We get it. Co-sponsoring with an agent or lender can raise a few questions.
We're here to help! Once you get through this article, you’ll better understand how cosponsorship works and what a cobranded report looks like.
Can agents and lenders cosponsor more than one person?
Agents can be cosponsored by one lender at a time. They can join Homebot without a lender, but some features will be inaccessible. Check out this article for more on the benefits of working with a lender.
Lenders can cosponsor an unlimited number of agents, each for an additional cost. We offer tiered pricing when cosponsoring five or more. Check out this article to learn why you should be a lender cosponsor.
Cost of cosponsorship:
The lender pays a co-sponsorship fee of $25/month per agent (unless otherwise stated). That price will stay the same regardless of the agent's number of clients. The first agent co-sponsor is included!
To be on Homebot with a lender, the agent pays $25/month for 500 clients. After that, it’s an additional $10/month per 500 clients.
Agents may choose the freemium option, which allows 25 clients and is free for the lender and agent. This option also waives the set-up fee. More on freemium here.
Does the lender’s co-sponsor fee allow them to view the agent's database?
No, databases are entirely separate. The lender will, however, be able to see the agent's 30-day performance, as shown in the image below. Lenders can view how many clients an agent has and how well the email performs each month from the CO-SPONSOR tab.
What happens if the lender and agent add the same client to their separate accounts? Will that person receive two reports?
If the agent and lender have the same person in their account, we automatically consider them a shared client. In this case, the reports coming from the lender will be paused and only sent from the agent since the lender's contact information is displayed within the reports. We can automatically make the connection based on the client’s email and home address, so there's nothing for either party to do.
What does a cobranded report look like?
When a lender and agent are connected on Homebot, the lender is featured in the refinance and equity explorer modules of the homeowner report and the pre-qualification section of the buyer's report.
The images below are examples of an agent report featuring the lender throughout.
This first image shows the agent's branding at the top of the report:
The following two images show an example of the refinance module where the lender is mentioned and where their contact information is displayed:
Below is an example of a cobranded pre-qualification section of the buyer's report:
What happens when an agent’s client asks a financially focused question through a co-branded Homebot report?
If an agent's client clicks on the pink chat bubbles (see above image) in the refinance, equity explorer, or pre-qualification modules, the agent and the lender will receive an email notification. Either can respond to the client by simply replying to the email. If the client is working with a different lender, the agent must communicate that to the lender outside the platform.
Is the agent featured on lender reports?
No, agents are not featured on the reports sent by a lender.
How do agents and lenders connect on Homebot?
The Lender can invite the agent from the “Agents” tab within their account OR vice-versa-- the agent can invite their prospective lender through the "Cosponsor" tab. Once the receiving party accepts, they’ll be connected!
What happens if an agent or lender wants to end the cosponsored relationship?
If either party wants to remove the other, this can be done easily by sending customer support a direct message. Once unpaired, the agent can invite the new lender they choose to work with through their "cosponsor" tab.
When a lender disconnects from a real estate agent, the agent is promptly notified, allowing them time to secure a new lender before the start of the next billing cycle.