One of the ironic parts of "Homie" is that they're value proposition depends on existing real estate agents. They claim to charge sellers $1,500 to list and no

One of the ironic parts of "Homie" is that they're value proposition depends on existing real estate agents. They claim to charge sellers $1,500 to list and no more. Sounds good so far. How do they get buyers? They claim to give buyers $5,000 back at closing. Cool, but where does that money come from you might ask? The FAQ's imply by only buying listings currently available with a traditional real estate agent. Exact wording from their FAQ's: "If a non-Homie seller has listed their home on the MLS, they’ve agreed to pay a buyer agent commission (BAC), usually around 3% of the price of the home." The more sellers choose them, the less successful they will be at attracting buyers. That's why so many of these "Billion dollar disrupters" go under. They need the existing system to succeed.