Compare Torii Homes and Redefy

For Sellers

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

For Sellers

Listing Rate
$3,000
Flat Fee
Minimum commissions and other terms may apply. Buyer's Agent Commission (2.5%-3%) is not included, but you may be able to negotiate this as well. Redefy flat fee rate increases relative to sale price according to the company’s fee schedule. For homes valued above $1 million, a 1% fee is charged.

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

Not Applicable
0
No Rates
Redefy franchisees do not openly offer buyer’s savings to consumers, but that does not mean that a consumer cannot negotiate a refund in States where allowed by law.
Question: What is the difference between Torii Homes and Redefy?
Answer: Torii Homes is a buyer’s real estate agent and a referral fee network while Redefy is a real estate franchise
Compare Torii Homes and Redefy 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 Redefy

Redefy is a multi-state real estate savings franchise, offers consumers listing savings in select areas across the United States.

Once a seller enters their information with Redefy, an individual franchisee will finalize terms and payment terms of the listing agreement. Each individual franchisee responsible and liable for their actions or omissions and Redefy does not guarantee any results consumers may achieve by listing a home with a franchisee.

Redefy Pricing

Redefy offers savings to sellers (3,000 USD base flat listing fee) and 1% listing rate for any home valued above $1 million.

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

Redefy Editor's Review:

Redefy is a consumer-focused flat fee real estate franchise that works with a network of agents in several States.

As a listing agent, Redefy franchisee works with a seller to prepare homes for listing, including taking professional photos, pricing home and publishing marketing materials.

Redefy franchisee lists all homes on the local MLS as well as typical MLS Aggregators. Redefy franchisee provides services similar to those of a traditional real estate agent, but a much lower cost to the seller.

There are two important drawbacks of using Redefy – first, agents do not openly offer savings to buyers, second, each listing agent is an individual franchisee where the Redefy itself has no control or responsibility for each individual agent's actions.

Where does Redefy operate?

Redefy currently operates in select areas across Anchorage, Juneau, Phoenix, Tucson, Flagstaff, Oakland, San Francisco, San Jose, Sacramento, Long Beach, Orange County, San Diego, South Bay, Inland Empire, Santa Monica, San Fernando Valley, Los Angeles, Denver, Colorado Springs, Northern Colorado, Fort Myers, Jacksonville, Miami, Orlando, Tampa, Augusta, Atlanta, Boise, Coeur d'Alene, Chicago, Springfield, Detroit, Lansing, Duluth, Saint Paul, Lincoln, Omaha, Las Vegas, Reno, Charlotte, Raleigh, Eugene, Portland, Greenville, Columbia, Rock Hill/Fort Mill, Charleston, Rapid City, Sioux Falls, Austin, Dallas-Fort Worth, Houston, San Antonio, Provo, Salt Lake, Hampton Roads, Richmond, Seattle, Tacoma, Vancouver, Casper, Cheyenne..