Compare Nobul and Landed

For Sellers

Referred Agents
0.2%
Home Sale Price
Nobul does not provide real estate services to home sellers. Instead, this company matches consumers with various real estate agents in exchange for a referral fee. Nobul results suffer from pay-to-play bias because the network does not match consumers with agents unwilling to pay a significant part of their commission to Nobul.

For Sellers

Not applicable
0
No Rates
Landed does not provide real estate services to home buyers.

For Buyers

Referred Agents
0.2%
Home Sale Price
Nobul does not provide real estate services to home buyers. Instead, this company matches consumers with various real estate agents in exchange for a referral fee. Nobul results suffer from pay-to-play bias because the network does not match consumers with agents unwilling to pay a significant part of their commission to Nobul.

For Buyers

Referred Agents
30%
Referral Fee
Landed does not provide real estate services to home buyers. Instead, this company matches consumers with real estate agents in exchange for an estimated 30% referral fee. Landed results suffer from pay-to-play bias because the network does not match consumers with agents unwilling to pay 30% of their commission to Landed.

For Buyers

Origination Fee
0.75%
Home Value
Instead of working with Laded referred agents, consumers (teachers) can pay an origination fee equal to what the agent referral fee would have been: 0.75% of the total cost of the home.
Question: What is the difference between Nobul and Landed?
Answer: Both Nobul and Landed function as a referral fee network that enables broker-to-broker collusion with use of blanket referral agreements.
Compare Nobul and Landed for home buying and selling. HomeOpenly is an impartial and an open resource focused on trending real estate services, portals and start-ups.

First published: 23 April 2019
Last updated: 25 April 2021

Buying and Selling with Nobul

WARNING: Unlawful Kickbacks, Broker-to-Broker Collusion, False Marketing, Wire Fraud, Price Fixing.

Nobul is a broker-to-broker collusion scheme, where "partner agents" unlawfully agree to pay massive kickbacks to receive your information and engage in market allocation, consumer allocation, false advertising, unlawful kickbacks, wire fraud, and price-fixing practices in violation of, inter alia, 18 U.S.C. § 1346, 18 U.S.C. § 1343, 15 U.S.C. § 1, 15 U.S.C. § 45, 12 U.S.C. § 2607, 12 C.F.R. § 1024.14. As a consumer, you will always significantly overpay for Realtor commissions subject to hidden kickbacks and pay-to-play steering promoted in this scheme.

United States federal antitrust laws prohibit consumer allocation and blanket referral agreements between real estate companies.

Be smart; do not allow your information to be "sold as a lead" to a double-dealing Realtor in exchange for massive commission kickbacks paid from your future home sale, or your future home purchase.


Nobul works as a referral fee network that collects pricing and services data from a limited pool of Referred Agents and sends it to consumers as non-binding proposals. Nobul operates as a licensed real estate brokerage in Canada, but it does not produce any services that are typically offered by real estate agents and does not represent consumers when buying or selling real estate in any State.

Nobul is also registered as a broker in Florida under license number CQ1056639 so that it is able to collect referral fees in the United States. When consumers submit information to Nobul, this information is simply sold to real estate agents who are willing to pay for it with a share of their commission. If an Agent does not want to pay a referral fee, the consumer will not see any proposals from them using the Nobul platform.

Nobul claims to provide savings, but consumers are likely to overpay for their Referred Agent's commission due to added mandatory platform fee.

Nobul Pricing

Nobul revenue comes from referral fees and sale of user data.

Listing Services

  • This Service Does Not Represent Sellers

Buyer's Agent Services

  • This Service Does Not Represent Buyers

Nobul Editor's Review:

Nobul is a referral fee network in business to collect fees for matching brokers with consumers. Referral fees are highly disadvantageous for real estate consumers because they must be accounted for with excessive real estate commissions. Nobul Service Terms state that: “In consideration of Nobul's Referrals pursuant to this Agreement, the Agent shall pay to Nobul, a referral fee (a “Referral Fee”) based on a percentage of revenue equal to 0.2% of the purchase price of the property purchased or sold. The Agent shall pay the Referral Fee to Nobul within ten (10) days following the closing date of the purchase or sale of the property.

One of the major expenses for real estate consumers, when buying or selling a home, is real estate service fees and closing costs associated with the purchase, or sale. Service fees and closing costs are, for the most part, a necessary expense. Real estate agents significantly help home buyers and sellers to navigate a complicated and competitive real estate process in exchange for a legitimate commission as a reward.

