FlyHomes

FlyHomes is a platform that aims to help clients in their home buying and selling process, from brokerage to mortgaging, by operating a marketplace connecting buyers and sellers of residential properties. As of June 2024, its services were available in 28 states and Washington D.C., with plans to expand further.

The company also offers a cash offer program, where FlyHomes purchases a home on behalf of its buyer. This enables the client to move into the property with FlyHomes compensated through rental payments during this period of stay. Clients choosing this option are given sufficient time to secure financing options to buy back the property from FlyHomes. However, if a client's financing options fail, Flyhomes claims to provide a guarantee to purchase the property, which gives a higher level of assurance to the client that the transaction will eventually close.

In June 2024, the company launched Flyhomes AI, an AI-powered home search portal available in the US. This tool uses data from nearly 1,000 sources to answer detailed questions about properties and neighborhoods, including value comparisons and mobile network coverage. Flyhomes AI aimed to help buyers access important information before working with an agent and provide a valuable resource for agents to better assist their clients.

Furthermore, FlyHomes introduced a Buy Before You Sell program targeted at its real estate selling clientele. This structured program enables homeowners to access their equity tied up in their current home in order to purchase their desired home. The platform claims the homeowner is given a guaranteed price on the current home as FlyHomes adds it to sale listings and will purchase it if not sold within 90 days. FlyHomes will charge half of the commission taken by the buyer’s broker, which accounts for nearly 2%–3% of the purchase price.

In September 2023, Flyhomes entered into a definitive agreement to acquire certain assets from Home Sale Assured (i.e., Innovative Holdings LLC), a buy-before-you-sell platform for properties, for an undisclosed sum. Through this acquisition, the company planned to expand its platform’s offerings by leveraging the guaranteed backup contract of Home Sale Assured to its customers and onboarded Eric Meadow (Founder of Home Sale Assured) into a senior executive role to utilize his mortgage industry expertise and network of relationships.

Key customers and partnerships

As of June 2021, the company claimed that it had bought and sold over USD 2.6 billion worth of homes since launching, having worked with over 2,700 customers.