Real estate companies have begun making their way into the iBuyer space, either through partnerships with companies like zavvie or by launching proprietary programs such as RedfinNow, RealSure and Keller Offers.
Rocket Homes is the latest instance of partnering with third-party providers to offer an iBuyer service that provides a “back-up” to sellers, supplementing the brand’s other offerings such as ForSaleByOwner.com, Rocket Homes Verified Partner Agent Network and Amrock services.
Rocket Home Seller Solutions provides sellers with various options, from For Sale By Owner to traditional listings with the brand’s own agents, working with partner agents or choosing a cash offer through its new iBuyer services. The new offering will be launching throughout the remainder of 2021 and into 2022.
“One of the main pain-points we hear from our clients is the need to make contingency offers. Oftentimes, we see consumers miss out on the home of their dreams because the seller will not accept a contingency or the contingency period expires,” says Doug Seabolt, CEO of Rocket Homes. “Our new program will change the game by completely eliminating the need for these deals—guaranteeing that every homeowner who wants an offer on their house receives one. This is just another way Rocket Homes is bringing clarity and certainty to the real estate market.”
With a brand as large as Rocket Mortgage, it can be difficult to retain the same client experience across all sub-brands and services—a concern for those looking to take advantage of the iBuyer offer but wanting a more customized experience that comes with traditional brokerages. However, Seabolt states the brand is committed to ensuring “continuity across all aspects of our platform.”
“Traditionally, you have a number of unrelated professionals handling each aspect of buying and selling—which creates inefficiency. By working with Rocket Homes and its seamless integration with Rocket Mortgage, and Amrock on the title side, we are able to offer every service a homebuyer or seller needs, from one centralized platform,” says Seabolt.
The cons? Agents may lose out on business through the brand’s FSBO offering, which could set a precedent that agents are no longer needed in a real estate transaction. Additionally, partner agents receive a lower commission of only 1.5% for the selling agent compared to the traditional 3% fee.
However, providing choice may ultimately benefit the industry, particularly if companies offer all these services under one umbrella.
“There is nothing more exciting than getting the keys to a new home, but far too often the process of getting to that point is confusing and fragmented. At Rocket Homes, we are laser-focused on using technology and innovation to create a fully customized and transparent experience that is stress-free and fully integrated—working seamlessly with sister companies to simplify and speed-up the process, all while saving our clients money,” said Seabolt in a statement. “Whether a client is looking to sell their house on their own, get assistance from an on-staff Rocket Homes agent or meet face-to-face with our trusted local real estate professionals, we will have unique options and resources to help every client move through the process in a way that is fully customized to them.”
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to lizd@rismedia.com.
How is this a “New” Service? There are several brokerages that offer the services of mortgage, title and insurnace under the umbrella company.