Redefy, a flat-fee brokerage that recently launched a do-it-yourself listing platform for consumers, announced Wednesday that it has embarked on a partnership with Home Captain, a concierge and referral firm.
The partnership is designed to “provide home buyers with quality Realtor representation,” according to a statement, and will lean on Home Captain’s “network of 32,000 real estate professionals.” In other words, unrepresented home buyers who reach out to Redefy will be directed to a vetted agent that has been accepted into Home Captain’s network.
“This provides home buyers with a local real estate agent anywhere in the United States to aide in the sales transaction process,” Redefy CEO Chris Rediger said in a statement, “while creating a new and potentially meaningful revenue source for Redefy.”
As Rediger’s comment indicates, Redefy will collect fees thanks to the partnership. A company spokesperson told Inman that those fees will be paid by Home Captain, not the agents themselves, but added that further financial details of the partnership have not been publicly disclosed.
The service is also free for consumers.
Buying agents who close deals thanks to the Redefy and Home Captain partnership will be compensated with whatever commission sellers are offering. In most cases, that means they’ll split a 5 or 6 percent commission with the selling agent.
In an email to Inman, Home Captain product management director Tori Schallot said that joining the company’s network is free, and agents only pay for the service when they actually make money.
“We have a standard referral fee on Home Captain customers that close,” Schallot explained. “The customers provided tend to be pre-qualified customers, all of which have spoken to a Home Captain concierge member who has obtained relevant purchase and sales information for the agent prior to matching the customer and agent.”
Colorado-based Redefy launched in 2014 and operates in its home state, as well as in Arizona, Florida, Virginia, North Carolina, Texas and Georgia. The company offers a “full service” product that lets home sellers list and sell their property for a flat fee of $3,500, or for 1 percent on homes priced at over $1 million. But either way, the cost to sellers is less than the industry standard that usually involves paying around 3 percent to the listing agent.
Last month, Redefy also launched a stripped down DIY platform that costs just $379. For that price, sellers can get their homes on the local multiple listing service (MLS) and online portals such as Zillow, as well as have access to yard signs and the various contracts associated with selling a home.
A month before announcing the DIY platform, Redefy also scored a victory when it poached Scott Petronis from eXp Realty to serve as chief product and technology officer.
New York-based Home Captain first launched in 2011 and provides a handful of products for consumers and real estate agents. For consumers, the company offers to pair both buyers and sellers with pre-screened agents. Home Captain also provides a concierge service that it says “manages the entire process from securing a mortgage to finding the right real estate for you.”
Agents are eligible to join Home Captain’s network, and thus begin receiving referrals from the company, after they have five years of experience. They also can’t have any ethical violations on record with the National Association of Realtors, must work full time in real estate, and be in good standing with any other applicable industry organizations.
In his statement Wednesday, Rediger expressed optimism that the relationship would be a boon for consumers.
“Our customer-centric home selling services generate inquiries from a significant number of unrepresented buyers,” Rediger explained. “This agreement allows the buyer to be represented by a vetted and qualified agent provided through Home Captain’s network.”
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