Compare Torii Homes and Jovio

For Sellers

Not Applicable
0
No Rates
Torii Homes does not openly advertise home listing services for home sellers.

For Sellers

Listing Rate
1%
Commission
A minimum listing fee of $3,995 and other terms may apply. Buyer's Agent Commission (2.5%-3%) is not included, but sellers may be able to negotiate this as well.

For Buyers

Buyer’s Savings
20%-30%
Commission Rebate
When Torii Homes represents homebuyers, it contributes 20%-30% of its Buyer's Agent Commission (2.5%-3%) to the buyer as a way to financially compete for buyer’s business. Homebuyers do not pay any taxes on the amount, the refund amount is always tax-free. A minimum commission and other terms may apply. Torii Homes typically applies this rebate against other closing costs related to the home purchase transaction.

For Buyers

Buyer’s Savings
33%
Commission Rebate
When Jovio Real Estate represents home buyers, it contributes 33% of its Buyer's Agent Commission (2.5%-3%) to the buyer as a way to financially compete for buyer’s business. Home buyers do not pay any taxes on the amount, the refund amount is always tax-free. A minimum commission and other terms may apply.
Question: What is the difference between Torii Homes and Jovio?
Answer: Torii Homes is a buyer’s real estate agent and a referral fee network while Jovio is a full-service real estate agent that offers savings to homebuyers and home sellers
Compare Torii Homes and Jovio 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: 22 February 2021
Last updated: 25 April 2021

Buying with Torii Homes

Torii Homes is a buyer's agent and a referral fee network that offers homebuyer’s refunds in select service areas. Torii Homes typically credits the buyer's refund savings against the miscellaneous transaction costs such as loan origination fees, appraisal fees, title search, title insurance, surveys, deed-recording fees, and credit report charges.

Torii Homes does not credit the buyer's refund savings against property taxes, homeowner's insurance, transfer taxes, interest, mortgage points (optional fees paid directly to a lender in exchange for a reduced interest rate.) orii Homes does not credit the buyer's refund savings against any recurring costs.

After the miscellaneous transaction costs are paid for, Torii Homes keeps the rest of the Buyer’s Agent Commission as a fee for representing buyers in the home purchase.

Torii Homes Pricing

Torii Homes offers homebuyers approximately 20%-30% of the Buyer’s Agent Commission as savings.

Listing Services

  • This Service Does Not Openly Advertise to Home Sellers

Buyer's Agent Services

  • Find the Property
  • Accept and Deliver All Offers and Counteroffers
  • Recommend Other Professionals
  • Attend Inspection Services
  • Schedule Private Showings
  • Negotiate Needed Repairs
  • Closing Duties

Torii Homes Editor's Review:

Torii Homes is a tech-enabled real estate brokerage. Torii Homes claims that it costs nothing to use the service: “The seller of a home pays the real estate commission, which we then put toward your closing costs. You don't pay Torii anything for our help.” This is false and misleading advertising because buyer’s agents never work for free. A recent settlement between NAR and US-DOJ prohibits licensed real estate brokers from making a claim that their services are offered for free.

The cost of hiring a buyer’s agent is always incorporated into the homebuyer’s final mortgage sum. As a buyer’s agent, Torii Homes is paid with a percentage of the home sale, Buyer's Agent Commission (typically offered at 2.5%-3% by the seller) and it contributes 20%-30% of this total amount to the buyer as a way to financially compete for buyer’s business.

Torii Homes provides homebuyers with a licensed expert real estate agent who helps with the home search, scheduling/attending showings, preparing a home purchase offer, and price negotiations.

Torii Partner Agents

Torii Partner Agents Referral Network (Torii Partner Agents) is a referral process that connects buyers with third-party real estate agents in exchange for an undisclosed blanket referral fee. Torii Partner Agents are not employed by Torii Homes, however, Torii Homes maintains a set of pre-arranged price-fixing agreements with random Partner Agents, claiming to offer consumers savings.

The price-fixing agreements between Torii Homes and Torii Partner Agents are presented to homebuyers as blanket incentives of $1,000 in buyer commission rebates.

Torii Partner Agents are employed by, or work with their independent brokerages, are referred by Torii Homes at their own discretion, as a blind match. Torii Homes keeps the referral fee amount it receives from these brokers hidden. This practice is highly deceptive and is designed to deceive consumers to utilize Torii Homes as a price-fixing scheme to receive savings from competing brokers.

A blanket incentive of $1,000 is presented before consumers as savings, but the cost of the referral fee always works against homebuyers. The blanket referral fee between Torii Homes and Torii Partner Agents is hidden in the final cost of commissions. This practice results in an inefficiency known as reverse competition between brokers and price-fixing. Ultimately, price fixing and kickbacks result in a lower quality of service or higher commissions paid by the homebuyers.

