Another new site has launched on the Internet that appears to attempt to circumvent the professional real estate agent by acting as a conduit through which buyers and sellers may find each other directly.

The site is HomeMagnet. Its creators are not listed on the site and no corporate parents are identified.

A company statement said it is based in Texas and "is funded by angel investment." Advertisers, however, include E-Loan, insweb, HomePriceCheck and LendingTree.

The site is currently focusing on the Houston area but says it will soon go national and even international.

According to a statement by an unidentified spokesman, "HomeMagnet.com has reinvented the way to find or sell a home. This is how it should have been done all along."

"Instead of waiting for a for-sale sign to pop up in front of their dream house, buyers can now be more proactive. HomeMagnet users are a step ahead of the buyers that use traditional home-seeking methods."

The statement adds that, "HomeMagnet allows homeowners to view the level of interest in their specific home or neighborhood before listing the house with a real estate agent. Now, every home is on the market because homeowners and buyers can assess interest without the commitment required in the traditional real estate agent-driven process. Homeowners can decide to sell or not to sell without advertising that fact to the public."

The site guarantees anonymity to both buyers and sellers.

Home buyers may log their preferences into the site - such as what city, neighborhood or even a specific home - they'd like to buy. The site then checks availability in the neighborhood - in the case of a specific homes, will solicit the owner. Information is then relayed back the buyer.

Likewise, sellers may notify the site that their home is for sale and the site will attempt to match them with buyers who already have logged in their preferences.

The site's Frequently Asked Questions section emphasizes that HomeMagnet is not affiliated with any real estate agency or Realtor association.

"HomeMagnet simply facilitates communication and is not a Realtor, nor does HomeMagnet work for or take any commissions from any real estate agency," it says. But, it adds, "HomeMagnet is building a list of select real estate affiliates and attorney affiliates that can help you finish the transaction in case you decide that you need some help in doing so."

The site does not, however, necessarily discourage users from using real estate agents: "HomeMagnet lets you decide whether or not to use a Realtor. We place the control in your hands -- start to finish."

Attempts to contact the site via e-mail were not immediately successful.

Published: March 7, 2000

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