Homie Reviews: Pros, Cons, and Alternatives (2024 Update)

✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.

Homie is a virtual discount brokerage. They charge a flat fee of $5,000 instead of the conventional 3% commission. Homie also extends mortgage, insurance, and title services. They provide a 25% buyer agent’s commission as a rebate.

Homie employs local real estate agents. These agents are salaried and don’t get a commission at closing. A salaried agent benefits buyers, as they are not rushed into the deal.

Conversely, as a seller, you might face some trade-offs. For example, when a listing agent gets a commission, they go the extra mile to get the best deal for you. But, having a fixed salary might not motivate the agent enough to do so.

✍️ Editor’s Take: We recommend listing with Houzeo over Homie. Houzeo charges a flat fee of $399 + 0.5% at closing. This is more affordable for most home sellers. Compare Homie vs. Houzeo.

Is Homie.com Legitimate?

Yes, Homie.com is a legitimate real estate brokerage. The company was founded in 2015 by Mike Peregrina, Mike Trionfo, and Johnny Hanna. Homie has their headquarters in Utah. They are one of the largest brokerage companies in this region.

Homie is licensed in Utah, Arizona, and Nevada. We couldn’t find the license details for Colorado. Since they hire and collaborate with local agents, you may benefit from their expertise in crucial stages like pricing your home and negotiations.

How Does Homie Work?

To work with Homie, first sign up and provide details about your property. You have to fill in a detailed form. Here’s how it works:

• Create an Account: Register through the ‘Sign Up’ tab of Homie’s website via email, Facebook, Google, or your Apple account.
• Add Requirements: Homie gives you the option to sign up as a seller or a buyer. Sign up as a seller. You can then go to your profile, and select the ‘Your Homes’ option to start the listing process.
• Provide Your Details: Fill out an extensive 30-question form. This form will include questions about the type and size of the property, HOA information, and other details.
• Connect With Your Agent: Homie will connect you with the agent who will work on the listing and make it live.

Usually, this process takes 24 hours. But, Homie doesn’t disclose this period on their website.

👉 Are You a Buyer? When you sign up as a buyer, you will be directed to Homie’s listing page. You can schedule a tour for the homes you wish to purchase. Post that, Homie’s agent will contact you via text or call.

Where Does Homie Realty Operate?

Homie offers services in 4 states. Homie Realty services are available in Utah, Arizona, Nevada, and Colorado.

How Much Does Homie Cost?

Homie Homes will list your property for a flat fee of $5,000, instead of a percentage-based commission. This means whether your property sells for $100,000 or $1,000,000 you pay the same flat fee.

If your property sells for under $500,000, the fee you pay will exceed 1%, which is what a discount brokerage usually charges. In this case, you should look for alternative ways to sell.

Honestly, Homie is not the most affordable broker. You can find several discount brokers that charge much less than Homie. Some brokers only charge a 0.5% commission. This allows you to save thousands, especially for high-priced homes.

» What’s My Home’s Value: You can know your home’s market value with Houzeo’s free Home Worth Estimator. It helps you estimate the amount you will get upon sale.

🚨 You Should Know Homie’s fees may vary by state. The state-wise charges are not disclosed on their website. We recommend you contact their customer service.

Homie’s Offerings

» Jump to: For Sellers | For Buyers | Other Services

Let’s look at the services offered by Homie to sellers and buyers:

Selling With Homie

Homie lists your property on the MLS and connects you with a virtual agent. Homie’s agent helps you set the asking price, manage open houses, and assist you with pricing, paperwork, negotiations, and closing.

Buying With Homie

When buying homes for sale with Homie, you’ll get a dedicated agent who will assist you with offers, negotiations, paperwork, and closing. Additionally, you can get a rebate that is 25% of the buyer agent’s commission.

To be eligible, you must use Homie Loans and Homie Title services. This buyer rebate is subject to the lender’s fee and lender restrictions. Contact Homie’s customer service to know about your eligibility.

Other Homie Services

• Homie Loans: Homie Loans give you an opinion to finance or refinance homes. You can also make cash offers using this service. Contact an agent at Homie Loans to get interest rates for your financial profile.
• Homie Title: Their title company offers settlement services to home buyers and sellers.
• Vendor Marketplace: Homie recommends multiple service providers like electricians, landscapers, home inspectors, and various other local contractors. Homie collaborates with these vendors and recommends them to you.
• Homie Insurance: This is the company’s in-house insurance broker. They offer insurance policies from nationally recognized brands like Travelers and MetLife.
• Homie Cash: They help you to make all cash offers on your dream home. You should know that you still need to get a traditional mortgage to pay Homie. This means you have to go through two transactions. But, you have a more appealing cash offer in hand.
• Homie-to-Homie: In this deal, Homie represents both the seller and buyer. The seller must pay a flat buyer’s agent commission. On the other hand, buyers are not eligible for the rebate.

Homie vs. Houzeo

Homie offers listing services at a discounted price. They charge a $5,000 flat fee to sellers at closing. Usually, a traditional broker charges a 3% commission. So, if your property’s sale price is below $450,000, you pay $5,000 instead of $13,500 (traditional commission) and save $7,500.

