Rocket Mortgage is just one company in a broad ecosystem of Rocket Companies that comprise the newly public entity that used to be called Quicken Loans.
The stock trades under the ticker RKT, and has a market cap of $35 billion, which is at least a few multiples bigger than most publicly traded mortgage and real estate brokerage companies. This is notable for investors.
Notable for home consumers is how Rocket is working toward a one-stop shop where you can buy, finance, and sell your home.
Most people know about Rocket Mortgage thanks to its $1+ billion per year marketing budget that’s made it a household name. But Rocket Homes has the home buying and selling features built in.
This was born out of Rocket Mortgage (formerly Quicken Loans) connecting with homebuyers to pre-approve them for a home purchase loan before these folks had a realtor. So what was happening is that they’d get pre-approved for the loan, then go find their own real estate agent, then the real estate agent would refer them to a new lender, and Rocket (formerly Quicken) would lose the deal.
So they set up a network of realtors they could refer all of these pre-approved borrowers to and Rocket Homes was born. The consumer gets a singular experience, and Rocket Mortgage doesn’t lose a client they already pre-approved.
Now Rocket Homes is WAY more advanced than just referring pre-approved borrowers. They announced a bunch of forthcoming Rocket Homes services this week, and the link below has details on these services.
Rocket isn’t the only company working toward one-stop shop homeownership, but they have a ton of resources, and have been working at it for a long time.
It’s incredibly complicated to bring home buying, financing, and selling together into a cohesive consumer experience. And it’s even harder because of regulations that aim to protect consumers from different real estate services profiting from referring business to each other (this mostly falls under the RESPA ruleset, overseen by the CFPB). But Rocket is among the pioneers doing all of this correctly.
Please comment below or reach out directly if you have any questions.
With Rocket Homes, home buyers and sellers are empowered to take control of their real estate experience while also having opportunity to save thousands of dollars. Here’s a briefing from Rocket Companies on all the services people can use to finance, buy, and sell their homes.