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HomeBay – Another Entrant Aiming to Lower Commissions

homebay-logo

The value proposition of HomeBay:

THE SMARTER WAY TO SELL. Sell Your Home, Keep The Commission.

Commissions, that dreaded topic most love to avoid. (read some of my prior analysis on the topic here and here).

The field of those trying to get rid of commissions/agents is getting more crowded by the month (here, here, here, etc)… is anyone succeeding in the regional pockets they are focused on? Any intel you have, leave in the comments please.

About Drew Meyers

Founder of Geek Estate Blog. Zillow Alum. Travel addict & co-founder of Horizon. Product & Marketing for 360modern. Social entrepreneurship & microfinance advocate. Fan of Red Hot Chili Peppers and Kiva.

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  • Mike Price

    I had the opportunity to speak with the VP of Marketing of Homebay, Eddie Earnest (formerly of Zurple) yesterday and will provide a full post on Homebay’s efforts in the coming days.

  • This strategy works to a point. There is a certain small segment of the market that is looking to save on commission by handling some things themselves. We offer the same service but for $1,000 less, and we get some clients who want this service, but most prefer full service, even with the additional commission.

    There is this feeling by sellers that if they do not pay a Realtor a full commission, they might end up with less money at the end of the day or they might have more liability issues. This is what keeps the full commission model doing fine despite all the discount models.

  • Brian Butler

    My 30 second HomeBay experience: home page loads, looks good. Click “Find a Home”, need to enter a zip code. I don’t know the zip code of town I’m interested in… Open another tab in browser (eyeballs leave HomeBay)… There’re 4 zip codes for the town I’m interested in, hmmm…. Try a zip code in the HomeBay search bar: “no results found”…. hmmm… Eyeballs leave HomeBay again because I didn’t memorize the other 3 zip codes… Back to HomeBay. Try one zip, try another zip, try another… snake eyes… Ok, I’m out. Never coming back…

    • All great points about their website, but I think they are marketing mainly to sellers who want to sell for $3,500, so they are not setup for buyers to use their website. If a seller wants to cut the commission and go for their program, they don’t care about the search experience, in my opinion.

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