Other closing fees usually include required services such as property appraisals, inspections, title insurance, etc. – all in some way help to legitimize the sale and to manage risk. There can be much said with regards to managing closing costs by choosing a motivated competitive agent who is willing to offer a buyer’s refund or a competitive listing rate.

On the other hand, while claiming it saves money to consumers, Nobul simply adds referral fees into already a fee-ridden process – consumers experience false and fabricated savings in this model. In economics, this process is known as reverse competition, where consumers end up being "sold as leads" to Referred Agents.

The platform works with a limited pool of Referral Agents willing to pay a significant part of their commission to Nobul. This referral fee is back-loaded into Referred Agent's agreement, instead of being handed to the consumer directly. The consumer technically does not pay Nobul, but she ends up with a higher cost of commissions when working with their Referred Agent. Nobul is not a free platform, these fees are simply hidden inside the commission.

Let's say a real estate consumer, James, wants to hire a listing agent when selling a median-priced home for $250,000. A local competitive agent, Jill, offers James a 1.5% commission while helping him in this process. The estimated commission, in this case, is $3,750.

On the other hand, James also receives non-binding proposals using Nobul platform from Referred Agents with a referral fee attached to the back of every proposal. When James is faced with these types of proposals, results are quite different. Firmly assuming that the profit margins and service offerings remain the same for Jill and Referral Agents using Nobul, any possible buyer's refund offered by Referral Agents must be reduced to account for the Nobul referral fees.

The referral fee in this scenario estimated at $500 due to Nobul from a Referral Agent. With the profit margin fixed, the estimated commission Referral Agent may offer to James is now up by $500 set at $4,250. James just effectively paid Nobul $500 for a "service" that is supposed to be "free."

These fees significantly increase with the price of a home and damage quality of service the agent is willing to provide. One reason the amount of savings may ever be matched by Referred Agents versus Jill's competitive savings is due to broker-to-broker pricing collusion - if Referral Agent is willing to reduce their fee beyond market rates to compensate Nobul out of their own pocket, which is highly unlikely and unreasonable to assume. Because referral fees are pre-set between Nobul and Referral Agents in advance, the cost of the referral is easily incorporated with the excessive commission.

The reason we give Nobul a low score is due to exigent fees and the way these fees are structured. Nobul operates a Referral Network that commoditizes consumers as leads. With Nobul agents are forced to quote higher commissions due to added fees. The vast majority of competitive agents refuse to play this game and Nobul simply steers consumers toward a very limited pool of agents in its pay-to-play network.

As a licensed real estate agent that doesn't perform any real estate services, or takes any responsibility for the transaction, it's not entirely clear how this process works under the Business and Professions Code.

Should real estate agents distribute "bids" of other agents for a fee? If one to say that the referral fee is indeed necessary, why not structure it as an actual service fee that is properly charged, instead of having to be back-loaded into Referral Agent's agreement?

The answer is simple – if Nobul was to charge Agents for its service directly, no Agent would ever sign-up. Agents only sign-up with Nobul because the price of the referral fee can be easily incorporated into their client's agreement.

Nobul further violates the privacy of consumers because it requires Referred Agents to disclose major details about the actual home purchase or sale. Nobul states that: "The Agent shall maintain adequate records of all fees and commissions received from the Client and shall make such records available to Nobul at its request. Such records shall include copies of the applicable real estate association’s Listing Agreement, Agreement of Purchase and Sale, a statement of commission earnings and the Trade Record Sheet, as applicable."

Despite collecting the referral fee, Nobul takes absolutely no responsibility for the transaction and consumers to acknowledge and agree "that no employment, joint venture, partnership, or agency relationship exists between you and Nobul as a result of this Agreement or your use of our Services. We are solely independent contractors."

Nobul clearly doesn't provide any tangible value to the real estate consumers as a licensed real estate agent. Nobul further audits all transactions because it needs to find out how much money real estate agents receive in commissions, inevitably collecting private details of consumer’s agreement for home purchase or sale.

This effect is known as a “blind” match. Truly competitive agents who offer great savings to consumers can never use Nobul. For example, a highly competitive flat fee listing service has a set competitive price – they would never be able to pay an excessive fee amount to a third-party.

Nobul referral fee only works is with services who are silent on their commission – if a client comes directly to an agent, one price is given, if a client uses Nobul, another price is in play. We strongly believe that real estate consumers looking to buy or sell a home should always use 0% referral fee platforms in order to avoid paying a higher cost in commissions.

By using Nobul, consumers further encourage pay-to-play bias in a broken real estate industry.

