HomeLight Reviews: Are They the Best Way to Sell in 2024?

✍️ Editor’s Note: HomeLight has been accused for price fixing and false advertising by HomeOpenly. Watch how HomeLight vs. HomeOpenly’s lawsuit threatens the existence of agent referral networks.

» SKIP THE HASSLE: Start Your Free Listing on Houzeo.com

Is HomeLight a Legitimate Company?

Yes. HomeLight is a legitimate real estate company founded in 2012 by Drew Uher. According to their website, they have partnered with 28,000 agents and have served 1,079,300 clients.

HomeLight’s technology sets them apart from other agent-matching services. Their platform uses an algorithm to pair potential agents with you within minutes. However, HomeLight doesn’t offer savings on real estate commissions. You will spend around 6% in commissions to sell your property.

Moreover, HomeOpenly has accused HomeLight of price fixing and false advertising. Watch the video to learn the truth about the HomeLight vs. HomeOpenly case.

How Does HomeLight Work?

Finding a real estate agent on HomeLight’s platform is fairly straightforward. You need to select the “I’m selling” option on the home page of their website. You have to fill out a form that is used to establish the criteria for agent recommendations.

• Provide Information: Enter property details like the address, size, type, and built year. You also need to enter your contact information.
• Get Recommendations: You will initially get 3 agent recommendations. If these agents don’t meet your expectations, you can ask for more matches.
• Interview Agents: You can interview the agents on call.
• Sign the Listing Agreement: Once you have picked an agent, you’ll need to sign a listing agreement with them.

After the paperwork, the listing agent will put the home on the MLS. They also help you find prospective buyers and negotiate with them.

✍️ Take Note: If you are searching for a buyer’s agent, you need to fill in information like your desired location, type of property, and mortgage status.

Other HomeLight Services

» Jump to: HomeLight Simple Sale | HomeLight Home Loan | HomeLight Buy Before You Sell

HomeLight Simple Sale

HomeLight Simple Sale, earlier known as HomeLight cash offer connects home sellers to cash buyers who buy properties as is. You can expect a quick cash offer after signing up. Moreover, you can close the deal in as few as 10 days of accepting the offer.

However, most cash buyers do not offer a fair market value for your house. So, you may have to settle with a lowball offer for a quick sale.

» HomeLight Simple Sale Reviews: Read reviews on HomeLight Cash Offer to know about the efficacy of their program.

HomeLight Home Loan

This service makes mortgage pre-approval easy for home buyers. They help you to get pre-approved within 5 minutes. They can also offer an earnest money deposit of up to $100,000 to cover financial contingencies.

HomeLight Buy Before You Sell

It is also known as the HomeLight Trade-in program. In this service, HomeLight evaluates the equity of your home and uses this equity to purchase a new one. Once you move out, HomeLight helps you sell your old home.

HomeLight Coverage

HomeLight has offices in Arizona, California, and New York. However, they have nationwide coverage.

How Much Does HomeLight Cost?

HomeLight’s agent matching services are free for sellers and buyers. HomeLight will charge your agent a referral fee. This fee is around 33% of your agent’s commission. While this is standard industry practice, it still is roughly 1% of the listing agent’s commission.

For instance, if your home’s value is $300,000, your agent will charge you $9,000. Out of this, HomeLight will keep around $3,000.

» 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.

Homelight Real Estate Reviews

HomeLight has secured a 4.6 out of 5-star rating based on 533 reviews on Google. Moreover, the company has a 4.3 out of 5-star rating on Better Business Bureau based on 118 reviews.

HomeLight Reviews: Praises

✅ Rishi had a great experience with HomeLight. He also praised the agent he was matched with.

✅ Simon was delighted with HomeLight’s customer service. He was also happy with the agent he hired through HomeLight.

HomeLight Reviews: Complaints

❌ HD Boesch felt that the agency that HomeLight recommended did not help him get the right price for his home.

❌ Richard emphasized that he could have potentially saved thousands of dollars by not using HomeLight to find the agent.

Pros and Cons of Homelight.com

Let’s have a look at some major advantages and limitations of finding an agent through HomeLight.

👍 Pros

HomeLight offers some benefits to home sellers.

• Wide Network of Brokers: HomeLight Inc. has a network of over 28,000 agents.
• Quick Suggestions: HomeLight instantly gives you an agent recommendation after you fill out an online form.
• No Obligation to Hire Agents: HomeLight doesn’t oblige you to hire the agent through them. If you don’t find a desirable match, you can walk away.
• Coverage in Smaller Towns: HomeLight has a good network in smaller towns as compared to some of their competitors.

👎 Cons

There are certain disadvantages to using HomeLight to find an agent.

• No Scope to Negotiate Commissions: The agents of HomeLight real estate have to pay a referral fee. This eliminates your scope to negotiate the commission.
• No Savings: HomeLight doesn’t offer any savings through their service, unlike other real estate companies.
• Unreliability of Services: Your experience entirely depends on the agents you collaborate with.

Homelight Competitors Reviews

» Jump to: HomeLight vs. Houzeo | HomeLight vs. UpNest | HomeLight vs. Opendoor

1. HomeLight vs. Houzeo

HomeLight and Houzeo, are both tech-centric platforms that simplify your real estate journey. However, the approach of both companies is different.

HomeLight helps you locate an agent who charges around a 3% commission. On the other hand, Houzeo helps you list on the MLS for a minimal flat fee. You can manage the entire sale process online through Houzeo’s dashboard and mobile app.

2. HomeLight vs. UpNest

UpNest likes to call itself a “real estate agent marketplace,” where the agents compete for your listing. Since there is higher competition, these agents offer services at discounted prices.

However, as many Upnest reviews highlight, your agent may lack local expertise. Moreover, you need to select the agents based on the proposals they submit.

3. HomeLight vs. Opendoor

Opendoor is the largest iBuyer in America, extending cash offers on homes. The cash offers from HomeLight Simple Sale and Opendoor are up to 80% of your home’s fair market value.

However, Opendoor has strict eligibility criteria for the houses they buy. So, if your house needs repairs, you might not be able to sell it with Opendoor.

Other Options You Should Consider

• Sell to an iBuyer: iBuyers purchase homes needing minimal repairs in as-is condition. They can be a great option if you want to sell your house fast.
• Sell to Cash Home Buyers: Individual cash home buyers make all-cash offers, usually within 24 to 48 hours. They also let you skip listing on the MLS.
• Sell For Sale By Owner: FSBO websites help you list and sell a house yourself, saving thousands in agent commissions. Many FSBO websites will also help you with the paperwork.

Is HomeLight a Good Option For You?

HomeLight is a viable choice for those who are looking for agent recommendations. However, this convenience comes at the cost of a 3% commission fee. Instead of paying thousands to an agent, you should list on the MLS FSBO.

Houzeo is the top alternative to get on the MLS. For a flat fee, you’ll be on the MLS in under 24 hours. Moreover, Houzeo’s tech-centric approach and 5-star customer support will make home selling a breeze.

 

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