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Homa is a new AI\u00a0homebuying platform in Texas and Florida that gives buyers the tools to find their next home without having to pay a traditional buyer\u2019s agent commission.\u00a0<\/p>\n
Homa<\/p>\n
After working at\u00a0Zillow for six years, Arman Javaherian<\/a> kept hearing the same thing from buyers: \u201cI don\u2019t know why there\u2019s so much commission going through the agents when we\u2019re doing all the heavy lifting,\u201d he said.<\/p>\n 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>, 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.\u00a0<\/p>\n Article continues below this ad<\/p>\n \u201cOnce I saw how homebuyers felt about the process, I knew there\u2019d be an opportunity to offer them something different and allow them to take the lead in the process because it\u2019s the most important financing decision of their lives,\u201d Javaherian said. \u201cA lot of people want to be in charge of this decision and want a process that isn\u2019t biased. They want to work with people who aren\u2019t pushing them into specific deals.\u201d<\/p>\n READ MORE: New federal housing law could curb big investors in San Antonio<\/a><\/p>\n The rise in AI has been bleeding into every industry.<\/p>\n San Antonio Express News Logo<\/p>\n Make us a Preferred Source on Google to see more of us when you search.<\/p>\n <\/p>\n Add Preferred Source<\/p>\n <\/a><\/p>\n 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\u2019t the only AI-powered brokerage in the state.\u00a0TurboHome<\/a> 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<\/a> also offers AI-assisted brokerage, mortgage, title and closing services through its platform and affiliated licensed professionals.<\/p>\n Article continues below this ad<\/p>\n As more buyers turn to AI resources, like\u00a0ChatGPT 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.\u00a0<\/p>\n The Austin-based company launched in Florida first because it\u2019s a strong buyer\u2019s market, then expanded to Texas in June this year. This month, Homa closed on its first Texas deal\u00a0\u2014 a home in San Antonio.\u00a0<\/p>\n How it works\u00a0<\/p>\n Homebuyers can use Homa\u2019s AI platform to do their own research for free.\u00a0Homa 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.\u00a0<\/p>\n Article continues below this ad<\/p>\n MORE REAL ESTATE NEWS:\u00a0San Antonio, Austin saw millennial homebuyers more than double in five years<\/a><\/p>\n 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\u2019s schedule.<\/p>\n \u201cOnce 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,\u201d Javaherian said. \u201cBuyers love it because they can get into homes quicker and not miss out on a deal. They\u2019re also not pressured by an agent to go under contract too fast.\u201d<\/p>\n If they want to make an offer on a home, they\u2019ll be partnered with one of Homa\u2019s licensed broker associates. Homa will help the buyer put together a data-backed bargain that will be reviewed and negotiated by the broker.\u00a0<\/p>\n Article continues below this ad<\/p>\n Once the user is under contract, they will be matched with one of Homa\u2019s dedicated closing coordinators, who will handle the paperwork and keep the transaction on track.\u00a0<\/p>\n Because the buyer does most of that aforementioned \u201cheavy lifting\u201d and research, Homa only takes 1% instead of the typical 3% buyer\u2019s 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.\u00a0<\/p>\n RELATED:\u00a0Here\u2019s how San Antonio real estate pros are using ChatGPT<\/a><\/p>\n \u201cA lot of people think it\u2019s too good to be true and assume we\u2019re a discount brokerage because we give money back to the buyer, but we\u2019re the opposite,\u201d Javaherian said. \u201cWe\u2019re a full-service brokerage that helps with experts on each step of the process. We offer a better service and experience.\u201d<\/p>\n Article continues below this ad<\/p>\n Next month, Homa plans to launch in California, Javaherian said. It plans to offer services for sellers in the next year or so.<\/p>\n Since launching last month in Texas, Homa has closed on a home in San Antonio and has pending closures in Austin, Dallas and Houston.\u00a0<\/p>\n 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.<\/p>\n 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.<\/p>\n Winchester & Smith Realty Group – Keller Williams and Full Package Media<\/p>\n Another buyer in the Dallas area came across\u00a0Homa 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\u2019s closing on an $800,000 home using Homa.\u00a0<\/p>\n Article continues below this ad<\/p>\n \u201cOne of the frustrations I had with previous home purchases was all the coordination,\u201d Iverson said. \u201cTo see houses, you\u2019d 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\u2019m looking for and go see it on short notice.\u201d<\/p>\n<\/p>\n
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