Residents in two of Florida’s major cities now have a new option in homeselling. Alternative lender Knock has launched its Home Swap service in Orlando and Tampa. It’s now available in five states, nine markets in total.
Knock has stated plans to expand the Home Swap to at least 11 markets this year and 21 by the end of 2021.
The LeHup Group consists of three brokerages, Keller Williams at The Parks Realty, Keller Williams Heritage Realty, and Keller Williams Winter Park Realty. Keller Williams of Central Florida has 840 agents in four offices.
The company’s model loans sellers money for a new home to avoid having to make a contingent-upon-sale offer. This allows families to move without having to go through showings and open houses or handle pre-market maintenance and preparation.
“Our agents are telling us that if it weren’t for the Home Swap, many of their clients would not consider making a move,” said Knock co-founder and CEO Sean Black in a press release announcing the Florida expansion. “It gives homeowners the leverage they need to compete in today’s market.”
Home Swap participants can apply for a $25,000 bridge loan to cover those costs before putting it on the market. Knock also has a list of locally appointed home repair specialists and specialized vendors.
A non-contingent offer also provides buying power and eliminates the pressure of having to sell at a discount.
Real estate agents and brokerages can partner with Knock and get trained on presenting the program and offering it to clients. To date, the company has certified 24,000 agents at 30 brokerages. Knock also offers its brokerage partners a software application, called Backyard, to manage associated transactions.
Outside of Atlanta, the Home Swap program has been primarily available in markets west of the Mississippi, such as Denver, Phoenix, and Austin, among others.
Inman recently reported that Knock is currently in a two-way legal battle with EasyKnock, a company that buys homes and leases them back to their previous owners.
Inman staff writer Andrea Brambila reported that trademark infringement and unfair competition are at the heart of each company’s case, writing, “Both companies claim that their use of their respective trademarks are senior to the other’s use.”
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Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.