Where does Nobul operate?

Nobul currently operates in select areas across Canada, Florida.

Buying and Selling with Landed

WARNING: Unlawful Kickbacks, Broker-to-Broker Collusion, False Marketing, Wire Fraud, Price Fixing.

Landed is a broker-to-broker collusion scheme, where "partner agents" unlawfully agree to pay massive kickbacks to receive your information and engage in market allocation, consumer allocation, false advertising, unlawful kickbacks, wire fraud, and price-fixing practices in violation of, inter alia, 18 U.S.C. § 1346, 18 U.S.C. § 1343, 15 U.S.C. § 1, 15 U.S.C. § 45, 12 U.S.C. § 2607, 12 C.F.R. § 1024.14. As a consumer, you will always significantly overpay for Realtor commissions subject to hidden kickbacks and pay-to-play steering promoted in this scheme.

United States federal antitrust laws prohibit consumer allocation and blanket referral agreements between real estate companies.

Be smart; do not allow your information to be "sold as a lead" to a double-dealing Realtor in exchange for massive commission kickbacks paid from your future home sale, or your future home purchase.


Landed is a referral fee network designed to collect fees by matching consumers with local real estate agents willing to participate. Landed operates as a licensed real estate brokerage in California under BRE License #01988003, but it does not produce any services that are typically offered by real estate agents and does not represent consumers when buying or selling real estate in any State.

Landed targets financially constrained consumer groups (teachers for now, but it soon plans to expand services to other professionals such as registered nurses, etc.) with a 10% down payment assistance option to co-invest when buying a home in expensive cities like San Francisco, Denver, Los Angeles, and Seattle.

The origination price of using the program, however, is hidden in referral fees that the company receives from each transaction when consumers work with agents referred by Landed.

Instead of working with Laded referred agents, consumers can pay an origination fee equal to what the agent referral fee would have been: 0.75% of the total cost of the home.

For example, if a consumer were to purchase a $1 million home, the origination fee equal to $7,500 would have to be paid in order to secure $100,000 down payment assistance. If the required down payment assistance amount is less, the fee would still remain the same. For example, if a consumer only wants to secure $50,000 in assistance, the origination fee still equals to $7,500 because this fee is based on the overall home value.

Landed also uses a select group of mortgage lenders who are specifically approved by the program. It is unclear what incentives are provided to Landed by these providers, or if consumers are able to use their own mortgage lender.

Landed Pricing

Landed revenue comes from either an estimated 30% broker referral fees, or origination fees set at 0.75% of purchased home value.

Chan Zuckerberg Initiative (CZI) provides cash funds to run the program. The 25% of the appreciation (or loss) in the price of the home upon sale is returned to Chan Zuckerberg Initiative and re-invested back into a down payment support fund.

Listing Services

  • This Service Does Not Represent Sellers

Buyer's Agent Services

  • This Service Does Not Represent Buyers

Landed Editor's Review:

On paper Landed seems to have a great idea – to help essential professionals (starting with educators) build financial security near the communities they serve. Digging deeper into the actual model turns out to be much less effective - Landed is a California licensed real estate broker that collects an estimated 30% referral fee from all real estate agents that participate. This fee makes it hardly a free service for anyone since referral fees are inevitably passed down to consumers. More importantly, Landed drives consumers toward agents who systematically price their services to accommodate such fees, this process is known as kickbacks.

Landed assistance program itself may be beneficial, but the costs of origination are certainly real. Landed uses excessive referral fees as a way to hide origination fees. Why? Simply because having to pay $7,500 to secure $100,000 down payment assistance (that comes with many strings attached, as well as a lien) seems a lot less attractive, especially when this fee remains the same, regardless of the assistance amount actually required.

By charging this fee as a form of commission kickbacks, the company hopes that most consumers won’t realize that this fee even exists – it is just a referral fee, who cares? In this review, we will show you how this fee very much exists and why it matters. Consumers can save tens of thousands by avoiding non-competitive real estate commissions, even if the buyer (teacher) decides to opt-in into Landed assistance program and pay the origination fee out-of-pocket.

Buyer’s refunds are available in all areas Landed currently offers an assistance program. The only way to take advantage of these savings is by negotiating with highly competitive real estate professionals without any referral fee agreements in place.

Buyer’s agents never work for free, instead, they can financially compete for consumers by offering refunds in 40 States. This is a legal incentive that helps to lower the cost of owning a home and is a growing trend in the industry.

