Homie Real Estate, at a glance
- Homie is a real estate brokerage operating across the state of Utah, and in Phoenix, AZ and Las Vegas, NV.
- If you’re selling, get full service for a flat listing fee: $1,500 in Utah, $2,500 in Phoenix and Las Vegas — learn more about Homie fees.
- Expect to pay a buyer’s agent commission as well (typically 2.5-3%) unless you sell to a Homie buyer— known as a Homie-2-Homie deal.
- In Homie-2-Homie deals, you pay a flat buyer fee of $1,300 in Utah or $2,000 in Phoenix and Las Vegas.
- While Homie-2-Homie deals save sellers money, they result in what’s known as dual agency, a potential conflict of interest — learn more.
- If you’re buying, you could get up to $5,000 back at closing — though restrictions and exclusions apply (including Homie-2-Homie deals).
- Homie offers additional in-house services for buyers, such as home insurance and mortgage broker services.
- Sellers and buyers can also find recommended local service providers via Homie’s Provider Marketplace.
- As of May 20, 2020, Homie's average customer rating is 4.3/5 based on 978 reviews on Google, Facebook, Zillow, and Yelp — see more reviews here.
What is Homie Real Estate?
Homie is a Utah-based, discount real estate brokerage offering listing savings to sellers and buyer refunds to buyers. The company launched in 2015 and is currently available across the state of Utah, and in Las Vegas, NV and Phoenix, AZ.
Homie offers a variety of additional in-house services, including home insurance, mortgage broker services, and a “marketplace” of preferred, local service providers (security, cleaners, contractors, plumbers, etc.).
It’s also worth noting that Homie’s agents are salaried, in-house employees, meaning they don’t work on commission. This has potentially positive and negative implications you should be aware of.
On the one hand, Homie agents may be less pushy when it comes to accepting an offer or counteroffer you’re not comfortable with, just for the sake of closing the deal. They get paid the same whether the deal goes through or not.
On the other, when an agent works on commission, their paycheck is directly linked to the final selling price of a home — which is a big incentivizer to hustle, drive a hard bargain, and get you the best price possible.
Homie pros and cons
|Homie Pros||Homie Cons|
|Sellers get full service for a flat $1,500-$2,500 listing fee||$199 cancellation fee if you decide to terminate your contract|
|Additional buyer’s agent commission savings when you sell to a Homie buyer||Salaried agents could be less motivated to sell your home for top dollar|
|Qualifying buyers get up to $5,000 back at closing||Homie-2-Homie deals lead to dual agency, which is a potential conflict of interest for buyers|
|In-house legal team offers assistance with contracts and negotiations||No rebate if you buy from a Homie seller|
|Offers in-house mortgage and insurance broker services, which can streamline the buying experience||Rebate is good value for homes at lower price points — but brokerages and agents offering percentage-based rebates may be better if you’re looking at more expensive homes|
Homie’s fee structure depends on where you’re located and the nature of your sale. Homie sellers in Utah pay a flat $1,500 listing fee. Sellers in Phoenix, AZ and Las Vegas, NV pay $2,500.
Note: if you decide to cancel your contract with Homie, you will have to pay a $199 cancellation fee.
Regardless of where you’re located, you should expect to pay a buyer’s agent fee. If you sell to a non-Homie buyer, that fee will vary depending on your property and neighborhood — but 2.5-3% is typical nationwide. If you sell to a Homie buyer, you’ll pay a flat fee of $1,300 (Utah) or $2,000 (Phoenix and Las Vegas).
Here’s an overview of how the fees break down by location:
|Market||Listing fee||Buyer fee*||Buyer’s agent commission**|
*If you sell to a Homie buyer
**If you sell to a non-Homie buyer. 2.5-3% is typical, but this fee is negotiable and varies by market and property.
Keep in mind that when you sell to a Homie buyer, they won’t get a buyer rebate — and are forced into a dual agency scenario. This is when one company represents the home seller and buyer, which can mean a potential conflict of interest.
