HomeLight Reviews

The inception of HomeLight is inspired by the belief that they can change the way people buy and sell homes. While the transaction still remains a major life decision for them, it shouldn’t be complex, and full of stress and uncertainty.

From a well-intentioned idea, HomeLight became a massive platform facilitating transactions worth billions of dollars year in and year out. Buyers and sellers were happy, and so are real estate agents. That’s what they say, anyway.

Is the tale of happy clients and satisfied agents for real? Don’t be left in the dark, and read this HomeLight review to know the tea.

But before getting into the review…

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Introduction To HomeLight

What Is HomeLight?

HomeLight is yet another referral network for real estate professionals. The gist of their service is matching agents to buyers and sellers within the vicinity and/or service area.

While HomeLight is headquartered in the San Francisco Bay Area, they have satellite offices located in Scottsdale, Arizona, and New York. Their coverage spans nationwide as well, so no matter what state you’re in, they got you covered.

The goal is to make real estate simple, certain, and convenient. They got all the essential tools in one place, not just to empower agents, but also buyers and sellers.

Of course, they have to look good in the eyes of both buyers and sellers. As an agent, it’s a tag team of some sort with HomeLight.

HomeLight needs to market themselves well, gotta have a compelling reason for clients to sign up for their service, and be reliable as a client-agent matchmaker. Then, the agent has to understand and meet the needs of clients with the closings for a boost in reputation and repeat business.

Itching to compare HomeLight with other referral networks? If yes, see our HomeGain Reviews, Opcity Reviews, and Deallanders Reviews.

Who Established HomeLight?

HomeLight Drew Uher

If you’re wondering who established HomeLight back in 2012, it’s the program’s current CEO, Drew Uher. In credits to his leadership, HomeLight was given recognition by esteemed institutions such as Deloitte and Inc. Magazine for its rapid growth and terrific work environment.

Besides being the founder of HomeLight, he was once an investment analyst and a Morgan Stanley associate, and now a venture partner of 1984 Ventures. He’s also an angel investor for various startups such as House RX, EasyKnock, and TurnTide.

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What’s The Assurance For Buyers/Sellers?

As the client-agent matchmaker, HomeLight asserts to determine only the best matches. What this means for buyers and seller is getting a top-performing real estate agent that has a proven track record, and a local that knows a ton about the following:

  • Safety of the area
  • Quality of schools
  • Most desirable neighborhoods
  • Updated price trends
  • General sense of community
  • Exclusive pocket listings

On top of being knowledgeable, they also have to be savvy negotiators, diligent assistants, and supportive advisors. Must be the good ‘ol reliable that’ll ensure a smooth sailing selling/buying process, rocky market notwithstanding.

You can trust HomeLight’s matching algorithm to factor in more variables, and not just limited to the usual. Things like transaction volume, property type specialization, sale to list ratios, and the likes are considered.

All these for the very low cost of zero dollars. Sounds neat, but you have to remember, if you’re not paying for it, you’re the product. No cap.

The practice of collecting data isn’t inherently evil by any means. It only becomes problematic if the ones doing the collecting are tryna be sneaky about it.

As always, communication and transparency is the key. HomeLight doesn’t seem to pay attention, though. See the section about the cons of the program for more info.

In the meantime, let’s explore what HomeLight has in store for real estate agents. Read on.

Services Of HomeLight

Matching Service In  A Nutshell

HomeLight Matching Service

Generally speaking, what HomeLight does for agents is efficiently match them with prospects aka potential buyers and sellers. In other words, agents get a lead that fits their criteria such as location, price range, property type, credit score, and the likes.

Potential buyers and sellers will find the matching process quick since they’ll get paired as fast as two minutes after sharing their info.

Given that HomeLight has over 28k agents, the agent might not always be YOU despite the “perfect” match, but then, it’s no biggie since there are more prospects coming in, most likely.

HomeLight’s Buy Before You Sell

HomeLight Buy Before You Sell

HomeLight designates Buy Before You Sell as their flagship offer. As the name implies, prospects are encouraged to secure their new home first (buy) before listing their old one (sell). A once complicated process made easy by HomeLight facilitating the entire process, from A to Z.

