Homa is a new AI homebuying platform in Texas and Florida that gives buyers the tools to find their next home without having to pay a traditional buyer’s agent commission.
Homa
After working at Zillow for six years, Arman Javaherian kept hearing the same thing from buyers: “I don’t know why there’s so much commission going through the agents when we’re doing all the heavy lifting,” he said.
When he left the housing app in 2019, Javaherian set out to disrupt the real estate industry with a new model to empower homebuyers. In May last year, he co-founded Homa, a new artificial intelligence homebuying platform that gives buyers the tools to find the right home without shelling out a 3% commission to an agent.
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“Once I saw how homebuyers felt about the process, I knew there’d be an opportunity to offer them something different and allow them to take the lead in the process because it’s the most important financing decision of their lives,” Javaherian said. “A lot of people want to be in charge of this decision and want a process that isn’t biased. They want to work with people who aren’t pushing them into specific deals.”
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The rise in AI has been bleeding into every industry.
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Real estate agents already have been leveraging AI to craft listing descriptions, compose emails to attract new clients, obtain market statistics, draft financing terms for deals and generate eye-catching posts on social media. And Homa isn’t the only AI-powered brokerage in the state. TurboHome offers a flat fee instead of the traditional percentage-based commission and uses AI tools for property searches, market analysis, and buying or selling logistics. ReAlpha also offers AI-assisted brokerage, mortgage, title and closing services through its platform and affiliated licensed professionals.
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As more buyers turn to AI resources, like ChatGPT and Claude, to research the market, Javaherian created a custom-trained AI model focused on the real estate industry. Homa allows users to search home listings on the Multiple Listing Service, view comps from homes sold in surrounding neighborhoods and receive a bargaining power score indicating how much leverage the buyer has in a given transaction based on price reductions and listing views.
The Austin-based company launched in Florida first because it’s a strong buyer’s market, then expanded to Texas in June this year. This month, Homa closed on its first Texas deal — a home in San Antonio.
How it works
Homebuyers can use Homa’s AI platform to do their own research for free. Homa is trained on both Texas and Florida real estate laws, and users can upload documents to the chatbot for review. One Homa customer who reviewed a solar contract through the platform found it would cost $30,000 to maintain, and ultimately pulled out of the deal, Javaherian said.
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The platform partners with listing agents throughout both states who are paid at an hourly rate, so users can book a day-of showing without being beholden to a specific agent’s schedule.
“Once the request is sent out to the network of agents, the first one that accepts it can schedule the viewing with the seller, like an Uber,” Javaherian said. “Buyers love it because they can get into homes quicker and not miss out on a deal. They’re also not pressured by an agent to go under contract too fast.”
If they want to make an offer on a home, they’ll be partnered with one of Homa’s licensed broker associates. Homa will help the buyer put together a data-backed bargain that will be reviewed and negotiated by the broker.
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Once the user is under contract, they will be matched with one of Homa’s dedicated closing coordinators, who will handle the paperwork and keep the transaction on track.
Because the buyer does most of that aforementioned “heavy lifting” and research, Homa only takes 1% instead of the typical 3% buyer’s agent commission and gives the rest of the funds back to the buyer at closing. Buyers can use the money to pay for closing costs, to help with down payments or to buy down their mortgage rate.
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“A lot of people think it’s too good to be true and assume we’re a discount brokerage because we give money back to the buyer, but we’re the opposite,” Javaherian said. “We’re a full-service brokerage that helps with experts on each step of the process. We offer a better service and experience.”
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Next month, Homa plans to launch in California, Javaherian said. It plans to offer services for sellers in the next year or so.
Since launching last month in Texas, Homa has closed on a home in San Antonio and has pending closures in Austin, Dallas and Houston.
The San Antonio buyer purchased a $321,990 new-construction home through Homa. He received 2% of the closing price, or $6,440 at closing and used the cash to buy down his mortgage rate, Homa said.
Dan Iverson was among the first Texas residents to go under contract on a home using Homa. The $800,000 home in the Dallas area is pictured above.
Winchester & Smith Realty Group – Keller Williams and Full Package Media
Another buyer in the Dallas area came across Homa through a Facebook ad. Dan Iverson, 62, was looking to move from Frisco to McKinney after marrying a woman from the area. Next month, he’s closing on an $800,000 home using Homa.
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“One of the frustrations I had with previous home purchases was all the coordination,” Iverson said. “To see houses, you’d have to get together with your Realtor and make sure the time was right before going to the viewing. I liked the fact that I could do my own research, narrow down what I’m looking for and go see it on short notice.”
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Iverson is a seasoned homebuyer and was able to use Homa’s scheduling tool to view 12 different listings before landing on the right one. If he had any questions, he’d chat with Homa’s AI platform or receive quick responses from a Homa broker associate. When the deal is finalized, Iverson will be receiving $16,000, which he plans to apply to his down payment.
“The financial reward that Homa offers intrigued me, and I would recommend the experience to almost everyone, unless you need your hand held throughout the whole process,” Iverson said.
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Disrupting a traditional model
Frank Torres, an independent broker based in Dallas, represented the San Antonio buyer and now is assisting Iverson in his transaction.
Torres has worked with real estate technology companies, including iBuyers, throughout his career and has seen the benefit that online tools offer in streamlining the traditional process. When he crossed paths with Javaherian, he was drawn in by Homa’s “fresh view” on the industry, Torres said.
“It was refreshing to see a company that’s not all about making as much money as they can and instead is focused on helping people get into home,” he added.
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As a contractor for Homa, Torres can focus solely on helping customers from contract to close, instead of running around trying to find various listings and showings that fit their needs. That narrow focus means he’s able to multiply the number of transactions he works on in one year and make more money than he would off a traditional buyer’s commission.
While some agents might reject the future of AI in the industry, Torres said it’s best to embrace innovations like Homa that benefit the consumers.
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“ I’ve been in real estate technology for over 30 years, and there’s always something that’s going to come as a disruptor,” Torres said. “Now, whether people adopt it or not is a different story, but I think the thing that separates what Homa is doing is that at the end of the day, it translates into real dollars for the buyer.”