There’s been lots of movement in Olympia on exclusive real estate listing contracts – those deals where homeowners get a small amount of money now, while a company cashes in big when its affiliated agents sell the home later.
HomeOptions is one company that offers exclusive listing contracts to help customers sell homes. But, CEO Kevin Li says his business is not what you’ve seen from other companies in this space.
“Yeah, we first off, take a very consumer-friendly approach to how we structure our business and our relationships with our consumers. Every single interaction with the consumer, every single contract that we have with the consumer allows for choice. That is the most important thing to us,” said Li.
The California-based company offers multi-year contracts and pays customers anywhere from $200 to $2,000 upfront to sell their home with a real estate agent of their choosing that is willing to abide by their standards.
A bill in the state legislature, SB 5399, is looking to limit those contracts to just two years. Li wants that to change.
“We’re trying to make sure that we still, with the consumer protections in place, that we’re regulated, and we still have a way to actually service clients,” Li said.
HomeOptions says it’s changed its business practices by moving from only offering 20-year contracts to now allowing customers to choose the length of their deals.
“Right now, we have five-year duration, 10-year duration, 15-year duration and 20-year durations. We’re actually putting out a two and three year duration as well, in addition to the five, 10, 15 and 20,” said Li.
Li says right now, the company is trying to cut its own path in a very tough, competitive and legally charged environment.
“I truly believe that what is going to be best for the consumer is going to be best for the industry long term here. And as long as we can continue to service clients. Now, really, that’s all we’re trying to geared towards. We do believe that regulation is needed in this industry,” said Li.
As Senate Bill 5399 makes its way through the legislature, we’ll keep you updated.
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