Homelight review – Do I need an agent referral?

Table of content

Homelight Overview

Homelight Simple

HomeLight Application Process

HomeLight Pros and Cons

Pros

Instantly get matched with agents to choose from

User-Friendly Technology

Cons

Your Privacy is At Risk

There Are No Savings

Limited Recommendations with Questionable Standards

People also ask

What is HomeLight?

How does HomeLight work?

Is HomeLight legitimate?

Does HomeLight buy homes?

Does HomeLight work for agents?

Is HomeLight free for agents?

Does HomeLight cost money?

How do you join a HomeLight?

How do I get a HomeLight referral?

Who is HomeLight best for?

Homelight is the largest agent-matching service with over 70,000 agents on its network from RE/MAX to Keller Williams, Century 21 and more. The only true benefit is the matching service is absolutely free. However, if you’re here because you’re hoping for a discount in savings, you’ve come to the wrong place. You’ll need to refer to our article on how to list on the MLS for free if you truly want to make the most of your home sale or get 2% of your purchase price. If your goal is to find an agent that can provide the full-service experience, read on to decide if homelight company has your best interests at heart.

Homelight Overview

When Drew Uher initially founded this company, it was because he and his wife had a hard time finding a good agent. The model was to help homeowners find a great agent without the hassle – but with their company standards, that’s far from what’s happening. Just about anyone can sign up on HomeLight, as long as they’re a licensed agent. The algorithm promotes agents with favorable profiles, heavily relying on the transaction volume. Transactions don’t necessarily speak to client care, which studious property owners need to keep in mind during the selection process.

HomeLight doesn’t offer any savings to buyers or sellers but instead is an agent matching service, just like UpNest. The difference is, their partnership with homelight for agents relies on a 25% referral fee. Homelight mortgage also provides a home loan service for buyers looking to finance with an all-cash offer opportunity. While helping property owners find a local agent doesn’t have any cost-saving benefits, they do have another option available for those looking for a fast sale.

Homelight Simple

While you can get a homelight home value on their website by answering seven questions, a popular service highlights homelight cash offers. It’s a free service that allows you to sell directly to an investor or flipper. There is no homelight simple sale commission that needs to be paid out by the seller. The way it works is that when you list, homelight sell house by presenting it to pre-approved buyers that will compete for your sale. Unlike companies such as Zillow Offers, you don’t see homelight homes purchased directly from the company and resold after minor repairs. Homelight simple sale reviews range from positive to negative. Still, the key information to keep in mind is that this is best for distressed sellers looking to offload a property quickly and as-is, such as if they were facing foreclosure. It isn’t ideal for those looking to make the most money from their sale as this is a business opportunity for the buyer, not a dream home.

HomeLight Application Process

Although there’s no cost associated risk with going through the application process of finding suitable realtors, your privacy will be at stake. Homelight reviews revealed customers being bombarded night and day with calls and emails from local agents that want to win over their business, despite being shown only 3 potential candidates.

The 5 step process when using HomeLight’s agent matching service is similar for both buyers and sellers:

1. You’ll need to go through HomeLight’s questionnaire so they can learn a bit more about your situation. Remember, everything is automated so they aren’t considering details about your lifestyle. You let them know if you’re a buyer or seller, price range and timeline, they’ll give you an agent that has made some sales in your area.
2. Once this information is quickly processed into the algorithm, you’ll get a list of 3 agents to start with and you can request additional ones as well. The algorithm tends to favor transaction numbers over local knowledge so keep in mind quantity doesn’t always equal quality.
3. Now is the fun part – you get to view the details from your matched agent so you can start comparing the best fit. You’ll see notes about their career such as:

• Years of experience
• What brokerage they belong to
• The number of homes they’ve sold in the area
• Number of HomeLight clients they’ve helped
• A map of properties the agent has helped a client buy or sell in your desired area
• Details on achievements such as selling quickly or top negotiator

1. You can talk to one of HomeLight’s concierge experts that will go over your matches and answer questions you may have about the candidates or the process.
2. You can meet your matches, interview them over the phone or decide to continue working with them. If you don’t like what you see, you can also choose to walk away with no obligation. Regardless, the service is free to use as it’s a selection process. If you’re not happy, you’re not paying.

HomeLight Pros and Cons

They’ve certainly had a reputation for helping homeowners, with over 1,019,600 clients over the past nine years. Still, this service is suitable for a specific type of buyer or seller looking for assistance during the real estate experience. If working with a traditional agent instead of a free MLS company is better for your needs, here’s what to expect from HomeLight:

Pros

Instantly get matched with agents to choose from

After filling out your information, an algorithm sorts through your data and will select three agents that are best suited for your needs. The downside of this is the initial selection process does not have any human oversight whatsoever. This means all of the suggestions come directly from a computer program. After the selection process, a HomeLight agent will go over the results. But keep in mind your initial set of prospects are highly valued on transaction volume, not quality care.

User-Friendly Technology

Homelight reviews from realtors and consumers highlight the easy-to-use platform that is both visually appealing and simple to navigate. The significant benefits of the dashboard are:

• A message center where you can quickly contact HomeLight or any of your matched agents.
• An option to try out HomeLight’s Simple Sale service where you’ll have cash buyers interested in your property.
• An area to keep track of the progress of either your home sale or purchase.

