BrokerageIndustry News

Online brokerage trades slice of commission for airline miles

FlyHomes releases the mileage into client accounts 10 days after closing
  • FlyHomes is a new real estate brokerage that offers Alaska Airlines frequent flyer miles equivalent to the purchase price of the home ($500,000 equals 500,000 points).
  • The homebuying process is done completely online, and allows consumers to choose the level of involvement that FlyHomes team will have throughout the process.
  • FlyHomes co-founder Stephen Lane says this approach is geared toward millennial buyers who want to own their experience and are looking for something better than a cash-back discount.
  • FlyHomes is available in Seattle and Boston, and will be entering the Silicon Valley market next month.

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Many real estate brokerages, agents and marketers have been trying to crack the millennial nut. What do they want in a home? What are their preferred forms of communication? What incentives catch their attention? Who better to answer these questions than another millennial? That thought -- along with a less-than-satisfactory homebuying experience -- is what spurred Stephen Lane to create FlyHomes, an online discount real estate brokerage that seeks to put millennials in the homebuying pilot's seat while offering the unique incentive of frequent flyer miles. Dollars for miles A couple years ago, Lane was in the process of finding a new home for him and his wife, and he struggled to find a real estate agent who understood and respected his communication preferences. "We are the segment of people who would rather go to Amazon.com to buy a TV, rather than have a salesperson at Best Buy sell you on that TV," Lane says. "We prefer to be in front of a screen rather than be fac...