New competition has entered the commercial real estate tech scene now that Solutionstar has been relaunched. The firm, which is a subsidiary of Nationstar, has been re-launched as a real estate search and transaction platform and could prove to be a serious competitor to firms such as Realtor.com and Zillow. Renamed as Xome, Solutionstar will feature an online portal, Xome.com. Capitalizing on the ability to provide users with a completely innovative digital experience, Xome can be accessed on mobile devices. In addition to giving consumers the opportunity to search for properties from any location at any time, Xome also features best-in-class data, giving users access to more than 85 percent of active MLS listings across the country.
New Features Offered by Xome.com Portal
The process of finding the right property can be challenging, especially for first-time buyers. With the Xome portal, customers are guided through every step of the process, including receiving assistance in locating an agent, obtaining a loan, searching for a property, and closing the transaction. Xome even provides customers with a dedicated customer service specialist who is available to provide answers to any question that customers might have. As a result, Xome customers will be able to do everything in one place, giving them access to a true one-stop for their property buying needs.
Sellers are not left out of the equation, as the Xome.com portal is also slated to include a cutting-edge automated property valuation model. Extensive data provided by Real Estate Digital will also be used to fuel the portal, thus providing the basis for a dynamic property price predictive model. In the past, the accuracy of property valuation tools used on many other sites has been called into question by agents as well as buyers and sellers.
Valuation services provided by Xome.com include several options, such as appraisal, BPO, and automated options. Xome.com reports it currently performs about 30,000 broker price options per month using integrated national MLS data.
Newly Relaunched Portal Is Re-Imagining the Real Estate Marketplace
Over the past several months, Solutionstar has taken a number of steps in order to prepare for the relaunch, including adding several senior executives. Among those executives is a new chief executive officer, Kal Raman, who previously served as CEO for Groupon's Asia Pacific region. Xome.com's office and CEO are based in Bellevue.
The move to relaunch as Xome by Nationstar came following a $48 million loss posted by the company during the first quarter of this year. By rebranding Solutionstar as Xome, Nationstar stated it hoped to re-envision the residential real estate marketplace. Xome.com differs significantly from sites such as Zillow by not requiring agents to pay when they receive leads. Instead, the site is based on a pay-for-performance model. Zillow does not actually sell leads, but does generate revenue through advertising. Despite that model, Zillow has recently reported a loss of more than $58 million. With the launch of Xome.com, Zillow could face even more competition.