Rocket Homes Combines Every Aspect of Home Buying and Selling into One Simple, Customizable Platform

Rhea-AI Summary

Rocket Homes, a part of Rocket Companies (NYSE: RKT), is transforming the real estate market in America by offering a customizable home buying and selling experience. The company integrates various services, including credit reporting, home searches, and a network of real estate professionals to streamline transactions. Unique offerings such as the ForSaleByOwner.com platform and an iBuyer program facilitate easier sales. Homeowners can save on commission fees and leverage resources tailored to their needs, enhancing the home-selling process. The full suite of services aims to simplify and expedite real estate transactions.

Positive

• Launch of a customizable real estate service platform offering diverse options for clients.
• Significant cost savings for sellers with lower commission fees (1.5% vs 3%).
• Integration with sister companies like Rocket Mortgage enhances service efficiency.
• Upcoming iBuyer program offers guaranteed offers to sellers, minimizing contingencies.

Negative

• None.

DETROIT, Aug. 10, 2021 /PRNewswire/ -- Rocket Homes, a technology-driven real estate service provider and part of Rocket Companies (NYSE: RKT), today announced it is revolutionizing the way home buying and selling is done in America by seamlessly integrating the tools, professionals and innovations needed to win in a red-hot housing market. Rocket Homes will be the first real estate company ever to create a wide array of choices for those in the market, putting clients in the position to create their own truly bespoke experience, rather than the traditional one-size-fits-all approach that has been the standard for more than a century.

The company is bringing together a comprehensive suite of services that includes: credit reporting, home search, the industry-leading ForSaleByOwner.com process, on-staff real estate agents, a nationwide network of trusted real estate professionals, iBuying services to provide a back-up offer to sellers - along with direct connections to Rocket Mortgage, America's largest mortgage lender, and Amrock, a premier closing and settlement services provider.

"There is nothing more exciting than getting the keys to a new home, but far too often the process of getting to that point is confusing and fragmented. At Rocket Homes, we are laser-focused on using technology and innovation to create a fully customized and transparent experience that is stress-free and fully integrated – working seamlessly with sister companies to simplify and speed-up the process, all while saving our clients money," said Doug Seabolt, CEO of Rocket Homes. "Whether a client is looking to sell their house on their own, get assistance from an on-staff Rocket Homes agent or meet face-to-face with our trusted local real estate professionals, we will have unique options and resources to help every client move through the process in a way that is fully customized to them."

Homeowners looking to sell their property will have the ability to select the right experience for their needs and goals thanks to Rocket Homes Seller Solutions.  Through the program, sellers can:

• Leverage the industry-leading ForSaleByOwner.com platform that provides sellers all the tools they need to go through the process on their own. This option has become increasingly popular among homeowners in today's competitive housing market.
• Work with highly skilled, on-staff Rocket Homes Real Estate Agents that advise clients on the best list price, facilitate professional photos, list the house on the local multiple listing service, negotiate offers and handle all paperwork. Just like Rocket Mortgage effectively serves clients in all 50 states from centralized locations, Rocket Homes agents will assist with the most complex moments of the real estate transaction from downtown Detroit. With this option – which will be open to the public starting in the fourth quarter of 2021 - homeowners pay a significantly lower commission of only 1.5% for the selling agent, as opposed to the traditional fee of 3% -- which represents a savings of $4,500 on a $300,000 home sale.
• If a homeowner wants to work with an expert in their local area, they can tap into the Rocket Homes Verified Partner Agent Network of trusted and vetted professionals. This is a nationwide group of the best real estate agents who consistently receive top ratings from the clients they serve. The Partner Agent Network provides the option of a high-touch, in-person experience that some sellers desire. It consists of thousands of professionals working in every state, representing more than 3,000 counties across the country.