As an agent, knowing how much equity a prospect can get from their existing homes is just a few clicks away thanks to HomeLight Home Loans. Since you’ll handle both the buying and selling transactions, expect higher commissions too.

HomeLight’s Cash Offer

This offer is for sellers, likely distressed ones, who need money fast, intend to sell their property as-is, and doesn’t mind a lowball offer that’s below the fair market value. The time frame here is on a fast track, as sellers are expected to get a cash offer within forty-eight hours of signing up, and then cash in within ten days.

Since the guarantee mentioned no additional fees nor agent commission, this doesn’t involve agents. Just the seller, the investor who got the cold, hard cash to pay right away, and HomeLight to facilitate the negotiations between the two.

Other Features For Agents Partnered With HomeLight

As a referral network, they naturally want agents to succeed in closing deals. An agent’s win is their win, and they provide resources to help with winning such as:

  • Access to Agent Success Team for onboarding and training
  • Access to Agent Resource Center to help with agent’s most frequently asked questions
  • Access to useful tools, templates, and calculators
  • Dedicated customer support service

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Value Of HomeLight

Cost Of HomeLight

With HomeLight, agents don’t have to pay for registration and on-boarding. No monthly subscriptions required, either. The only cost is the referral fee charged by HomeLight— 33% of the gross commission from a closing.

Pros Of HomeLight

What’s good about HomeLight is their impressive market reach, getting around 400k visits from organic means alone every month. Better reach means better chance of generating leads, and that’s good for business.

To add, it’s nice that there are really no recurring fees with HomeLight. No hidden fees for agents, although you can’t say the same with buyers and sellers.

Finally, the access to educational resources is a welcome feature here. With this, agents can get updated with what works best currently. This might be the needed buff on their closing skills.

Cons Of HomeLight

Popularity is not always a good thing, and HomeLight proves that by having a not-so–good reputation in the eyes of their consumers.

Not everyone is mad, but some are BIG mad— leaving heated reviews on BBB and similar sites, dragging HomeLight for sharing their info without consent and enabling spam calls from their agents.

HomeLight Reviews

Speaking of reviews, many have also mentioned how HomeLight uses some bait-and-switch tactics to generate leads. Giving false hopes and empty promises just to harvest your data. It’s the opposite of it ain’t much, but it’s honest work, which is a shame.

To reiterate, HomeLight is always able to generate lotta leads, but at what cost? Get that load at the expense of transparency (regarding the collection of data mentioned earlier and commission fees) and strict vetting process.

The latter actually goes both ways. Firstly, prospects don’t necessarily get top-performing agents, more like those that serve their area and willing to pay the referral fee.

As a result, there’s a significant chance for prospects to end up with mediocre to “convicted for fraud” awful agents. And yes, the awful bit is based on a true story.

On the other hand, agents don’t necessarily receive the best leads either. Sure, there are motivated ones, but you have to sift through a good deal of junk first. Quality over quantity? Nah, they don’t play like that here.

Also, we don’t like how HomeLight is fine with enticing prospects who are already working with another agent. Exploring options is valid, but only before contracts were inked.

In most states, this typa meddling is considered a violation of code of ethics. And yeah, poaching clients ain’t cool, y’know.

We’re not surprised an institution filed a lawsuit against HomeLight, accusing them of market and consumer allocation, false advertising, unlawful kickbacks, wire fraud, and price-fixing practices. That’s what they get for tryna be shady. They’re HomeLight, but they’d rather be on the dark side. Quite ironic.

Conclusion

While HomeLight is not necessarily a scam, they’re using shady practices that already got them in hot water. Majority of the complaints are from buyers and sellers.

However, as an agent, it’s always a risk to associate yourself with shady programs. Your reputation might take a hit, especially when dealing with already disgruntled prospects (so many with HomeLight), and that’s not what you want to build a successful business.

Not everyone is happy, most actually aren’t, and that’s the real deal. But you do get leads without recurring fees here, so it’s up to you if that’s worth all the potential hassle. Whaddya think?

Before leaving…

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