Cons

Your Privacy is At Risk

Many homelight reviews warn of customers being inundated with unwanted calls, emails and texts from agents wanting their business. An even bigger issue at hand is once they have your information, it’s hard to unsubscribe. Customers claim that even after hitting unsubscribe from HomeLight’s emails on multiple occasions, they still receive them in their inbox.

There Are No Savings

There are no savings in it for the consumer – it’s only a matchmaking service for realtors. This option is only beneficial if you don’t want to compare Google reviews yourself against dozens of agents. HomeLight only gives you 3 to choose from, which you can expect will want a full-service commission of 5-6%.

Limited Recommendations with Questionable Standards

There isn’t a high standard for meeting the threshold to join HomeLight, so the bar is low on quality control. As long as you have your license, you’re in. However, reports from homelight agent reviews show that the homelight valuation relies heavily on how many transactions you have closed. If an agent has more sales but is further away from your local market, they may wind up on your dashboard compared to an exceptional realtor that knows your market inside and out. You only have three agents to choose from, with an option to request an additional 2. At this rate, you’re better off doing the research yourself, as HomeLight offers no incentives for using their services as a consumer.

FAQ

What is HomeLight?

homelight.com is an online real estate company that matches home sellers and home buyers to agents in their local marketplace. Instead of Googling agents in your area and sifting through reviews, homelight real estate will give you a list of suitable agents where you can compare your options, set up interviews, hire one or walk away with no obligation. The service is free to use for consumers that are in the initial stages of choosing their real estate agent.

How does HomeLight work?

The HomeLight process works through a 5 step process that matches you with an agent that will help you sell your home with traditional services that a typical agent would provide or purchase a home with real estate advisement. On any closed transaction, the agent gives HomeLight a 25% referral fee on the commission they collect in exchange for your search leading you to select them as their agent.

Is HomeLight legitimate?

Homelight inc is an established business that was founded in 2021, accredited by the Better Business Bureau. It provides property owners and first-time buyers with agent-matching services. It is not in the business of delivering savings for the homeowner but rather a better search tool for finding a qualified, traditional full-service agent in their market.

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Does HomeLight buy homes?

HomeLight doesn’t directly buy homes but instead has a HomeLight Simple Sale program. You’ll be able to sell your house directly to a flipper or investor after giving basic info about the home, including its age and condition. When comparing this to an iBuying company, the cash buyer will provide an estimated offer in a similar practice and then request an in-person inspection. After the assessment takes place, they may change their final offer. Like most iBuying companies or flipper mentalities, this does not guarantee you the best price for your home. This opportunity is best suited for property owners that need to sell fast and, as is, and willing to sacrifice a few dollars. Put simply, a homelight ibuyer company doesn’t exist, but rather matching with investors is the business model for the quick cash offers.

Does HomeLight work for agents?

Homelight for realtors is an enticing system because it delivers serious sellers and buyers right to their inbox. Agents have to spend money on marketing to get in front of potential clients, where home light does the work for them. Without any upfront fees, agents have a risk-free option where they’ll only pay 25% of the closed sale. A win-win for both the agent and the technology-driven company.

Is HomeLight free for agents?

HomeLight is 100% free for agents to join, but a referral agreement comes into place once a client chooses to work with a HomeLight partner. If the agent represents the seller, 25% of ½ the commission on the sale (because the other half goes to the buyer’s agent) is given back as homelight commission.

Does HomeLight cost money?

Homelite com real estate matches you with agents for free. However, you still need to pay the agent’s full-service commission, which on average is 5.5%. Half of the fee goes to the listing agent, while the other half goes to the buyer’s agent. HomeLight provides other services, such as HomeLight Simple Sale, HomeLight Home Loans, and HomeLight Trade-In, which could incur additional fees if you choose to hire their services.

How do you join a HomeLight?

Any agent with a valid license to trade real estate can join HomeLight’s network. However, their algorithm works to promote agents in front of sellers and buyers with a reputation for closing deals. A high value is placed on the number of homes purchased and sold by that agent.

How do I get a HomeLight referral?

To get a HomeLight referral, you need to be signed up on the platform and update your transactions as you continue to sell. The more transactions you have, the more likely it is to be able to get placed in front of potential clients.

Who is HomeLight best for?

The truth about homelight is that it’s best for sellers and buyers that want the traditional real estate experience, working with an agent that will collect a commission and work for their best interests. Buyers never have to pay a commission fee, so having a local expert has always been a beneficial option for them. Depending on their needs, sellers now have choices between flat fee brokerages, full-service agents, and discounted agents.

HomeLight offers more variety than its competitors, with over 70,000 agents from well-known brokerages in its network. However, their platform is only beneficial to homeowners looking to use a traditional agent rather than a concierge-supported platform that can help them save money. Richr, for example, provides buyers with 2% cashback on their purchase and doesn’t charge a dime to list their home. Find out more about how you can list on MLS for free and get title settlement included on our blog.