Orchard is a trade up brokerage that guarantees the sale on a buyer's current home so they can buy a new one. Orchard also offers standard buy and sell brokerage services. Orchard is owned by one corporate entity and does not operate franchises in the US.
Buyers who also need to sell a new home use Orchard to find a new home. When the buyer is ready to purchase, Orchard helps the buyer make a cash offer on the new home. The buyer can move into the new home while Orchard will then try to sell the buyer's existing home. If Orchard does not sell the home, it will buy the home at a pre-agreed price. Buyers and sellers can also independently work with Orchard to buy or sell their home. In those cases, Orchard provides the buyer or seller with an agent team who helps them with every stage of the process for buying and selling.
Orchard charges a 6.0% commission for helping on both the buyer or seller sides of a transaction.
Orchard primarily generates revenue through real estate commissions from buyers and sellers paid on a successful home purchase or sale. Orchard also generates money through ancillary services such as mortgage, home insurance, title insurance. On homes Orchard purchases as part of its home sale guarantee, it may also generate revenue from the home price appreciation between the price it purchased the home for and the price it ultimately sells the home for.
Orchard is privately held. Orchard was previously called Perch and changed its name in January of 2020.
Orchard employs agents as full-time employees. As a result, agents are paid a salary and smaller sales commission by the brokerage rather than being paid entirely based on sharing commissions via a traditional commission split.
Orchard employs agents as full-time employees rather than independent contractors.