Houzeo is a Flat Fee MLS listing company. With Houzeo, you are likely to save more via the For Sale By Owner method. Houzeo’s Gold plan costs $399 plus a 0.5% commission at closing. So, for a home sold for $450,000, you pay $2,649 which saves you $10,851. With homes priced lower, you’ll have more savings.

Houzeo’s customer service is also available to assist you at every crucial stage of the home-selling process. Now, let’s compare the services you get with Homie and Houzeo:

Homie Real Estate Reviews

Homie is reviewed separately for each state they operate in. Here are Homie Google reviews:

Positive homie.com reviews highlight the sale smooth process. On the other hand, the negative reviews of Homie talk about their agent’s unavailability. Here are some of the Homie customer reviews:

Positive Reviews of Homie

✅ Jill appreciated Homie’s agent for exceptional communication, prompt responses, and guidance throughout the process. The agent helped Jill to sell for top dollar within 24 hours of listing even when it was not a seller’s market.

✅ Michelle praised her Homie agent for their expertise. The agent helped her sell in 7 days. She was happy with the smooth process and substantial savings.

Negative Reviews of Homie

❌ Jessica was frustrated with Homie’s agent as the sale fell through thrice. She also didn’t get updates without asking for them.

❌ Jordan highlighted Homie’s seemingly inefficient evaluation of the asking price. He was asked to lower the asking price.

Homie Reviews: Pros and Cons

Let’s evaluate the pros and cons of Homie:

👍 Pros

• Flat Fee: Homie provides full service at a flat fee of $5,000 instead of a 3% commission. For high-priced houses, you can save significantly.
• Local Brokers: Homie hires local brokers who have extensive knowledge of the neighborhood. This may help you set a competitive price and negotiate with buyers.
• Digital Automation: Homie’s listings are digitalized. You can fill out the listing documents instantly. This makes the home-selling process easier.
• Mobile App: Homie also has a mobile app to help you manage the sale on the go.

👎 Cons

• Limited Agent Support: Homie’s realtors work with a large volume of clients. They also do most of the tasks online. This may make it hard for them to offer hands-on assistance.
• Less Incentivised Agents: As their agents are salaried, this could affect their motivation to get you the best deal.
• Limited Coverage: Homie’s services are restricted to 4 states only. So, home sellers living outside their coverage area cannot avail of their services.

Homie vs. Competitors

» Jump to: Homie vs. Prevu | Homie vs. Redfin | Homie vs. Houwzer

1. Homie vs. Prevu

Prevu is a discount brokerage that charges a 1.5% listing agent commission. Homie charges $5,000. So, if your house is worth more than $330,000, Homie will be cost-efficient for you. Otherwise, Prevu is a better choice as you pay less than $5,000.

When comparing services, we found that Homie and Prevu are quite similar. Their agents help through the sale process from pricing to closing. Homie outperforms Prevu with their tech. Their web portal is easy-to-use and they also offer a mobile app.

2. Homie vs. Redfin

Homie and Redfin are discount real estate brokerages. Redfin charges 1.5% listing agents’ commission. If you also choose to buy and sell (at the same time) with Redfin, you’ll get a 0.5% discount on the listing agent’s commission.

Homie also offers this service. As per their website, you save up to $20,000 when you sell and buy with them. So, while savings with Redfin depends on the home’s worth, you save a flat amount with Homie.

3. Homie vs. Houwzer

Houwzer charges a 1% commission. Homie charges a flat fee of $5,000. So, if your house’s price is less than $500,000, Houwzer is a better choice for you. If it’s more than that amount, Homie offers a better deal.

Houwzer and Homie have distinct coverage areas, so it’s important to check which company offers services in your area.

Discount Real Estate Brokers Near Me 🔎

Looking for more options? We’ve compiled a list of the best discount real estate brokers in each state. Click on your state to check them out!

Other Options You Should Consider

• Sell to iBuyers: iBuyers make an offer on your property within 24-48 hours and can close within 7 days. Most iBuyers like Opendoor and Offerpad are also known to offer the fair market value (FMV) of your property. If you’re wondering how to sell your house fast, iBuyers can be a great option.
• Sell FSBO With Flat Fee MLS Services: Flat Fee MLS websites will help you list and sell a house by owner and save thousands in listing agent commission. Many Flat Fee MLS websites will make your listing live within 24-48 hours. They will provide maximum exposure, professional services, and paperwork assistance.
• Sell to “Cash for Houses” Companies: Unlike iBuyers, “cash for houses” companies help you sell your house as-is fast. They can even close within 7 days or on any date you choose. Cash-for-houses companies also make cash offers for homes outside metro areas or in difficult-to-sell locations.

Is Homie Worth It?

Homie’s savings may compel you. But, we feel their flat rate is slightly on the higher side. Also, multiple Homie reviews highlight a less personalized experience with their agents.

Moreover, if your house is below $1,000,000, you can easily get a discount brokerage that will cost you less than what Homie does. For most home sellers, we recommend Houzeo.

Houzeo is the safest bet for you if you want to do away with unpredictable service quality. Houzeo’s virtual agents assist you with every step of home selling. You can contact them online using Houzeo’s web portal and mobile app.

» Houzeo Reviews: Check out why more than 7,000 home sellers have rated Houzeo 4.9 stars out of 5.

 

Homie Reviews: Frequently Asked Questions

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