Should I use Rocket Homes? | How Rocket Homes works | Find a real estate agent near me today
What is Rocket Homes?
Rocket Homes is a real estate company that connects home buyers and sellers to real estate agents and buyers to mortgage lenders. The agents then handle the property searches and transactions, and Rocket Mortgage (or another mortgage lender) handles the financing.
On the surface, Rocket Homes looks like an all-inclusive site for home buying and selling. But it’s mostly an agent referral service that also offers a financing tool through Quicken Loans and a large database of property listings.
The main benefit of Rocket Homes is convenience. It simplifies the process for real estate transactions, but users still pay the average realtor commission.
Rocket Homes was previously In-House Realty, a Detroit-based fintech real estate company. It was acquired by the mortgage giant Quicken Loans and rebranded as Rocket Homes.
Our advice on using Rocket Homes
Rocket Homes is a convenient choice if you want several real estate services through the same company and don't mind paying full price for an agent. The company has solid vetting criteria for its agents, so there's a good chance you'll find a qualified agent.
However, if you're hoping to save money on realtor commission, Rocket Homes doesn't offer any cost savings.
Since agent matching services like Rocket Homes are free, we recommend signing up for multiple services to see which platform gets you the best agent.
For example, Clever Real Estate can match you with top-performing agents from reputable brokerages like Keller Williams and Century 21. But unlike Rocket Mortgage, Clever pre-negotiates a 1.5% listing fee, so you can work with a high-quality agent and save thousands of dollars on your home sale.
If you don't like the agents Clever recommends, you can request more agent matches or walk away at any time — there's no obligation to move forward.
Start comparing top local agents for free!
How good are Rocket Homes agents?
To become a Rocket Homes Partner Agent, agents have to meet some fairly strict guidelines. They must:
- Work for an eligible real estate brokerage
- Have at least 2 years of experience as a full-time real estate agent
- Have at least 8 completed transactions in the previous 12 months
Once an agent becomes a Rocket Homes Partner Agent, they must maintain a rating of 4.5/5 stars.
What benefits does Rocket Homes offer?
The main advantage of Rocket companies is convenience. Its website allows users to connect with agents, acquire financing, and browse properties all in one place. This is appealing to users who are intimidated by the long, complex home-buying process.
What are the drawbacks of using Rocket Homes?
Rocket Homes is owned by Quicken Loans, and users are encouraged to use the sister company Rocket Mortgage. But buyers need to do their own due diligence to ensure they get the best deal on their mortgage. Even a half-point of interest can equal tens of thousands of dollars over the term of a mortgage.
Additionally, Rocket Homes doesn’t offer any financial incentive to users. Sellers who go through Rocket Homes can expect to pay a full commission of 5–6% (a 2.5–3% listing fee and a 2.5–3% buyer's agent fee).
How does Rocket Homes work?
Finding an agent with Rocket Homes real estate is fairly straightforward. Users sign up through the Rocket Homes website or by calling a toll-free number.
Depending on your needs and location, Rocket Homes connects you with one of its local Partner Agents within one business day. If that agent doesn’t work out for any reason, Rocket Homes connects you with a different agent, free of charge.
Rocket Homes doesn’t charge buyers or sellers a fee for its services. Instead, it generates revenue by referring clients to its Partner Agents and taking a percentage of the commission.
Selling with Rocket Homes
If you contact Rocket Homes as a seller, the company puts you in touch with a local agent. That agent lists your home on your local multiple listing service (MLS), and your property is automatically syndicated to the Rocket Homes website.
Rocket Homes is free to use. But you still have to pay a total realtor fee of 6% unless you negotiate a lower commission rate. The company provides convenience, but it doesn't offer sellers a discount or financial incentive like discount brokers do.
Buying with Rocket Homes
As a buyer, Rocket Homes helps you assess your financial situation and apply for financing.
After contacting Rocket Homes, you go through the mortgage pre-approval process. The process includes an open assessment of your finances and assets, which leads to a pre-approval letter for a home loan of a specific size.
Rocket Homes might encourage you to get financing through its in-house mortgage lender, Rocket Mortgage, but you're not required to.
Once you're pre-approved, the company refers you to a Rocket Homes Partner Agent, who helps you find the right home. When you make an offer on a property, your pre-approval should help you get serious consideration from the seller and speed up the entire transaction.
Locations
Rocket Homes is available in all 50 states.
Next steps: Talk to a real estate expert
If you’re looking to buy or sell a house and weighing your options, Clever Real Estate can help.
Our fully licensed Concierge Team is standing by to answer your questions. They offer free, objective advice about how to sell or buy your next home, based on your specific goals and situation.
Enter your basic info below. Our Concierge Team will be in touch shortly to answer your questions, offer advice, and match you with top-rated agents in your area. Remember, this service is 100% free and there's no obligation!
Rocket Homes FAQ
Is Rocket Homes owned by Quicken?
Rocket Homes was formerly In-House Realty, but it was acquired by Quicken and rebranded as Rocket Homes in late 2018. Rocket Homes is essentially an agent referral network, but because of its affiliation with Quicken, users also get help with the mortgage pre-approval process.
Can FSBO sellers list on Rocket Homes?
Rocket Homes is mainly an agent referral business, meaning it makes most of its money by connecting sellers with agents. A free FSBO listing wouldn’t benefit Rocket Homes or its Partner Agents.
Furthermore, a listing has to be on the MLS to be syndicated to Rocket Homes, and a FSBO seller can't get their property on the MLS themselves. Learn more about FSBO listings.
How can real estate agents partner with Rocket Homes?
To become a Partner Agent with Rocket Homes, an agent has to meet certain criteria. They must work for an eligible real estate brokerage, have at least two years of experience as a full-time real estate agent, and have eight completed transactions in the previous year.
Once Rocket Homes accepts an agent into its partner network, the agent must maintain a 4.5/5 star rating, and they must meet the Rocket Homes general conduct standards.
