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Better Expands Real Estate Services to Alabama & Michigan

David Krechevsky
Aug 20, 2021
Better.com, a start-up mortgage industry fintech, has announced that it closed its Series C fundraising effort at $160 million, which brings the New York-based company’s total to-date funding to $254 million

Digital Homeownership Platform Now In 26 Markets In 16 States

KEY TAKEAWAYS
  • Digital homeownership company has plans to be available in 20 states by the end of 2021.

Better is expanding its real estate arm, Better Real Estate (BRE), to Alabama and Michigan, the New York-based digital homeownership company said today.

The expansion makes BRE’s in-house brokerage available to homebuyers and sellers in 26 markets across 16 states, with plans to expand to 20 states by the end of 2021.

Unlike traditional brokers who work on commission, BRE licensed agents are salaried and incentivized to satisfy customers. Americans spent an estimated $86 billion in real estate commissions last year, according to Real Trends.

The company offers customers savings equivalent to 1% of the purchase price, along with a white-glove approach in helping its customers buy the house of their dreams. The refund is paid by BRE within 30 days of closing.

Uniquely, Better simplifies the home transaction process by also offering its customers mortgage and insurance services through Better Mortgage, Better Cover, and Better Settlement Services. BRE customers who choose to use Better Mortgage receive an additional $2,000 discount in lender credits.

“Removing friction and costs for consumers is a critical component for our customers in what is a complex, emotional, and expensive transaction — arguably the biggest financial transaction most of us will make in our lifetimes,” said Vishal Garg, Founder & CEO of Better. “Our goal is to democratize the American Dream of homeownership by making the process faster, easier, and cheaper for all, as the status quo is antiquated and in dire need of being replaced. That’s what we hope to accomplish as we continue our footprint across the United States.”

In addition to cost savings, Better’s technology-driven platform allows for innovative offerings that promote faster, more efficient real estate closings:

  • Better Closing Guarantee: Guarantees Better Mortgage customers will close on time. If there are delays with their loan or issues on Better Mortgage’s end that prevent closing on time, Better Mortgage will pay those customers $2,000 in lender credits.
  • Fast Pre-Approval & Closing: Customers who use Better Mortgage can get pre-approved in as little as three minutes and close 10 days faster than the industry average, all without commissions and fees.
  • Appraisal Guarantee: Ensures customers’ mortgages are funded at the original terms — including down payment, APR, and monthly payment — regardless of the final appraised value. Better Appraisal Guarantee boosts the odds of an accepted offer by more than 50%, creating a more successful and seamless transaction for all parties.

Over the last year, BRE has seen its customer headcount double, with over $8 billion in real estate transactions across its in-house brokerage and partner network.

Alabama and Michigan mark the 15th and 16th states in BRE’s nationwide expansion and come on the heels of tremendous growth for Better. The pandemic’s impact has driven demand for Better's digital solution, funding over $24.2 billion funded loan volume and 490% year-over-year growth from 2019.

To learn more about Better’s services, go to better.com.

Published
Aug 20, 2021
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