One of the biggest advantages of home ownership is that, over time, homeowners build equity, which is the difference between a home’s market value and what is owed on the mortgage. Accessing that equity helps homeowners pay for other life expenses, such as college tuition, opening a small business or paying off high-interest debt. Unfortunately, many homeowners face financial hurdles that prevent them from converting equity into cash. EasyKnock, the New York-based real estate technology company, seeks to provide solutions to this challenge.
Traditional methods of accessing home equity often require homeowners to move or take on new debt through home equity lines of credit, home equity loans or by refinancing their home. In many cases, too-low credit scores or an unfavorable debt-to-income ratio prevent people from getting loans, and refinancing is not an attractive option in a time of higher interest rates. EasyKnock’s innovative sale-leaseback programs provide alternatives.
EasyKnock’s residential sale-leaseback solutions allow homeowners to sell their property to EasyKnock while continuing to live in it as tenants. This arrangement can provide immediate cash and financial flexibility without the disruption of moving.
EasyKnock offers customers two main sell-leaseback options. Both take an arrangement that has existed for decades in commercial real estate and apply it to residential real estate.
- Sell & Stay allows homeowners to convert their home equity into cash while remaining in their residence as tenants for up to five years. During that period, they have the option to repurchase the home or direct a sale on the open market where they can realize all further appreciation.
- MoveAbility offers homeowners who plan to relocate cash and time. By selling their home to EasyKnock and remaining as tenants, customers are able to access cash for that next home while removing the need to time the market with short term housing and multiple moves.
EasyKnock’s Partnerships With Agents, Lenders Enhance What They Offer
Central to EasyKnock’s success are the strategic partnerships with real estate agents, brokers, lenders, and other industry stakeholders. These collaborations enable EasyKnock to offer customers comprehensive support and flexible financial options, guaranteeing they receive the best possible outcomes through a network of trusted professionals.
Real Estate Professionals
Real estate agents and brokers play a crucial role in EasyKnock’s ecosystem. Partnering with EasyKnock allows them to offer clients an alternative financial solution, giving them the option of converting their home equity without moving out of their home.
This partnership broadens what real estate agents can offer their clients while providing alternative solutions to homeowners’ financial needs.
Agents and brokers assist homeowners by introducing them to EasyKnock’s programs as alternatives to home equity loans. They provide detailed explanations of the sale-leaseback solutions, outline the benefits and processes, and help assess eligibility based on the homeowner’s financial situation and specific needs.
Once a homeowner decides to proceed, agents and brokers work the EasyKnock team to facilitate the sale-leaseback process and help each homeowner to manage the transition to becoming a tenant.
When the homeowner sells their existing home to EasyKnock’s MoveAbility program, they receive cash they can use to make more competitive offers on their next home. This allows agents to help clients stand out in a crowded market, as well as reduce rejection and buyer fatigue. It also allows people to transition from one home to the next without having to deal with temporary housing hassles.
The partnered real estate agent or broker also benefits when a client decides to sell their home on the open market, as the client can choose to continue working with them for the sale.
Virginia Broker Highlights EasyKnock’s Client Impact
Sarah Moorman, chief operating officer of Sampson Properties in Chantilly, Virginia, highly recommends EasyKnock. With decades of experience as a real estate broker, Moorman values EasyKnock’s ability to give people fast access to home equity without the need to move.
She recounted the experience of helping clients Andrew and Christine McElwain, who needed more space and sought a change from their high-cost, congested area. EasyKnock enabled the McElwains to convert their home equity quickly, allowing them to make a competitive noncontingent offer on a new home. The process, completed in five weeks, included moving out, and listing it.
Moorman praised EasyKnock for providing a solution that differentiated her services in the market and helped her meet her clients’ needs. She strongly recommends EasyKnock to other agents for its ability to enhance client satisfaction and competitiveness in the market.
Lenders
Lenders can refer clients who may not qualify for home equity lending products to EasyKnock for tailored solutions. By collaborating with EasyKnock, lenders are able to provide a broader suite of solutions to their audiences. With lenders increasingly strict lending criteria, partnering with EasyKnock enables them to provide solutions for those for whom they could not otherwise serve.
EasyKnock offers flexible criteria with no credit or debt-to-income requirements, provides liquidity and removes contingencies, enhancing clients’ offers in competitive markets. It helps clients secure preapprovals by providing cash for paying off debt, and potentially improving credit and DTI ratio.
Innovative Partnerships for Financial Well-Being
In addition to partnerships with real estate professionals and lenders, EasyKnock collaborates with companies like Piñata, the most popular credit building platform in the country, to help customers improve their financial standing. Through this partnership, positive rent payments are reported to credit bureaus, which helps to enhance customers’ credit scores. With this collaboration, customers have access to better financial planning tools.
While EasyKnock is not a credit counselor or financial planner, these partnerships allow the company to offer resources that help customers improve their financial health, with the ultimate goal of enabling them to repurchase their homes.
EasyKnock and Partners: Revolutionizing Home Equity Access
EasyKnock’s residential sale-leaseback solution exemplifies its forward-thinking approach to home equity management, enhanced by its partnerships. EasyKnock has built a network of professionals dedicated to helping homeowners achieve financial freedom.
Beyond business arrangements, these partnerships drive EasyKnock’s ability to attune to local markets and deliver tailored solutions. The company leverages the expertise of local real estate professionals and gains invaluable insights into community-specific needs and trends, which allows each owner to receive a personalized experience. Partners contribute not only their market knowledge but also their dedication to enhancing client satisfaction.
EasyKnock’s Origins
Founded in 2016 and headquartered in New York City, EasyKnock offers innovative residential sale-leaseback programs that allow homeowners to unlock their home equity without moving. With flexible criteria and no credit or debt-to-income requirements, EasyKnock provides solutions like Sell & Stay and MoveAbility to meet diverse needs. EasyKnock delivers comprehensive support and financial flexibility, empowering homeowners across the U.S. to achieve their financial goals. For more information, visit easyknock.com.