>> LEARN more about dual agency in real estate.
|4.3/5 (543 reviews)||See Google reviews|
|4.2/5 (386 reviews)||See Facebook reviews|
|Zillow||4.8/5 (34 reviews)||See Zillow reviews|
|Yelp||3/5 (15 reviews)||See Yelp reviews|
|Better Business Bureau||N/A - no BBB accreditation||N/A - no BBB profile|
|Weighted Average||4.3/5 (978 reviews)|
Homie has an average rating of 4.3/5 rating based on 978 customer reviews on Google, Facebook, Zillow, and Yelp.
Homie’s third-party reviews have a weighted average of 4.3/5 stars across Google, Facebook, Zillow, and Yelp. At the time of this writing, Homie did not have an apparent BBB profile and does not seem to be accredited.
Selling a house with Homie Real Estate
The range of services you’ll get when you sell with Homie is similar to selling with a traditional agent.
You’ll get help with pricing, professional photos, listing, marketing, showings, offers, negotiations, paperwork, and more (see the services break down below). There are two key differences:
- Homie offers built-in discounts on listing fees
- Homie agents are in-house, salaried employees
Sellers can get additional savings via a flat, buyer’s agent fee when they sell to a Homie buyer — what’s known as a Homie-2-Homie deal.
Typically, the seller will offer what’s known as a buyer’s agent commission to incentivize agents to show the home to their clients. While rates are negotiable and vary by market and property, 2.5-3% is typical nationwide.
If you sell to a Homie buyer, you’ll pay a flat buyer fee of $1,300 in Utah or $2,000 in Las Vegas and Phoenix — which could mean significant savings overall.
However, this comes with two big downsides for prospective buyers. If they buy from a Homie seller, they’re immediately ineligible for the advertised rebate of up to $5,000 — and they expose themselves to dual agency, which is a potential conflict of interest.
>> LEARN more about Homie-2-Homie deals.
Homie agents vs traditional realtors
|Listing commission fee||$1,500-$2,500*||2.5-3%**|
|Buyer’s agent commission||2.5-3%** — or $1,300-$2,000***||2.5-3%**|
|Professional home valuation||✓||✓|
|Listing on MLS, Realtor.com, Zillow, etc.||✓||✓|
|Sign in yard||✓||✓|
|Marketing (digital + print)||✓||✓|
|Open houses & showings||✓||✓|
|Help with closing||✓||✓|
*Utah sellers pay $1,500, Phoenix and Las Vegas sellers pay $2,500
**These rates are negotiable and may vary by market or property — but 2.5-3% is typical for traditional agents
***When you sell to a Homie buyer, you pay a flat buyer’s agent commission — $1,300 in Utah, $2,000 in Phoenix and Las Vegas
Buying a house with Homie
When you buy a house with Homie, you’ll get a similar range of services and support you would with a traditional realtor. However, there are a few key differences:
- Homie offers a rebate of up to $5,000 when you buy a non-Homie home
- If you buy a home from a Homie seller, you will be ineligible for the rebate — and expose yourself to dual agency (learn more below)
- You’ll work with a team of specialists, as opposed to one agent throughout the entire process
- Homie also offers mortgage and insurance broker services
When you work with a traditional buyer’s agent, they’ll be your primary point of contact from start to finish. With Homie, you’ll work with several different team members throughout the process, including:
- Tour agents: accompany you to showings and open houses
- Real estate agents: Your primary point of contact, assists with offers, negotiations, paperwork, etc.
- Mortgage coach: Team member from Homie’s sister company, Homie Loans, will help you shop and apply for your mortgage
This isn’t necessarily a benefit or drawback — it really depends on your personal preferences.
Homie Buyer Refund
If you buy with Homie, you may be eligible for up to $5,000 back at closing, what’s commonly referred to as a commission or home buyer rebate.
Importantly, Homie does not guarantee the refund amount — or that it will be paid at all. According to Homie’s Terms and Conditions, the refund amount depends on the “purchase price, prevailing market conditions, and other factors.” Lender approval is required for all commission rebates.
