FAQs
HomeTraq empowers agents to
work with modern home buyers in a new way that is driven by the customer. HomeTraq provides a stream
of income to real estate agents independent of closed sales transactions. An agent’s real estate brokerage
is paid to show houses on a fee for service basis. If an agent likes showing houses and counseling
homebuyers and want to earn income from showing houses, HomeTraq is the right choice! Additionally,
an agent may earn additional income from real estate sales if the customer selects them as the agent.
Participation in the HomeTraq Referral Network requires less prospecting and less marketing costs and
results in more qualified buyers and more income from showing and from closed transactions.
HomeTraq is a licensed real estate brokerage. HomeTraq provides technology
services to real estate brokerages, lenders, other service providers, and customers. HomeTraq utilizes a
business model that is more responsive to the needs of customers. Through the use of technology, the
customer is more engaged and more in control of the home buying process.
No. There are currently
no subscription or other upfront fees to be a part of the HomeTraq Referral Network. An agent’s real estate
brokerage is paid to provide time-sensitive real estate services. If the customer selects an agent to
represent them in the real estate transaction, HomeTraq is paid a service fee from an agent’s real estate
brokerage based on the closed transaction.
The "service
fee" represents a fee for actual services performed on behalf of the customer. Expedited showings (or
on-demand showings) represent a valuable service to customers. Agents are taking the time to meet a
buyer and escort them through a property on an expedited basis, and Agents assign to HomeTraq any right
to claim an agent is the procuring cause for any subsequent sale. By using the HomeTraq Mobile
Application to purchase showing services, an agent acknowledges and agrees that HomeTraq shall be
conclusively determined to be the “procuring cause” for the sales transaction. Agents are assigning to
HomeTraq any right to claim they are a procuring cause for any sale.
HomeTraq confirms the identity of both customers
and real estate agents using the HomeTraq Mobile Application. The enrollment process for customers
includes verification of the customers’ e-mail, cell phone number and payment information. At the time of
assignment, HomeTraq provides real estate agents with a photograph of the customer (when provided)
who scheduled the meeting. At HomeTraq, agent safety is a priority. We encourage all participating real
estate agents to adopt safe showing procedures and to take such additional precautions as they deem
prudent to ensure their personal safety. An agent controls when and where to accept showing
assignments. If an agent has any safety concerns regarding a showing, an agent may decline the showing
and the released assignment will be assigned to another real agent with no penalty provided the declined
showing occurs prior to the deadline set forth in the Agent Enrollment Agreement.
The amount of total commission an agent is paid is based on an agent’s real estate
brokerage agreement. HomeTraq receives a portion of the commission from an agent’s real estate
brokerage (referred to as a technology fee) on transactions where the customer is introduced to the
brokerage by the use of the HomeTraq Mobile Application.
Yes.
Only licensed real estate agents with active real estate salesperson licenses may participate in the
HomeTraq Referral Network. In addition, an agent’s real estate brokerage must be a member of the
HomeTraq Referral Network and all participating real estate agents must have access to the local multiple
listing service and be able to access properties through the use of Supra keys.
HomeTraq collects a transaction fee for each showing.
HomeTraq deducts a technology fee from the transaction fee and then remits the agreed showing fee to
the broker or otherwise makes payment as directed by the broker. The customer or the customer’s
sponsor pays the transaction fee before the showing. There is no risk of non-payment as the payment is
made before the assignment is made and before the service is performed. HomeTraq treats the
transaction fee as compensation for real estate services which require a license and pays the transaction
fee on a broker-to-broker basis.
Yes. To
participate in the HomeTraq Referral Network, an agent must have an active real estate license errors and
omissions insurance. In addition, both an agent and the agent’s real estate brokerage must agree to the
terms of the Technology Services Agreement.
No. HomeTraq
makes the introduction and is paid a service fee from the commission earned on closed transactions. An
agent performs the requested real estate services in an agents name under the supervision of an agent’s
real estate brokerage. An agent does not have to transfer an agent’s real estate license to HomeTraq to
participate in the HomeTraq Referral Network.
No.
The customer is not required to enter into an exclusive buyer’s agency agreement as a condition for the
purchase of showing services. Real estate agents are encouraged to develop a strong relationship with the
customer based on timely, professional, and knowledgeable service. Real estate agents are required to
comply with all applicable laws, rules and regulations. The Broker Disclosure Form is provided by
HomeTraq to the customer upon account creation prior to providing the showing service. By participating
in the HomeTraq Referral Service, the agent may not demand that the customer sign an exclusive buyer’s
agency agreement as a condition of providing a showing and that there are restrictions on post-showing
communication with the customer. HomeTraq’s business model is customer-centric and empowers the
customer to control the homebuying process, including the timing of when an exclusive buyer’s agency
agreement is signed.
No. customers use the HomeTraq Mobile Application because they want to conveniently coordinate
services and not be solicited for additional services. Agents are prohibited from offering unsolicited
referrals or recommendations for settlement services or other service providers to any customers using the
HomeTraq Mobile Application. The failure to observe all of the conditions, restrictions and other obligations
set forth in the Agent Enrollment Agreement may result in the termination of an agent’s continued
participation in the HomeTraq Referral Network.
No. customers use the HomeTraq Mobile Application because
they want to conveniently coordinate services and not be solicited for services. The HomeTraq Mobile
Application empowers the customer to control how and when the real estate agent contacts them. The
failure to observe all of the conditions, restrictions and other obligations set forth in the Agent Enrollment
Agreement may result in the termination of an agent’s continued participation in the HomeTraq Referral
Network.
No. An agent’s broker must enter into a Technology Service Agreement with HomeTraq for an
agent to be able to participate in the HomeTraq Referral Network. For more information, brokers may
contact HomeTraq at:
support@hometraq.com.
An agent will be charged for the showing cost if an agent accepted a showing assignment
and then decline the showing assignment after the deadline set forth in the Agent Enrollment Agreement.
In addition, the failure to observe all of the conditions, restrictions and other obligations set forth in the
Agent Enrollment Agreement may result in the termination of the agent’s continued participation in the
HomeTraq Referral Network.