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Homebourse is an online marketplace for new construction properties.
platform: browser, action response
very suitable: Home buyers, developers, agents
Main selling points:
• Modern user interface
• Submit a quote online
• New construction focus
• Low learning curve
Issues of greatest concern:
There are a few, but what stands out is the lack of actual automation to speed up or improve the quoting process.
what you should know
hometown exchange is a new construction sales tool designed primarily for remote buyers to easily make an offer without having to view the property in person. There is an admin backend for agencies or marketing teams to upload media, which can include links to Matterport digital twins, photos, floor plans and other visuals.
Each listing can have its own subdomain under Homebourse for evergreen promotion. Online quoting tools can be configured for a variety of contingencies and allow offers to be accepted or countered, as well as rejected outright.
Homebourse is available for all forms of property, but the company and demos are based on high-end, luxury high-rise buildings, most of which are in the pre-sale stage.
The overall user interface is very good. The search is modern, consumer-first, with all bets on the most competitive search experience.
Uploading developer-provided visuals to build a marketing page shouldn’t faze anyone familiar with the process. Support files can come with media, and there’s a great step-by-step tracker for every step needed to publish your property.
Agents track their properties in the My Projects UI, sort them by status, and can fill out the listing description using what is essentially their MLS home feature listing. Users can also enter conditions of sale and add custom contingencies within the interface, as well as enter any unique features of the home.
I can only speculate that what is currently holding Homebourse back is a lack of competitive market intelligence. When asked directly to define its core differentiators, the company cited its online quoting capabilities and its focus on new construction.
In fact, I knew this was the answer, but I needed to hear it said. The problem lies in the answer – there is no differentiating factor. These solutions already exist and are in more advanced iterations.
That said, what Homebourse does is provide developers with another way to expose their projects. Sure, it can help, but it should never be the backbone of a new construction project’s success.
Homebourse doesn’t have the actual technology to facilitate the core aspects of the quote workflow. The terms submitted are not formal, they are just the boundaries of a letter of intent, equivalent to saying “my buyer wants to submit an offer.” They are just numbers that are entered into a form and sent to the listing agent. It died there, at least technically.
Countless products on the market feature more advanced offer submission solutions that push buyers directly into a comprehensive offer form, or at least have tools for verifying the buyer’s ability to purchase the property.
Homebourse has no mechanism to formally verify a buyer’s finances or identity, and to make matters worse, any “accepted” offer will be labeled “Sold” on its public-facing listing, even though it’s not close to completion in any way trade. The software applies the sold label to listings that have not yet signed a contract.
Most importantly, the online quote feature is ultimately a lead generation tool. There’s nothing remotely binding on either party; it just keeps the conversation going.
Homebourse said it would step in to assist all parties in formally submitting and reviewing offers. In other words, once the basic terms are agreed upon, the quoting process becomes normal and manual. I see no incentive to serve sellers by driving online traffic to specific properties, block offer campaigns on specific buildings, or other innovative non-traditional ways to attract interest. This is very passive.
To the extent that it’s a new construction market, it doesn’t offer developers anything they can’t do themselves if they have the incentive. It is ultimately a website, not software.
There are no measured page views or traffic metrics, website content management features, marketing value-adds, or artificial intelligence tools to enhance listing descriptions or speed up listing data entry. I don’t think there is a way for developers to promote internal financing incentives or agency brand resources.
Final Offer, Welcome Homes, Ownly, Dash and Livable (launched by Zonda) are just a few of the new construction marketing and sales solutions out there, and I’m not sure the team at Homebourse understands any of them. Don’t forget, Zillow and Redfin are also in the new construction game, and all of the above should be keeping an eye on this development.
Homebourse just needs more time to bake. The basic principles are there. They most likely contacted me months in advance and during our call I offered them the opportunity to reschedule. I believe next time I see this product it will be more worth my time.
Do you have a tech product you’d like to discuss?Email Craig Rowe
Craig C. Rowe got involved in commercial real estate at the dawn of the dot-com bubble, helping a range of commercial real estate companies strengthen their online presence and analyze internal software decisions. He now helps agencies with technology decisions and marketing by reviewing Inman’s software and technology.
