Product Overview of Flyhomes
Flyhomes is an innovative real estate technology startup founded in 2016 by Tushar Garg and Stephen Lane, aimed at revolutionizing the home-buying and selling process. Here’s a detailed look at what Flyhomes does and its key features:
What Flyhomes Does
Flyhomes operates as a tech-enabled real estate brokerage that facilitates the buying and selling of houses. It combines traditional real estate services with innovative financial solutions and advanced technology to streamline and simplify the entire process. The platform is designed to address common pain points for both buyers and sellers, particularly in competitive housing markets.
Key Features and Functionality
Buy and Sell Solutions
- Buy Before You Sell Program: This program allows clients to purchase a new home before selling their current one, eliminating the need to time both transactions simultaneously. Flyhomes buys the new home with cash, enabling clients to move in immediately, and then lists and sells their old home.
- Trade Up Program: Similar to the Buy Before You Sell program, but designed for clients who find their new home before listing their current one. This program also eliminates the stress of contingent offers and timing both transactions perfectly.
Cash Offer Program
- Flyhomes enables buyers to make all-cash offers on homes, even if they don’t have the full amount in liquid assets. The company uses its own funds to purchase the home on behalf of the buyer, allowing for a quick closing. The buyer then secures traditional mortgage financing to purchase the home from Flyhomes.
AI-Powered Home Search
- Flyhomes has launched the world’s first AI-powered home search and research portal. This platform, available in 28 states and Washington, D.C., covers 75% of the U.S. population. The AI engine is trained on nearly 1,000 data points from various sources, including the U.S. Census, FEMA, and USGS. This allows consumers to ask detailed questions about properties, such as property taxes, flood risk, utilities, and even cellular service coverage.
Comprehensive Listing and Marketing Services
- For sellers, Flyhomes offers an all-inclusive listing service. This includes home preparation (cleaning and staging), targeted online marketing, professional photos, virtual tours, and coordinated showings to maximize foot traffic.
Integrated Services
- Flyhomes provides a one-stop shop for buyers, offering services such as brokerage, mortgage (through Flyhomes Mortgage), closing (through Flyhomes Closing), and even home renovation. This integrated approach simplifies the home buying process, reducing complexity and stress.
Real-Time Market Analysis and Virtual Tools
- The platform includes features like virtual tours, digital document signing, and real-time market analysis to make the home buying and selling process more efficient and transparent.
Financial Services
- Flyhomes generates revenue through standard real estate commissions, as well as fees for its cash offer and trade-up services. The company also offers home purchase and refinance loans through its mortgage division.
Additional Benefits
- Quick Closing: Buyers can choose a closing date as soon as 10 days after their offer is accepted, and sellers can sell their homes faster than with traditional transactions.
- Guarantee: Flyhomes offers a unique guarantee that provides buyers, sellers, and distribution partners with a level of certainty unmatched in real estate. If a buyer needs to back out of a purchase after the seller accepts their offer, Flyhomes will buy the house themselves and return the earnest money deposit if they sell it for a profit.
In summary, Flyhomes is a cutting-edge real estate platform that leverages advanced technology, innovative financial services, and comprehensive real estate solutions to make the home buying and selling process smoother, faster, and less stressful for its clients.