Presentation — HomeOptions, Business, Financial Services & Trade Committee, Washington State Senate
Summary
Presentation prepared for the Business, Financial Services & Trade Committee, Washington State Senate, with Kevin Li listed as Founder & CEO of HomeOptions. HomeOptions says it pays cash today for the exclusive right to sell a home in the future, and connects homeowners to real estate agents once they decide to sell, earning a referral fee. It states that to date HomeOptions has provided $979,851.88 to 968 homeowners, and that its agents only pay for deals that close. The final slide says HomeOptions welcomes more legislative and regulatory oversight of the options contract business model.
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“Presentation — HomeOptions, Business, Financial Services & Trade Committee, Washington State Senate.”
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Presentation prepared for:
Business, Financial Services & Trade Committee
Washington State Senate
1
1
Kevin Li
Kevin’s Story Founder & CEO
Kevin experienced financial hardships growing up but
learned from his parents to work hard and chase the
American dream. His family moved many times for new
jobs, and each time they were proud to own their home
wherever they went. Being first generation immigrants, his
parents spoke limited English and relied on various real
estate agents to take care of them.
While most agents today do a great job of helping owners
through the process, the ones his parents worked with at
the time put their own interests ahead of their clients. This
experience inspired Kevin to start HomeOptions in order to
give money to homeowners today, connect them with
great agents if they decide to sell in the future, and help
provide the type of experience he would have wanted for
his family.
2
What is HomeOptions?
We pay cash today for
the exclusive right to
sell a home in the Today Tomorrow
We offer homeowners cash for We connect homeowners to real
future. the exclusive rights to help sell estate agents once they decide
their home in the future. to sell, earning a referral fee.
3
The Model: • Most homeowners do not know how to
evaluate, compare and select a realtor
HomeOptions provides homeowners
with cash today for the right to help • Data is not readily available to
them select the best realtor in their homeowners to make informed decisions
area IF they decide to sell. when engaging a realtor
• Homeowners are most often forced to rely
on word of mouth instead of hard facts 1
To date:
HomeOptions has provided $979,851.88 to 968 homeowners
Sources:
1https://www.realtor.com/guides/home-selling-guide/how-to-find-the-right-real-estate-agent/
4
Annual Increases in Realtor Marketing Spend
IN $ BILLIONS
5
Why Real Estate Agents Choose HomeOptions:
Our agents only pay for deals that close.
Realtors are spending upwards of 13.4% of How we benefit realtors
commissions on advertising
86.3B
Pay only for conversions
Unlike traditional advertising mediums, we provide our
11.6B agents with leads free of charge and our agents only pay
us when a deal closes.
Commissions 1 Ad Spend 2
Over 3.0M active agents share only 5.3M listings3
Leads with the highest intent
5.6M We provide agents with customers that have the highest
intent on selling
3.0M
Number of Listings Number of Active Realtors
Sources:
1 Bureau of Labor Statistics & National Association of Realtors
2 Borrell Associates – 2019 Real estate Advertising Outlook
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3 NAR – Quick Real Estate Statistics
HomeOptions agent network advantage:
Our program provides Homeowners with
top 25% real estate agents
Review the agent’s Screening call to Agent signs Network When a client wants to Support homeowner
recent transaction assess qualifications Referral Agreement, sell their home, during the sales process
history (12 months) and review program Agent Code of Conduct & HomeOptions will refer by monitoring transaction
standards Standards of Business them a Network Agent status and help address
Conduct1 any concerns
1: By executing the code of conduct, network agents agree to: i) Review and abide by the NAR “Code of Ethics and Standards of Practice of the National Association of
Realtors®”, ii) Represent clients on a best-efforts basis, and iii) Disclose any material information to HomeOptions, including if they have ever been sued by a real estate client or if they are a convicted felon
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HomeOptions welcomes more legislative and
regulatory oversight of the options contract
Regulatory Standards business model to ensure that all companies
operating in the space remain focused on
& Governance Needed homeowner benefits and avoid predatory
behavior.
The introduction of licensing and regulatory
standards with meaningful enforcement will
allow companies like HomeOptions to
continue to serve homeowners faithfully.
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Q&A
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