Requity for Agents | Close more real estate deals

"Requity Homes has been an excellent business partner to work with. The fact they are looking out for the buyer and wanting to HELP EVERYONE get into their first home and become homeowners is fantastic! They are filling the gap for first time homebuyers."

Dave Kadun

eXp Realty Saskatchewan

“Requity Homes offers absolutely incredible service and support. Very personable and professional. They reached out to me looking for a local partner here in Sault Ste. Marie. We met via zoom and we instantly connected. They see a problem in the housing market that affected so many qualifiable buyers being turned down by lenders for not meeting all their current lending criterias. They discovered a way to bridge the gap from being stuck paying ridiculous rental rates to affordable home ownership. This is a company that actually cares and to me that speaks volumes.”

Tracey Rutkauskas

EXIT Realty Lake Superior
President (2021), Sault Ste. Marie Real Estate Board

"Requity is a great rent-to-own option for would-be buyers that are having a difficult time obtaining a mortgage on their own. My first referral to Amy was successful and relatively painless, and my clients were able to secure a home they loved even in a competing offer situation. Amy responds quickly, is very knowledgeable about the product/service that her company offers, and truly does care about the buyers she works with. As a licensed real estate agent, I'm always looking for alternative options for my buyers, and Amy makes the rent-to-own process easy and transparent. I won't hesitate to refer future buyers to Requity!"

Jennifer Parsons

eXp Realty Sault Ste. Marie

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Basics

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Home shopping & budget

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Offer / bid process

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Commission

How can I partner with Requity Homes?

Sign up via our partner portal so that you can start inviting your clients to apply for our rent-to-own program. You can track the status of all your referrals through our portal and support your clients every step of the way.

As a referral partner, you can refer clients who aren’t mortgage ready today, but might be a great fit for our rent-to-own program. Once Requity Homes closes on a home for your clients, you will get your full commission.

If you have any questions, please reach out to us at partnerships@requityhomes.com.

Do you offer partner onboarding sessions?

Yes absolutely. You can also schedule one-on-one sessions via email (partnerships@requityhomes.com).

If you are a real estate brokerage owner or mortgage brokerage owner and would like us to come by your office and do a training session for your team, please reach out to us at partnership@requityhomes.com

Do you provide training and marketing resources?

Yes. Our goal is to help our partners succeed in helping their clients get into homeownership sooner. We can provide one-on-one training and marketing resources to help you get more clients.

What do I get by partnering with Requity Homes?

By partnering with Requity Homes, you can turn your unqualified leads into homebuyers sooner, earning full commission with each deal.

How does Requity Homes’ rent-to-own program work?

Our mission at Requity Homes is to create a fair and flexible alternative path to homeownership through our modernized rent-to-own program. We help renters move into their dream home today, build their credit and down payment every month and sell the home back to them at a predetermined price.

Who are the target customers for Requity Homes?

Requity Homes’ rent-to-own program is ideal for aspiring home buyers who aren’t mortgage-ready today due to fair credit score, being self employed, new to the country and/or lack of 20% down payments.

Check out our customers’ success stories here.

What homes are eligible for the Requity Homes’ rent-to-own program?

We can purchase almost any homes listed for sale publicly or privately in the areas we operate. Here is a list of specific requirements:

Condition: The home needs to be move-in ready. We cannot purchase any homes if it’s not habitable.
Type of homes: freehold single-family homes and townhouses
Areas: We operate in Northern Ontario (Thunder Bay, Sault Ste. Marie, Sudbury and North Bay), Saskatchewan (Regina & Saskatoon), Alberta (Calgary & Edmonton), and Manitoba (Winnipeg).
No rural properties
No leasehold or modular homes
No condominiums or cooperative housing
Homes have to be on municipal water and sewerage
Home price range: $150k-$600k

Once your client has been qualified and we've identified how much they can afford, they can start visiting places with you as our partner agent or their own realtor.

How do I estimate a customer’s budget?

Requity Homes will provide customers with their recommended maximum home price budget after the full approval.

Our home approval budget is based on a maximum debt-to-income ratio of 50%.

How much down payment is required to start the rent-to-own program?

The down payment required to start the program varies from 2-10% of the initial home price. The exact amount required will be determined during the full approval process and depends on the financial profile of your client.

Generally speaking, for low risk clients whose credit score is 680+ (exceptions can be made for thin credit files) with less than 40% debt-to-income ratio, we can help them start the program with as low as 2% down with the goal of saving toward 5% by the end of year 3 (our standard rent-to-own term).

For high-risk clients who were recently discharged from bankruptcy or consumer proposal, they will need to provide 10% down to start the program with the goal of saving toward 20% by the end of year 3 (our standard rent-to-own term).

The dynamic pricing model is to ensure our clients have the high likelihood of qualifying for a mortgage at the end of rent-to-own term so that they can transition from renting to owning the home.

How do you determine monthly rent-to-own payments? How does the extra savings work?

We have a calculator that helps you estimate the monthly rent-to-own payment. Generally speaking, there are two components with the monthly rent-to-own amount.

Rent Payments: Our rent payments are in-line with the market rent for single-family homes. Generally the higher the home price, the higher your rent will be. The higher the initial down payment, the lower the monthly rent payment
Savings: This amount is calculated based on the down payment savings goal at the end of the program and the initial down payment provided at the start. Generally, the higher down payment upfront, the less monthly savings required.

Is there a fee to use your rent-to-own program?

As long as clients buy back the home, there are no extra fees. Both the initial deposit and cumulative monthly savings will count as down payment and will be credited toward the final buyback price.

The rent clients pay every month is in-line with the market rent and doesn't count as down payment. The amount going towards rent and savings will be clearly defined to clients from the outset of the program.

In the event that clients decide to not buy back the home at the end of the rent-to-own term, both the initial deposit and cumulative monthly savings will be fully refunded minus a transaction fee equal to 5% of the original home price.

How do I initiate an offer to purchase agreement?

If your client finds a home they like and would like to initiate an offer, please send us an email to offer@requityhomes.com with the subject property MLS listing along with the comparable homes sold in the area in the past 6 months.

Our team will review the comparables and discuss the bidding strategy and key terms with your client within 48 hours. After obtaining your clients’ consent in the bidding terms, we will email you the instructions for offer preparation.

How does Requity Homes determine the offer price?

We will work with you and the client closely to determine the offer price based on the most recent comparables and overall marco environment. As much as we’d love to help our clients win the offer, we also want to make sure we don’t overpay for homes due to the customer’s urgency or seller’s expectation. Our goal is to bid responsibly with discipline.

What conditions do you need?

Generally we need financing and inspection conditions included in the offer for 10 business days.

Who will be responsible for satisfying these conditions?

Clients will be responsible for inspection costs. You will help clients arrange for an home inspection appointment. If there are any major issues identified during the home inspection, we might walk away from the home or negotiate with the seller to see if they’re willing to repair these deficiencies.

Requity Homes will be responsible for financing conditions. If the appraised home value comes in lower than the offer price, we might walk away from the or negotiate with the seller to see if they’re willing to reduce the price.

Requity Homes’ closing team will be working with clients closely and obtain their consent before removing conditions.

When do I get paid as a referral partner?

You will get paid within 10 business days after Requity Homes closes on the home. If you don’t receive the commission on time, please email us at finance@requityhomes.com.

Partner with Requity today!

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