona market. It's test market for the state is Pheonix.
Started in 2015, the company claims that it can help the average home seller save $10,000 through its technological approach to real estate sales.
Those who sign up with the service don't work with a lone real estate agent. Instead, they're given access to a professional support team that helps sell their home in a method that seems like a cross between traditional home sales and the "For Sale By Owner" variety of do-it-yourself sales.
The company relies heavily on technology and charges all consumers the same fee for the help they receive with pricing, photos, listing, marketing and final negotiations. The company believes it is making the real estate sales and purchase process more transparent.
They've certainly emerged in an age where consumers are used to handling technology themselves and generally aren't intimidated by the idea.
Nationally, millennials who have grown up in a world that has -- for them -- always had computers and cellphones are now emerging as the biggest group of home buyers. Those in Generation X, who saw the birth of the computer and may be less than totally comfortable with today's technology -- but still willing to try a service like Homie since it offers significant help -- are moving on from family homes and downsizing. Those in the baby boom generation are buying fewer homes overall.
It's important to note that one of the professional services that Homie offers is access to a real estate attorney -- because as transparent as they hope to make the process, there are always potential complicated legal issues involved when a real estate transaction takes place. Anyone hiring the service would be well-advised to make full use of legal help during any sort of closing.
Source: www.housingwire.com, "Real estate and mortgage startup Homie expands into Arizona," Ben Lane, Jan. 11, 2018