orchard (formerly Perch) is a real estate company offering homebuyers who require selling their current homes prior to moving into a new one a unique service called Move First. Through its “Move First” program, orchard helps homebuyers access equity from their current properties in order to cover down payments on new properties; orchard then takes over selling of old house without any complications.
Orchard will start by conducting a complimentary valuation of your home to assess its current market value, then help you make your choice between working with “Move First” or traditional commission-based selling options. Once this decision has been made, they’ll connect you with a local realtor so they can get things rolling!
Orchard offers two moving services; move first helps you find a home to purchase with non-contingent offers on it, then once that new home has closed they buy your existing one at its initial valuation for guaranteed cash offer based on initial valuation of property.
Orchard will then prepare and list your home, scheduling all showings. If it doesn’t sell within four months, you’ll have the option of accepting or withdrawing it from listing altogether.
Orchard can take care in staging and repairing your home before listing it on the Multiple Listing Service (MLS), then promote it to prospective buyers through multiple marketing channels and their network of brokers who can provide additional marketing support.
Homeowners who choose Orchard as a way of selling their homes will pay a brokerage fee between 5-6%, comparable to what a traditional agent might charge, in addition to additional program fees that may apply.
While many home sellers enjoy working with Orchard, it is important to remember that this company only operates in certain markets. If your house isn’t one of these markets, other options are available such as discount brokers and agents who can provide similar services at lower costs.
Orchard, established in 2017 and having raised $257M from investors like FirstMark, Revolution Capital, and Navitas Capital; has a valuation of $1B and competes against companies such as FlyHomes, McMakler and Opendoor.
Orchard’s business model centers around its promise of guaranteeing the sale of your home, which may make some consumers suspicious. But its track record for transparency and professionalism helps ease consumer worries; additionally, Orchard’s experienced local agents have an impressive track record helping homebuyers and sellers navigate the real estate process successfully. Customers who have worked with Orchard praise its simple process with quick cash-backed offers as well as shortening home listing time on market; yet some users have expressed displeasure with agents of Orchard or its agents or high fees charged by Orchard.