Utah Based Tech Startup Homie Adds Mortgages to Real Estate Services


Last night I attended the launch party for Homie’s new YouTube video commercial launch. Utah is home to world class video production studios from The Harmon Brothers to Travis Chambers Media and the studio who did this video, Jamestown Films. I’ve seen incredible work from all of them. I especially enjoy how they add humor and entertainment to otherwise dry topics like mattresses and real estate.

Yes, it was another Utah video launch party with a taco truck, ice cream sundaes, a balloon artist and a visit from the pony featured in their new video.

Here’s the original video from Homie:

Here’s the new video from Jamestown Films which pokes fun of Utah MLM culture:

This is a sponsored post for Homie’s mortgage service which claims to get the lowest rates in the state as well as making the homebuying process in Utah more tech-based and convenient.

New since I’ve blogged about Homie and how I worked with them to involve bloggers. Two of the bloggers who attended our event ended up selling their homes with Homie. I saw a few of them at the launch party too. Homie recently added mortgage services to their real estate offering. The company’s founders were in property management and automated the process for real estate owners. They then founded Homie to automate real estate transactions. If you want more background about Homie see this article in the Deseret News.

Recently Homie acquired another tech startup in the real estate space – Econ Mortgage. Last night I got to interview Econ Mortgage’s owner, Phillip Burnett. He talked about how the mortgage industry was already more tech savvy than real estate. It was a natural fit to partner to expand the reach of both. Homie has around 75 employees and Econ had around 9. Homie is now a real estate brokerage and their attorneys have real estate licenses.
Both companies want to offer low rates and fees along with the most tech possible. Burnett said mortgages were already more automated. Homie’s mobile app now has a way for buyers to pre-qualify for a loan. Once a loan is in process the app tracks loan applications. Mortgage documents can be uploaded to the app also.
With a brokerage license Homie now has access to the MLS. You can opt out of the MLS if you don’t want an agent on either side. Some sellers do so to avoid paying 3% to a buyer’s agent since agents won’t typically show a home that’s not represented. In Utah’s hot real estate market Homie argues that it’s not necessary to pay such high commissions (homes sell so quickly). Homie’s fees are $199 up front and $699 at closing. If there’s a buyer’s agent they take $1,000 to $1,500 and the rest goes towards closing costs and buying down the loan. Another change is Homie now offers unlimited time with attorneys (previously it was capped at 6 hours).
Each seller chooses if they want to list on the MLS and can specify the agent commission percent they are willing to pay. If the offer is accepted and the deal closes, that money is paid to the buyer’s broker/agent. If the home is sold to someone without an agent, there are no buyer’s agent fee paid.
 
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Homie home loans
Since becoming an affiliate and now advertiser for Homie, I’ve had conversations with real estate agents and others about Homie. Some good and some not. One big misconception is that people who use Homie end up selling for under market rates. Barnett said they look at the same comps that an agent uses to price a home. He questioned why agents don’t list on online sites like Homie does.
Congratulations Homie on your continued growth! Hopefully when they’re ready we’ll see the company expand beyond Utah (there doesn’t seem to be much activity in Vegas yet and no major marketing pushes) and Vegas.

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