Real estate agents only sign-up with Landed referral network because the price of the referral fee can be easily incorporated into their client’s agreement with excessive commissions. Landed either requires the use of their network, or it requires an origination fee to be paid, there is no third option.

As a licensed real estate agent that doesn’t perform any real estate services or takes any responsibility for the transaction, it is not entirely clear how Landed is able to operate under the Business and Professions Code and RESPA.

Nonetheless, funds from Chan Zuckerberg Initiative fund is a real incentive that consumers are able to utilize in exchange for a 25% share of the investment gain or loss with Landed (if Landed contributes less than 10% down, the future appreciation/depreciation sharing also changes proportionally. For every 1% Landed contributes, Landed shares in 2.5% of the appreciation (or depreciation, if any.)

In order to place benefits and costs of the program into perspective, we ran local results against HomeOpenly to see who offers buyer’s refunds in one of the areas Landed serves – San Francisco, CA.

We used a random home valued at around $1 Million to generate these results (as of April 2019.) Among various savings offers from local agents, we found two highly reputable agents (including a VC-backed flat fee agent that aims to deliver savings to consumers.)

Among these results, one agent offers 65% rebate that yields a buyer’s refund amount estimated at $19,500 and another offers $9,950 flat representation fee that yields buyer’s refund amount estimated at $20,050.

For the purpose of this discussion, these competitive saving, in the form of a refund, are about $20,000 (assuming 3% buyer’s agent commission split offered by the seller’s agent.) Home buyers do not pay any taxes on the amount, the refund is always tax-free, similar to any other service refund.

Now, the buyer can take this refund check of $20,000 pay the Landed origination fee out-of-pocket set at $7,500 and still walk away with $12,500 in cash savings. Why? These savings agents are highly competitive and advertise their rates subject to 0% referral fees.

HomeOpenly works with real estate agents that genuinely lower the cost of homeownership. The fact is, if the buyer doesn’t do this, the total expense of using Landed referral network plus the commission is $30,000 ($7,500 referral fee paid to Landed, plus $22,500 of the remaining commissions buyer’s agent actually keeps).

Using Landed referral network, in this case, means leaving $12,500 on the table. Instead, a teacher can easily engage a great competitive agent, receive $20,000 amount as a refund, and only pay origination fee out-of-pocket set at $7,500.

In this review, we separate issue to secure down payment assistance with an ability to negotiate a competitive refund with your agent subject to 0% referral fees. We bring this origination fee to full transparency so that there no illusion on how Landed service actually operates and why it steers consumers toward their referral network.

You, the teacher, have to take into account the fact that you pay all homeownership expenses, county taxes, maintenance, insurance, interest and closing costs (you pay the costs of ownership, but you don’t make any monthly payments to Landed.) As such, home appreciation you gain comes at a very high price, while the origination fee is something that you pay upfront, either out-of-pocket or with excessive commissions.

Is $7,500 origination fee a worthy expense to secure down payment assistance? You have to decide this.

This simple test aims to point out that $20,000 in buyers refund is available to buyers in this situation when working with the right local agents. When using Landed referral fee network agents, the refund amount is likely to be zero.

Moreover, non-competitive fees offered by Landed referred agents will become incorporated into a mortgage payment, and instead of the consumer getting a tax-free refund, these fees further incur mortgage interest for the duration of the mortgage.

Landed receives the second lowest score because this service is clearly biased toward high-priced real estate agents, as it aims to brush off the true costs of origination fees set at 0.75% of purchased home value, typically hidden in referral fee agreements.

Landed was presented the following questions prior to the review getting published, but Landed has not responded with any comments.

  • Whenever the consumer approaches Landed, with their own buyer’s agent, what is the origination fee amount they would be required to pay in order to use the service?
  • Are consumers able to negotiate a buyer’s refund in California with agents who are part of Landed referral network?
  • What is the referral fee percentage or amount Landed charges real estate agents in the network?
  • What happens in cases where the consumer is looking to buy FSBO listed home, where there is no listing agent and no buyer’s agent commission is offered by the seller?

Landed must be well aware of these issues, but continues to operate on pay-to-play methodology in order to collect origination and referral fees that needlessly make home buying and selling more expensive, while claiming that it makes homeownership more affordable.

Teachers should certainly not ignore Landed as an option, but with a full understanding that there may better terms available to them elsewhere for buyer’s representation, and that this program comes with high fees attached.

Where does Landed operate?

Landed currently operates in select areas across California (San Francisco Bay Area, Los Angeles Metro Area, and San Diego Metro Area), Colorado (Denver and Boulder metro areas), and Washington (King County Metro Area)..