Moreover, if you buy a home from a Homie seller, you will not be eligible for a refund. See the next section for more details.
When a Homie buyer purchases a home from a Homie seller, this is known as a Homie-2-Homie deal.
This benefits the seller, in that they only have to pay a flat fee of $1,300 (Utah) or $2,000 (Las Vegas and Phoenix) instead of the typical 2.5-3% most sellers end up offering for buyer’s agent commission on the open market.
But for the buyer, this means A) you’re immediately disqualified from receiving the refund and B) you expose yourself to dual agency, which is always something to be wary of.
Potential dual agency concerns for Homie buyers
Dual agency in real estate is when the seller and buyer are represented by the same agent or broker. This opens the door for conflicts of interest — particularly from the buyer’s perspective.
In a real estate transaction, it’s in the best interest of the seller — and the broker — to net the highest price possible. Obviously, the buyer is generally looking to do the exact opposite and get that purchase price as low as they can.
When the buyer is represented by the same agent or brokerage as the seller, that agent or brokerage is directly incentivized to work against the buyer’s best interest, as it means more money for them. Even though licensed brokers have a fiduciary responsibility to their clients, it’s easy to see how this type of arrangement can lead to potential problems.
Homie offers an in-house mortgage broker service called Homie Loans. You do not have to buy with Homie Real Estate to work with Homie Loans.
Homie Loans can help you shop rates, get pre-qualified or pre-approved, and apply for mortgages — or refinance your existing mortgage. You do not have to buy with Homie Real Estate to work with Homie Loans.
Homie Loans also offers a “Lowest Price Guarantee,” which stipulates it will pay $500 cash if you find a better loan estimate from another broker. The fine print says that it will pay “the amount of $500 towards your appraisal costs of the competitor.” If you don’t end up working with the other broker, you lose your claim to that $500.
Homie’s Provider Marketplace
Homie’s Provider Marketplace is a database of preferred local vendors, contractors, and services. There are no direct incentives (i.e., discounts) for hiring companies on the list. The main benefit on offer seems to be convenience.
No information regarding selection criteria or customer reviews is provided. However, Homie does note that it collects advertising or lead generation fees from the featured companies on the list.
In summary, Homie’s Provider Marketplace is not necessarily an indicator of quality or credibility. You should conduct your own research and due diligence before hiring a company on its list.
Compare top Homie alternatives in 2020
Homie’s full-service, flat-fee model and generally positive reviews certainly make it a viable option if you’re looking for commission savings; however, it’s always worth evaluating several services and/or home selling approaches before making a final decision.
Moreover, if you’re not selling in Utah, Phoenix, or Las Vegas, you’ll need to look into a different brokerage or listing approach.
To help you compare options, we’ve compiled some basic info on similar companies that offer discounted and flat commission rates. We recommend reading the full reviews, via the links below, and reaching out to these companies directly to learn more.
|Brokerage||Listing fee||Buyer rebate*|
|Homie (back to top)||$1,500-$2,500||Up to $5,000|
|Clever Real Estate||1% — $3,000 flat fee for homes under $350,000||Up to 1% of purchase price|
|Redfin||1-1.5% — minimum fees vary by market||Average $1,500|
|REX Real Estate||2% — $9,000 min fee for homes under $450,00||1-1.5% (only if buying a non-REX home)|
*In states where buyer rebates are legal.
Before you choose to list with a discount brokerage, you may want to evaluate some other home selling approaches. The resources below will help you understand all of your options and make a more informed decision.
- Flat-fee MLS services
- iBuyer services
- We Buy Houses for Cash companies
- Selling for sale by owner (FSBO)
- Flat-fee real estate agents
Next steps: Get advice from a real estate expert
If you’re trying to determine the best way to sell your home — or buy a new one — Clever can help!
Our fully Licensed Concierge Team is here to answer your questions and offer free, objective advice on how to proceed, based on your unique situation and goals.
Give us a call at 1-833-2-CLEVER or enter your basic info below to get started.
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