Home Bay’s Real Estate Platform Drives Rapid Growth
SAN DIEGO, February 6, 2018
Home Bay, a technology-driven real estate company, has experienced significant growth of 309% in the past year. Home Bay attributes much of this year-over-year growth to industry openness to buying and selling homes without commissions.
Prior to Home Bay, consumers were subject to paying standardized sales commissions to real estate agents. Home Bay has disrupted this model by charging a low rate of $2,000 to $3,500, in lieu of the 3% commission charged by traditional agents.
“In a recent survey we conducted, home owners indicated that while most of them liked the real estate agents they’ve used, many consumers question the validity and value of the sales commission their agents charged,” said Ken Potashner, Chairman and CEO of Home Bay. “Sixty percent of home sellers said they would use a smarter, easier way to buy and sell homes.”
Along with a team of top licensed real estate agents, Home Bay’s technology platform produces precise local market intelligence and expedites each transaction, ultimately saving consumers time and money. Buyers who use Home Bay receive half of the buyer-agent-commission upon purchasing a home.
“Our technology caters to consumers by delivering a better way to buy and sell,” said Potashner. “This past season, homes listed with Home Bay sold 23 days faster than those listed with traditional real estate agents, saving home buyers and sellers each an average of $16,000. With over half a billion dollars in transactions to date, Home Bay is appealing to more and more savvy consumers.”
Last month, Carl Westcott of Santa Barbara switched from a traditional agent to Home Bay and sold his $20 million home in 45 days, ultimately saving $649,000 in fees. “Our model puts consumers—not sales commissions—first,” said Potashner. “It gives consumers a fair deal, transparency, expert-agent support, a superior customer experience, and significant cost savings.”
About Home Bay
Home Bay Technologies Inc., a San Diego based company, provides consumers a smarter way to buy and sell homes with data-driven intelligence, complete transparency and an on-demand customer experience. Home Bay’s sophisticated platform expedites the transaction with efficient, seamless systems that save consumers and real estate agents time and money.