DEC 2012/JAN 2013 |
www.opp-connect.com WORDS | James Harben
TECHNOLOGY
Another bright idea T
his year has seen the launch of
www.homelight.com, a new website that aims to match
prospective buyers and sellers with real estate agents – who will be specifi cally experienced with the particular style of home and the area/price range that the consumer is looking for or is intending to sell within.
Founded in 2012, this burgeoning new media and real estate start-up is benefi ted by a strong set of backers that include Google Ventures, Crosslink Capital, Innovation Endeavors, and several undisclosed angel investors – all to the sum of $1.5 million. The company is currently live in 34 major US markets including San Francisco, Los Angeles, Seattle, Denver, Dallas/Ft. Worth, Houston, Atlanta, Washington D.C. and Boston, amongst others. HomeLight runs on the principle of
offering the equivalent of a database of agents’ resumes for the user to peruse. It has over two million agents logged in this database, allowing any user to see the ‘resume’ of a prospective agent before they decide whether to work with them.
The site uses a system of proprietary
algorithms to create unbiased personalized agent recommendations for prospective homebuyers and sellers, by analyzing transactional data and the licensing records of over two million real estate agents who are currently registered. The data can then be fi ltered by city, neighborhood, property type and price to match buyers and sellers with the best agents whose skills are correlated and catalogued, respective to their client’s particular needs. HomeLight can help homebuyers identify buyers’ agents who specialize in their target neighborhood and who have specifi c local knowledge about price trends, schools, and pocket listings. Buyers can see examples of their agent’s past transactions to ensure that they have the right experience. This helps homebuyers fi nd the perfect home quickly and for a good rate. Sellers can sell their home faster and for the highest possible price because HomeLight fi nds real estate agents who are better at pricing, prepping and marketing homes for sale. HomeLight sifts through data points such as number of listings, days on market, listing price to sales price ratio,
price bandwidths, and other details that help pinpoint the most qualifi ed selling agent.
In regards to HomeLight’s suitability for real estate agents, Ron Abta, a top agent with TRI Coldwell Banker in San Francisco says, “I spend a lot of time and energy prospecting for buyers and sellers. HomeLight intelligently matches me with a strong and targeted referral prospect whose needs directly
“Sellers can sell their home faster and for the highest possible price through expert agents”
match my expertise. It’s such a better experience for the consumer and has quickly generated new business for me while decreasing my search and acquisition costs.”
HomeLight consists of a small team based in San Francisco, all of whom are dedicated towards making real estate a more streamlined and functionally better system. Co-founder and CEO Drew Uher states: “Our goal is to match
REVIEW | 23
HomeLight, a new start-up website in the US, matches agents with buyers and sellers through complicated but clever data analysis methods. James Harben takes a look at the site and explains the technology behind it – while getting feedback from those who have been using the site for their businesses already
every homebuyer and seller in the US with the most qualifi ed real estate agent in their market, by giving consumers a transparent view to the data so they can make a smarter decision when buying or selling a home. We’re committed to delivering objective recommendations to consumers, and at the same time empowering agents with an impartial way to showcase their expertise. Overall, by forming stronger client- agent relationships, we believe we can make the home buying and selling experience better for everyone.” The HomeLight website has a very modern and aesthetically pleasing appearance and is very easy to use from the consumer’s perspective. It’s a no- cost service and doesn’t require a login to peruse the site, making it instantly accessible and open and welcoming to the user.
As an online service it fits in well with the popular modern ethic of research and examination of available information offered by review and price comparison sites – so a user can feel they really know what the best product or service is that is available to the punter at the best price. This gives the user a sense of satisfaction that they have found the best agent for the job through technical know how and their own diligence so to speak. However, there are some issues; for instance, according to the 2012 NAR Profi le of Home Buyers and Sellers the two most important traits that buyers and sellers are looking for in an agent are the reputation of the agent, and that the agent is honest and trustworthy. As it stands, with the site lacking a reviews section or a forum for users to interact and give recommendations, HomeLight doesn’t offer the capacity to meet these needs.
Finding the right one | HomeLight aims to match specifi c clients with the right agents for easy transactions
That said, this service has only gone live in the last month and it has the opportunity to grow quickly based on the website’s premise, ease of use and the high level of fi nancial backing they have fueling their endeavor. HomeLight is a new idea, and a promising one at that, but one that requires development to reach its full potential. It simply remains to be seen as to what lasting effects the system brings to the industry.
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