Online real estate’s new kid on the block is here and ready to upset the apple cart in a big way.
After weeks of beta testing, Xome officially launched Tuesday, offering “the world’s first integrated, end-to-end digital platform for real estate, with the promise of connecting every major touch point in the transaction process, from finding a home to closing the deal.”
Xome offers consumers a one-stop shop for the entire real estate experience, all the way from picking a house and an agent through securing financing and closing the deal, which the company says is a first in the industry.
The company is not just some fly-by-night operator in the online real estate space either. Xome is formerly known as Solutionstar and is an indirect wholly owned subsidiary of Nationstar Mortgage Holdings (NSM).
Xome claims that it offers “unparalleled transparency” and real-time updates throughout the home buying process.
“Xome is the only real estate platform that focuses on the consumer experience, going beyond the agent-selection phase of residential real estate to provide a true one-stop shop for buying or selling any home in the U.S,” the company said in a release.
“Ultimately, Xome provides a completely transparent view of every major step in the transaction, from securing financing to making an offer, to navigating inspections and title insurance, and finally closing the deal,” the company continued.
Xome and its Xome.com portal will offer buyers and sellers access to a wide selection of properties and boasts “exclusive” savings, and a user-centric end-to-end experience.
“Xome believes the process of buying and selling a home shouldn’t undermine the excitement of home ownership,” said Kal Raman, CEO of Xome. “The way it currently works, once a consumer finds a home, the process goes offline and both the consumer and agent can lose control and visibility. Xome removes that confusion and uncertainty, bringing consumers and agents into each major element of the transaction to make sure they’re informed and engaged from the initial search to when they get the keys to their new home.”
According to a release from the company, Xome will provide access to more than 120 million public properties, auctions and over 80% of MLS listings on its portal.
Xome also offers several features unique to the online real estate space, including:
The Xome Concierge, which provides 24/7 instant access via chat, email or phone for all parties in the transaction. Xome is the only service to assist consumers through every major step of the home buying/selling process, the company said. The Xome Concierge also serves as a virtual assistant for real estate brokers, agents and other professionals.
Xome Savings, which offers buyers and sellers a minimum of 1% savings on every transaction closed through Xome. If consumers both buy and sell through Xome, they earn the minimum of 1% savings on each transaction, the company said.
Xome also said that agents will bid for consumers’ business through the site, which the company claims will help agents and consumers.
“Buyers and sellers receive competitive bids from local, experienced agents who are a part of the Xome Agent Network – a national, opt-in network of independent agents and brokers,” the companys said. “Buyers and sellers can view agent videos, profiles, ratings and other information helpful during the selection process. Xome also helps alleviate the costs, time and effort necessary for agents to acquire customers.”
Xome said that agents can use its tools to “take their business into the digital age,” by connecting with prospective buyers and sellers online.
“Xome also gives agents the tools needed to take their business into the digital age and improve the speed and convenience of the transaction process. By meeting the future generation of homebuyers where they already spend a majority of their time – online – Xome reduces the effort and cost of customer acquisition for real estate agents who join the network,” the company said.
“By integrating many of the back-end processes involved in real estate transactions, Xome cuts costs and provides easier access for buyers, sellers, brokers, agents and mortgage professionals,” the company continued. “Finally, Xome also helps funnel interested buyers and sellers to Xome Agents to allow them to take on more high-value volume without wasting time on individuals uninterested in transacting.”
Previously, Nationstar said that Xome will utilize the extensive data generated by Real Estate Digital, a real estate data aggregation company Solutionstar acquired in May 2014, to create a “robust” home price predictive model, enhancing the reliability of Xome.com.
Jay Bray, Nationstar’s CEO, said that the launch of Xome is a big step in the future of the company.
“Xome's customer-centric offerings are a continuation of Nationstar's goal to be the most customer-focused and compliant real estate services company in the United States,” Bray said. “We firmly believe this platform will ultimately alter the way real estate transacts, provide customers with more control and transparency into the transaction process, and create additional value for Nationstar’s shareholders.”