Better.com, a digital mortgage lender that is set to go public later this year, unveiled Thursday another expansion of its in-house real estate group, one that has a unique business model in the world of brokerage.
The seven-year-old, New York City-based company will also soon provide an instant cash offer program to homesellers, said Christian Wallace, Head of Real Estate Services at Better. Wallace, a former regional sales manager for iBuyer Opendoor, said that Better would provide more details on the instant homebuying program in the coming weeks.
Meanwhile, Better has expanded Better Real Estate into Alabama and Michigan, the 15th and 16th state the company’s real estate arm has entered.
Real estate brokerages announce geographic expansions all the time. But since agents are usually independent contractors, who in many cases pay the brokerage to use their branding and resources, the company’s financial commitment is often unclear.
However, Better’s expansion will require hiring dozens of agents who are salaried employees, receiving base yearly pay of $70,000 plus health care and retirement benefits, Wallace said.