Real Estate Broker · Bainbridge Island, WA · Member since 2017 · 9 posts · 0 votes
I’ve built a Washington buyer platform/brokerage called Homing for buyers who don’t need a traditional full-service agent model. Homing charges 0.5% for buyer representation, with buyer-broker compensation above that rebated to the buyer.
We can also represent buyers on off-market/direct-to-owner acquisitions. Unsolicited offers for unlisted properties in WA, when neither party is represented by a broker, are now subject to buyer appraisal and cancellation rights under RCW 61.40.010 (HB 1081).
If you’re already sourcing your own deals but want a licensed WA broker representing you for showings, offer preparation, negotiation, and transaction support - without paying for a full-service search model - that’s the niche we’re trying to serve.
The Homing web app is free and also helps organize candidate properties, open-house tours, notes, and next steps.
I welcome all feedback, especially from investors and self-directed homebuyers.
I can appreciate the approach for a niche segment but I suspect most/all of the buyers will take up more time and energy than what they originally agree to at the discounted rate. There is always a lot of additional "consultation" that goes or "therapy" hours that should be billed if we held a license in phycology or something. This reminds me of the "Help-U-Sell" and The Force Realty discount brokerages that were really popular around our area back in 2010-2013 or so. If you are already going to be representing for showings, offer preparation, negotiation, and transaction support - then you should be charging much more. That's where the bulk of the earnings should come from, our experience and expertise from offer to closing. Best wishes on your venture!
I agree some buyers will benefit from full-service representation, and that the Homing model will not stretch to including much "buyer therapy" (although our app provides a lot of help for users in organizing their home search, planning open house tours, coordinating with search partners and broker, etc.). It won't be for everyone, but available buyer savings is very significant. There's now a savings calculator at https://www.gethoming.com/buyer-resources/buyer-agent-commission-rebates-washington#homing-buyer-savings-calculator . Seattle median sales price $866,333, that means potential rebate of $17,327 (if 2.5% buyer broker commission offered) to $21,658 (if 3% offered). As a repeat self-representing buyer, that's the kind of "buyer therapy" I like - but it's very hard to secure until now.