By engaging with Torii Homes, homebuyers authorize them to share personal information and home search history with any Partner Agent, regardless if a consumer wants to work with a Torii Homes agent directly.

Torii Homes dictates that Partner Agent rebates $1,000 of their commission as means to allocate homebuyers to other brokers. In the United States, all independent brokerage fees are always negotiable and each real estate agent establishes its own policy for a fee structure, amount of commissions, and issuing rebates to consumers.

Price fixing is firmly prohibited by federal antitrust legislation. To fix, control, recommend, suggest or maintain commission rates, rebates, and fees for other agents' services is an improper practice.

In summary, Torii Homes offers a legitimate buyer's refund to consumers spent against miscellaneous closing costs. However, Torii Homes cannot legally organize competing brokers into a referral fee network because blanket referral agreements, price-fixing, consumer allocation, and market allocation between licensed real estate brokers in the United States are prohibited.

Where does Torii Homes operate?

Torii Homes currently operates in select areas across Boston, MA; San Francisco, CA; Los Angeles, CA.

Buying and Selling with Jovio Real Estate

Jovio is a full service real estate agent based in Austin, TX. Jovio offers consumers listing savings and buyer's refunds in select service areas across Texas.

Jovio Real Estate Pricing

Offers consumers listing savings to sellers (1% listing fee) and buyer’s savings (33% buyer’s commission rebate)

Listing Services

  • MLS Listing
  • Zillow, Trulia, etc. Listing
  • Accept and Deliver All Offers and Counteroffers
  • Hold Open Houses
  • Professional Photography
  • Professional Floor Plans
  • Yard Signage Installation
  • Spare Key Lock-box Installation
  • Schedule Inspection Services
  • Schedule Private Showings
  • Closing Duties

Buyer's Agent Services

  • Find the Property
  • Accept and Deliver All Offers and Counteroffers
  • Recommend Other Professionals
  • Attend Inspection Services
  • Schedule Private Showings
  • Negotiate Needed Repairs
  • Closing Duties

Jovio Editor's Review:

Jovio offers excellent representation services for buying and selling a home. Jovio is a tech-enabled brokerage with the knowledge and tools built to help consumers archive an excellent real estate transaction experience.

Jovio listing service includes posting home on the MLS and MLS Aggregator services, professional photos, and all typical services offered by a traditional real estate agent. Jovio charges a listing fee of 1% of the final sales price of your property. A minimum listing fee of $3,995 applies. If at any point during the term of the listing agreement the seller decides to terminate the said agreement, she is only responsible for paying $495 setup fee.

Jovio recommends offering a cooperating buyer agent commission that helps to attract buyers who are already working with an agent. Sellers are free to offer any amount they like to buyer’s agents, but 2.5% - 3% Buyer’s Agent Commission is recommended. Buyers can easily negotiate a rebate with their agent to reduce the costs of the Buyer’s Agent Commission amount. Eventually, all closing costs are paid by the buyer.

Jovio claims to list a home in as little as 24 hours. The majority of Jovio sellers get their home listed within several days of meeting with Jovio. To determine your home’s listing price, Jovio first gathers local information about comparable properties in your neighborhood. Jovio furthers helps to evaluate your home’s condition and any recent upgrades or improvements to come up with the best listing price for the home.

When self-represented buyers approach Jovio about the seller’s listing, Jovio reduces the 3% Buyer’s Agent Commission to 2% in favor of the seller and then splits its commission with the buyer, meaning buyers receive 1% (33% buyer’s commission rebate) back on their new home. This allows all parties to save a significant amount in buy-side commissions, but it also requires the buyer to accept the potential downside of dual representation.

For buyers, Jovio Real Estate offers on-demand home tours and an excellent client web portal for monitoring the purchase process. Jovio offers overall great value to consumers looking to buy or sell a home.

Where does Jovio operate?

Jovio currently operates in select areas across Austin, TX; Houston, TX; San Antonio, TX; Dallas, TX; Barton Creek, TX; Bee Cave, TX; Del Valle, TX; Garfield, TX; Hays, TX; Hornsby Bend, TX; Lost Creek, TX; Manchaca, TX; Mc Neil, TX; Onion Creek, TX; Pflugerville, TX; Rollingwood, TX; San Leanna, TX; Shady Hollow, TX; Sunset Valley, TX; West Lake Hills, TX; Cedar Park, TX; Round Rock, TX; Lakeway, TX; Westlake, TX; Elgin, TX; Leander, TX; Georgetown, TX; Hutto, TX; Taylor, TX; San Marcos, TX, and Kyle, TX..