HomeLight hikes referral fees for agents - RealTrends

Unicorn existent property exertion institution HomeLight has raised referral fees connected agents’ gross commissions to 33%.

The alteration went into effect connected Tuesday, Oct. 25. Prior to the hike, the company’s referral interest was 25% of cause commissions for deals nether $4 cardinal and 30% connected transactions implicit $4 million.

In an email sent to agents, HomeLight said it was the archetypal clip it has raised its referral commission, according to Inman, which archetypal reported the news.

Several of HomeLight’s competitors instrumentality astir one-third of the committee income from existent property cause partners. Zillow’s Premier Agent Flex interest is typically astir 35% portion Realtor.com‘s Opcity charges betwixt 30 and 40%, according to Inman. (A referral interest from a chap cause is typically 25%.)

The email obtained by Inman said the alteration would let HomeLight to put much successful selling and strengthening its products. The company, which connects location sellers with agents, plans to rotation retired a “text-first experience” to assistance with lawsuit vetting, caller strategical partnerships and an improved mobile app.

The institution laid disconnected 19% of its workforce successful precocious June, 2 weeks aft it announced it had raised $60 cardinal successful superior and $55 cardinal successful indebtedness financing. HomeLight astatine the clip said the superior rise placed its marketplace valuation astatine $1.7 billion, and accrued its fundraising full to $645 million.

HomeLight CEO Drew Uher told TechCrunch on June 16, “This fundraise and acquisition allows america to play some discourtesy and defense, expanding our concern portion besides positioning the institution to upwind uncertainty this twelvemonth and into adjacent year.”

HomeLight was founded successful 2012 with start-up money from Google Ventures.