HomeLight Review: Is It A Genuine Real Estate Company?
HomeLight is a realty site that provides consumers, sellers, and realtors with a variety of services. The main purpose of this website is to link house sellers and purchasers with local real estate professionals. This business is recognized for staying as close to home as possible. HomeLight aspires to be a better and more convenient option to a do-it-yourself search for a real estate agent by offering consumers a better and more easy solution.
HomeLight’s agent matching service aims to give clients a simpler and faster option to do their own research for a real estate broker.
HomeLight, like all other agent matching services, is free, and you’re under no compulsion to use it after you’ve joined up. However, other than speed and efficiency, HomeLight doesn’t provide significant advantages over similar services.
Some businesses, such as our partners at Clever Real Estate, provide the same free-agent matching service. They also pre-negotiate significant discounts on your behalf. For example, a seller can advertise their house for $3,000 or 1% commission with a top local realtor. After closing, eligible house purchasers might get 0.5 percent of the purchase price in cash.
Is Homelight A Genuine Company?
HomeLight is, in fact, a reputable company. It is a California-licensed real estate brokerage. To charge money from realtors, which is how they generate money, all agent matching companies must be licensed.
HomeLight has an A+ rating from the Better Business Bureau. Drew Uher, the current CEO, established HomeLight in 2012. Google Ventures provided the firm with its initial capital. It has raised around $600 million from private investors since then. The corporation has a market capitalization of $1.6 billion.
HomeLight connects you with local real estate professionals from Keller Williams and RE/MAX, as well as national and regional brokerages. It has more than 28,000 agents in its network, making it the country’s largest agent matching service.
Finding an agent on your own is more difficult and more consuming than using HomeLight’s service. And, with to its large network, it has more options and greater coverage than many of its competitors, especially in smaller towns and rural regions.
How Much Will My Property Be Worth After A Homelight Simple Sale?
You’ll normally get 30-50 percent less for your home if you sell it straight to a real estate investor or flipper for money than if you advertise it. Investors typically pay far less than the market value since they need to spend on repairs and modifications in order to sell the house later and earn a profit.
When selling directly to a cash buyer through Simple Sale, you can utilize an agent if you like, but there aren’t many advantages to doing so. An agent can tell you how much your property is worth and how long it will take to sell it, which is essential information whether you sell it for cash or put it on the market.
However, if you use an agency and sell to a cash buyer, you’ll have to pay the agent’s costs in addition to the reduced sale price. As a result, many people who sell to cash purchasers do so without the assistance of an agent.
How Does HomeLight Function?
Signing up for HomeLight’s search agents is simple – just fill out the form. HomeLight will ask you a number of questions whether you are a buyer or a vendor. After you’ve finished answering them, their consultant will contact you through phone, email, and text message to learn more about your requirements. They will assign you agents based on this information. The data of the agents are used to rate them. You can check their ratings, the number of properties they’ve sold in your region, where those homes are (through an interactive map), how long they’ve been in business, and, if applicable, their significant successes and specialty.
Homelight For Prospective Buyers
Local agent search is one of the features that distinguishes HomeLight as one of the most dependable agents matching systems. If you’re searching to buy a home in your own neighborhood, HomeLight can connect you with agents that specialize in dealing with properties within your chosen radius. Not only that, but they have local contacts, are skilled negotiators, and know-how to get you the best possible bargain. If you’re wanting to deal with an agent in a seller’s market, going local can be your best option. However, they will charge you a large commission, which will increase your costs.
Homelight For Sellers
Realtors might be your closest allies if you’re a first-time seller. They assist you with local procedures, are knowledgeable about state legislation, negotiate in accordance with current market norms, and strive to obtain a fair price for your home. However, when agents conclude agreements with consumers advised by the agent matching tool, HomeLight collects a 25% referral fee. It’s very likely that they’ll charge you a large commission to make up for the referral money. These are the questions you need to know the answers to if you’re a seller looking for an agent in a certain location. They would ask you your complete address, including your pin code, What kind of property are you selling? (family home, condo, apartment, etc) and the property’s estimated worth.
After you’ve entered all of your information, HomeLight will take you to a customer dashboard where you may view your agent matches. These matches are compiled automatically using the company’s algorithm. You may examine every data about your agent, from their rating to their specialty, as we said previously. The corporate concierge, as well as your agent matches, will contact you via multiple means a few minutes after you obtain your agent matches. If you don’t like the agent matches, you may chat with your HomeLight concierge for other possibilities.
It’s totally up to you if you want to work with one of your agent matches after interviewing and reviewing them. Working with HomeLight agents is not obligatory.
What is the pricing policy of HomeLight?
HomeLight’s agent matching service, like all other agent matching services, is free for home buyers and sellers.
Once you join up, you are under no commitment to deal with one of the agents HomeLight suggests. When you’re searching for a real estate agent, you may explore HomeLight (or any of its competitors) without worrying about being locked into a contract you don’t want.
However, if you do decide to utilize the service and your property sells, you will still have to pay the realtors’ commission. This usually amounts to 5-6 percent of the home’s sale price, with half going to the buyer’s agent and the other half to your agent.
Some of HomeLight’s competitors, such as Clever, provide the same free-agent matching service — but also bargain commission savings on your behalf. Instead of the standard 2.5-3 percent listing cost, you’ll pay a $3,000 or 1% listing fee if you discover your agent via Clever. Clever sellers save an average of $9,000 in real estate commissions!
Let’s Discuss Some Positive And Negative Sides Of HomeLight
- The consumer dashboard at HomeLight is simple and straightforward. Each agent and their essential performance metrics are shown on a single page, making it easy to compare and contact your various agent matches.
- There are several alternatives available to real estate agents.
- Agent coverage in big urban regions is extensive.
- A user interface that is easy to use.
- For vendors who are unfamiliar with the city, it is a safe bet.
- The Better Business Bureau has given us an A+ rating.
- HomeLight does not provide any cost-cutting advantages to home sellers or purchasers.
- The listed agent is charged a 25% referral fee by HomeLight.
- Users have been inundated with cold calls and emails on a regular basis.
There’s no harm in giving HomeLight a shot if conserving money isn’t a concern. It’s completely free to get matched, and there’s no commitment to sign with any of the recommended agencies. Overall, I found HomeLight to be quick and simple to use.