Homie released an academic study conducted by Todd Mitton, PhD, and Barrett Slade, PhD, professors of finance at Brigham Young University in Provo, Utah. The study compares days on market and sales prices of homes listed with Homie versus traditional real estate brokers. The findings reveal a significant advantage for Homie, with lower days on market and higher sales prices for similar homes.
The professors analyzed more than 100,000 real estate transactions across 206 Utah cities from January 2017 – September 2019. Specific findings and conclusions included:
- Homes listed with Homie sold for 1.2% higher prices than comparable homes listed with traditional brokers.
- Homes listed with Homie sold an estimated 8 days faster than comparable homes listed with traditional brokers.
- Other discount brokers also sell homes for higher prices than traditional brokers but do not sell homes as quickly as Homie.
Professor Mitton said, “With all the capital being invested in real estate technology across the U.S., this study provides some empirical evidence that, in Utah at least, a technology-focused broker has, on average, provided measurable benefits for home sellers.”
“Typically when you choose a lower-cost product you sacrifice performance or service. That’s simply not the case here,” said Johnny Hanna, CEO of Homie. “Based on this third-party research, not only are Homie agents selling homes faster and for more money, but we are also saving sellers tens of millions of dollars in commissions annually. Savings is the mission and technology is the way.”
The Homie app and website equip first-time home buyers and sellers with detailed education, videos and a dedicated real estate agent to make the process simple and transparent. The use of technology dramatically reduces the cost, with average savings for home sellers of $10,000. It’s full-service real estate at a fraction of the cost.
For more detail or to download the full study visit homie.com/proof.