April 30, 1999

HomeGain rapidly gains fans

By TOM KELLY
The Real Estate Advisor

Brad Inman is one of those guys who was pushing the envelope while others were still trying to seal it. The former San Francisco Bay Area newspaperman was working 14-days before anybody ever heard of a vel-vet sweatshop or a corporate campus. While on a family vacation, he'd pull his car -- jammed with sandals, sunscreen and whining kids -- into the next tiny town on the map and then attempt to persuade the local publisher to run his real estate column for a couple of bucks a week.

Inman went on to establish his own news service and Internet site which now feeds nearly 300 newspapers nationwide and some of the top portals on the World Wide Web, including Yahoo!, Lycos and Intuit.

Earlier this week, Inman took a break from the news service to launch HomeGain.com, the first real estate site on the web dedicated to sellers. It allows home sellers -- for the first time -- to choose a qualified, professional real estate agent online by instantly comparing and contrasting qualifications and proposals from a number of local agents -- anonymously -- before choosing the right real estate agent for them. The site also includes the most extensive online real estate library available for home sellers, including thousands of articles, consumer guides and online tools.

The site apparently has hit home. In fewer than 48 hours on the web, more than 1,000 real estate agents registered on HomeGain.com, reportedly one of the largest initial responses ever to a housing industry site. Agents and brokers in 46 states and from every major national and regional real estate brand, including Windermere, John L. Scott, RE/MAX, Prudential, Century 21 and Coldwell Banker. Some brokers even encouraged their entire offices to sign up.

"We knew that HomeGain.com would be a powerful tool to help real estate agents quickly and easily get new customers," Inman said. "This proves that agents across the country are ready to actively use the Web to generate new listings. We're thrilled with our incredible beginning and are confident that HomeGain.com will soon begin delivering new leads to tech-savvy agents everywhere."

After completing a simple online form, the home seller creates an anonymous profile that indicates price expectations, readiness to sell, an anticipated timetable and house details. The anonymous seller profile is then submitted into HomeGain.com's database and is available to all participating real estate agents.

Agents who register with HomeGain.com before Nov. 1, 1999, will be entered into the system free of charge. An annual registration fee, to be announced, will be required for real estate agent participation after that date.

Real estate agents then deliver proposals online to the home seller at HomeGain.com. Agent proposals are accessible only via the seller's private "inbox" at HomeGain.com. Agents registered with HomeGain.com must provide a history of productivity and local experience, as well as a personal profile. HomeGain.com's matching service identifies local agent proposals and qualifications that fulfill the expectations of the home seller.

The home seller the can compare, contrast and rank the individual qualifications and proposals of numerous local agents before selecting whom they want to hire.

Inman said his team's research, coupled with focus-group feedback identified home seller needs, tools and information that would reduce the time and stress involved in selling a home. The finished product also attempts to cut costs for salespersons. According to data from Chicago Title and the National Association of Realtors, the average real estate broker spends between $1,000 and $4,000 per listing on acquisition costs alone. By directly connecting real estate agents with ready-to-list home sellers, Inman said HomeGain.com eliminates the time and expenses of hit-and-miss prospecting activities.

"The home seller market has been entirely untapped online and we saw a tremendous opportunity to provide a superior product for both home sellers and real estate agents," Inman said. "HomeGain.com will change the way homes are sold. It will dramatically cut down on the time and expense of selling a home, and will save real estate agents valuable time and energy, allowing them to get back to the business of selling homes."

Is HomeGain for every agent out there? That depends upon respective referral networks. If every deal an agent receives comes via a former client's referral, then probably not.

However, think of the possibilities from corporate relocation -- folks who can't meet an agent tomorrow because of the miles in between -- and the positive reaction that remains from a glowing resume. The idea might be worth investigating just for the marketing value alone.

If you have the credentials, the Web is an inexpensive place to show them. It may put you in a position to push the envelope when the time comes.

Previous columns:

• Reservists get help on home front, 04-23-1999
• National Realtors group to meet here, 04-16-1999
• Home offices and the IRS, 04-09-1999
• Tax relief That refinancing may offer, 04-02-1999
• Tax issues for home owners, 03-26-1999
• The lure of 125% home equity loans, 03-19-1999
• Paying off that loan, 03-12-1999
• Suburbs getting density, 03-05-1999