Review for Torii Homes

Torii Homes logo
Reviews for Torii Homes, a multi-state buyer’s agent and an agent referral network that offers consumers buyer's refunds.
Start your review of Torii Homes

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:

Last updated: 25 April 2021
First published: 22 February 2021

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.

FAQ for Torii Homes

What is Torii Homes?

Torii Homes is a multi-state buyer's agent that offers savings to home buyers in a form of buyer's refunds. Torii Homes offers rebates to homebuyers against the closing costs (typically paid by buyers to purchase a home.)

An approximated amount of savings from a full buyer agent commission (2.5%-3%) for homes valued at $400K, Torii Homes offers approximately 30% buyer's commission rebate. For homes valued at $3M, Torii Homes offers approximately 20% buyer's commission rebate.

The rebate amounts offered by Torii Homes are in a form of a credit against closing costs, making it difficult to calculate exactly the offered rebate amounts, but buyers are always able to negotiate anything with any broker. In this case, homebuyers can easily ask Torii Homes to clarify their total savings before signing a buyer's agent agreement.

Torii Homes keeps the rest of the commission it receives from the transaction as a buyer's agent fee.

Is Torii Homes legitimate?

Yes and No. Torii Homes is a legitimate real estate agent that offers savings to buyers. Torii successfully represents homebuyers in real estate transactions in select areas across San Francisco Bay Area, Los Angeles, CA and Boston, MA.

Torii Homes does not openly offer or advertise any savings or services to home sellers. Further, 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.

Contact Torii Homes:

745 Atlantic Ave
Boston, MA 02111 US
Torii Homes User Reviews

Torii Homes User Reviews

Leave your review for Torii Homes

Please provide honest and constructive feedback about this business. You are solely responsible for the quality of the content.

Companies can never ask HomeOpenly to remove legitimate consumer reviews. All user reviews are protected by the Consumer Review Fairness Act (CRFA) that safeguards people's ability to share their honest opinions about a business.

HomeOpenly team publishes genuine, independent, and unpaid editorial reviews for residential real estate companies that operate in the United States. Each year we highlight services that bring the best overall value to consumers with the highest Editor's Rating. There are no commercial agreements (paid or otherwise) between HomeOpenly and the reviewed business. We encourage our users to post helpful and independent reviews about this business with any sentiment. Please check our Content Guidelines or simply contact us if you have a question.

Thank you!

Your review has been successfully received. Please allow 24 hours for your review to become available.

Feel free to contact us if you need further assistance. At HomeOpenly we aim to make the opportunity of homeownership transparent, affordable and an open experience.