True to the company's promise of providing certainty in complex moments, a soon-to-be-released iBuyer program, facilitated through third-party partner companies, will ensure every owner is given the opportunity to receive a guaranteed offer on their house. Consumers who need to sell their house before buying another often lose out on their new dream home due to the need to make a contingency offer – meaning their deal hinges on closing the sale on their existing property.  With the forthcoming program from Rocket Homes, these consumers will now have a guaranteed offer on their current house and can eliminate the need for contingency altogether.

Once a client completes the selling experience with Rocket Homes, they will be able to use the company's robust home listing sites and be referred to one of the company's Partner Agents to assist with the purchase of their house. To provide clarity and transparency, real estate professionals can leverage the Rocket Pro Insight application which enables them to help their clients throughout the mortgage process with unmatched service. Through this app, agents can upload documents on behalf of the buyer, ensuring the process continues moving quickly.  Rocket Pro Insight even enables the real estate expert to adjust the loan amount on the approval letter - within an approved range to ensure they are delivering offers that help their clients win. As of the end of the second quarter of 2021, there were nearly 50,000 agents using Rocket Pro Insight.

Home buyers can also view listings from all 50 states on RocketHomes.com, the company's mobile app or on ForSaleByOwner.com. Beyond finding houses, the company's website supplies Americans with easy-to-consume market intelligence, helping ensure they make informed decisions. Rocket Homes Housing Market Reports provide deep insights and trend information on neighborhoods, displaying whether it is a buyer's or seller's market, the average number of days a home is listed in the area, the median home price and much more.  This information is displayed in a clear, easy-to-understand format, providing the real-time, actionable insights that homebuyers need to make immediate and educated decisions.

Before even starting the search process, consumers can use Rocket Homes' proprietary credit monitoring tools to ensure they are financially prepared to purchase the home of their dreams. These resources enable consumers to check their credit report and view how various factors will impact their credit score. As an added benefit, clients can utilize the Home Affordability Calculator to determine the home price they can afford using credit score, gross income, debt and expenses. The tool then shows home prices in their desired area that fit their budget, ensuring they are fully prepared when beginning the homebuying process.

Rocket Homes' innovations are made stronger by the seamless integration with fellow Rocket Companies platform businesses including Rocket Mortgage, the nation's largest mortgage lender, and Amrock, a leading title and settlement services company, to provide a cohesive and unmatched end-to-end housing ecosystem.

The company's on-staff real estate agents, its iBuyer program to give sellers a guaranteed offer and additional forthcoming innovations will be released throughout the remainder of 2021 and into early 2022.

Forward Looking Statements

Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

About Rocket Homes

Rocket Homes is a tech-based real estate service provider and home search site which is a part of Rocket Companies (NYSE: RKT). It manages a nationwide Partner Agent Network that includes some of the nation's top agents from 3,000 different counties and has assisted nearly one million consumers with their home buying and selling needs. All of its Partner Agents are prescreened and demonstrate exceptional client service, knowledge and experience in their local communities. Rocket Homes hosts a website and mobile app consumers can use to search for homes, connect with a real estate professional and obtain mortgage approval through sister company Rocket Mortgage - creating a seamless, fully integrated home buying and selling experience. For more information, please visit RocketHomes.com.

 

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SOURCE Rocket Homes

FAQ

What is Rocket Homes doing to change home buying and selling?

Rocket Homes is introducing a customizable platform that integrates various services for home buyers and sellers, making the process more efficient and tailored.

How much can homeowners save on commissions with Rocket Homes?

Homeowners can save significantly with a reduced commission fee of 1.5% for selling agents, compared to the traditional 3%, representing a potential savings of $4,500 on a $300,000 home.

What services does Rocket Homes offer to sellers?

Rocket Homes offers options like the ForSaleByOwner.com platform, on-staff real estate agents, and a verified partner agent network to assist sellers.

When will Rocket Homes' new services be available?

The new services, including the lower commission rate for agents, will be accessible to the public starting in the fourth quarter of 2021.

How does Rocket Homes' iBuyer program work?

The iBuyer program will provide sellers with guaranteed offers on their homes, allowing them to sell without requiring contingencies based on the sale of another property.