Real estate brokerage bails out buyers who lose jobs


Keller Williams Realty in South Florida is offering people who buy a home through the brokerage and then lose their jobs as much as six months worth of mortgage payments.

The program currently only covers home buyers with FHA, VA and USDA loans, but the company hopes to expand to include buyers with conventional loans.

The Florida Sun-Sentinel reports that "To be eligible, borrowers must qualify for unemployment benefits. Keller Williams is testing the program in South Florida but hopes to roll it out nationwide."

This is actually a really, really smart idea -- and one that will generate additional sales and market share gains that will make up for any payments that have to be made. Low-interest rates, high inventory and falling prices make this a great time to buy for a lot of people, but the recession has them worried about their jobs. The program will probably do great things for Keller Williams in South Florida and if they can work out the logistics, I wouldn't be surprised to see it expanded nationally.

Innovative compensation structures and marketing like this has helped Keller Williams to essentially come out of nowhere and become the third largest real estate brokerage in the United States, while also achieving strong consumer satisfaction numbers.