– Real estate industry is uncertain and unpredictable
– Virtual Inman Connect event on Nov. 1-2, 2023, provides tools and information to prepare for the future
– Inman Connect New York event on Jan. 23-25, 2024, focuses on AI and capital
– Flyhomes launches partner channel to offer buy-before-you-sell service to mortgage lenders and brokers nationwide
– Partner channel offers access to Flyhomes Guaranteed Backup Contract
– Flyhomes plans to offer cash offer and other services to lenders in the future
– Long-term vision for partner channel is to have full suite of products available through third-party origination or distributed sales channels
– Flyhomes acquired assets of Home Sale Assured, including Guaranteed Backup Contract and Home Sale Assured brand
– Guaranteed Backup Contract allows sellers to make non-contingent purchase offer on next home, with Flyhomes guaranteeing to buy their existing home if they can’t find a better deal
– Phased rollout of partner channel began on Wednesday
– Flyhomes faced challenges and layoffs due to soaring mortgage rates
– Direct-to-consumer channel will remain core function of Flyhomes, but new partner channel will significantly increase number of people served
– Flyhomes provides end-to-end homebuying services through affiliated businesses including Flyhomes Brokerage, Flyhomes Mortgage, Flyhomes Closing, Loftium, and Muir Residential Investments LLC.
No one can predict the future of real estate, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at Virtual Inman Connect on Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital and more will be center stage. Bet big on the future and join us at Connect.
Flyhomes, a vertically integrated real estate brokerage and mortgage lender, is hoping to rebound from two rounds of layoffs by launching a partner channel to make its new buy-before-you-sell service available to mortgage lenders and brokers nationwide.
A phased rollout of the partner channel launched Wednesday, with Flyhomes offering mortgage bankers and brokers access to the Flyhomes Guaranteed Backup Contract, a buy-before-you-sell solution acquired by Flyhomes last month. Flyhomes also plans to offer its cash offer and other services to lenders in the future.
“The long-term vision for the partner channel is to have our full suite of products available through third-party origination or distributed sales channels,” Flyhomes VP of Partnerships Eric Meadow said in a statement. “Today’s announcement is just the beginning. We have the talent, experience, infrastructure and capabilities to provide solutions to problems that a traditional financer can’t.”
Meadow joined the company last month when Flyhomes acquired assets of his previous company, Home Sale Assured. Those assets included the company’s main offering, the Guaranteed Backup Contract, and the Home Sale Assured brand.
The Guaranteed Backup Contract lets sellers make a non-contingent purchase offer on their next home, with Flyhomes guaranteeing to buy their existing home if they can’t find a better deal. Sellers have 90 days after closing on their next home to sell their old home to a higher bidder or close with Flyhomes. If they sell to Flyhomes, they’re guaranteed to get 90 percent of the sale proceeds after costs and expenses.
“This deal strengthens our offerings and gives us more tools to serve more customers looking for a better way to buy and sell a home,” Flyhomes co-founder and CEO Tushar Garg said in announcing the deal in September.
Launched in 2016 by Garg and Stephen Lane, Flyhomes Inc. provides end-to-end homebuying services through affiliated businesses including Flyhomes Brokerage, Flyhomes Mortgage (which also does business as Sailbridge) and Flyhomes Closing.
Flyhomes provides leasing, property management and short-term rental listing services through Loftium, a “doing business as” name. It also owns Muir Residential Investments LLC, which purchases Guaranteed, Buy Before You Sell, and Seller Certainty properties when those deals fail to close.
Like other companies that provide mortgage and power buyer services, Flyhomes faced challenges as soaring mortgage rates started taking a toll on home sales last year.
After landing $150 million in Series C funding in 2021, the company went on a hiring spree. After entering new markets including Texas, Colorado and Idaho, Flyhomes expanded its presence in California and hired its first chief revenue officer, Kayti Sullivan, formerly of Yelp and The RealReal.
But as mortgage rates surged in the summer of 2022, the Seattle-based firm laid off 20 percent of its workforce — about 200 employees, according to one affected worker. Flyhomes announced a second round of layoffs in November, and Sullivan left the company at that time, according to her LinkedIn profile. Flyhomes co-founder Lane left the company in August and is head of ventures at Insurify.
Flyhomes Brokerage does business in California, Colorado, Massachusetts, Oregon, Texas and Washington. Flyhomes Mortgage is licensed in those states and Maryland, Minnesota, Idaho and Washington, D.C.
Going forward, the direct-to-consumer channel “will remain the core function of our business,” Flyomes EVP of mortgage and closing Dan Richards said in a statement. But the new partner channel “will significantly increase the number of people we can serve by instantly unlocking millions of new customers across the country.”
“Through their local lenders and brokers more people will soon be able to win in any situation thanks to our modular product designs and cost-effective solutions,” Richards said. “We provide the operations infrastructure and funding of services, and our partners get to unlock new purchase transactions and long-term customer relationships.”
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Property Chomp's Take:
The future of real estate is always uncertain, but that doesn't mean you can't be prepared. With the ever-evolving landscape of the industry, it's important to stay up-to-date with the latest trends and tools that can help you navigate the market successfully. That's where events like Virtual Inman Connect and Inman Connect New York come in.
Virtual Inman Connect, taking place on November 1-2, 2023, is a valuable opportunity to learn about the future of real estate. This event will provide you with insights from industry experts, innovative tools, and strategies to help you thrive in the ever-changing market. Whether you're a real estate agent, broker, or mortgage lender, Virtual Inman Connect has something for everyone.
Inman Connect New York, scheduled for January 23-25, 2024, will be a gathering of professionals at the forefront of real estate. With a focus on AI, capital, and more, this event will explore the cutting-edge technologies and trends that are shaping the industry. Attending Inman Connect New York will give you a competitive edge by providing you with the knowledge and tools needed to stay ahead of the curve.
One company that is betting big on the future of real estate is Flyhomes. After experiencing two rounds of layoffs, Flyhomes is launching a partner channel to make its new buy-before-you-sell service available to mortgage lenders and brokers nationwide. This phased rollout will give mortgage bankers and brokers access to the Flyhomes Guaranteed Backup Contract, a solution that allows sellers to make a non-contingent purchase offer on their next home, with Flyhomes guaranteeing to buy their existing home if they can't find a better deal.
Flyhomes plans to expand its services to lenders in the future, including its cash offer and other offerings. The company's long-term vision for the partner channel is to have its full suite of products available through third-party origination or distributed sales channels. With the talent, experience, infrastructure, and capabilities to provide solutions to problems that traditional financiers can't, Flyhomes is poised to make a significant impact in the real estate industry.
By launching the partner channel and offering its services to mortgage lenders and brokers, Flyhomes is positioning itself as a leader in the market. The company's acquisition of Home Sale Assured and its Guaranteed Backup Contract further strengthens its offerings and gives it more tools to serve customers looking for a better way to buy and sell a home.
While Flyhomes faced challenges in the past, including layoffs and a fluctuating market, the company is determined to bounce back and serve a larger customer base. By expanding its reach through the partner channel, Flyhomes aims to unlock millions of new customers across the country.
The future of real estate may be uncertain, but by staying informed, attending industry events, and leveraging innovative tools and services, you can prepare yourself for success. Whether it's through events like Virtual Inman Connect and Inman Connect New York or by partnering with companies like Flyhomes, there are plenty of opportunities to stay ahead of the curve and thrive in the ever-changing real estate market. So, bet big on the future and join the conversation at Connect.