With instant-offer home listing services like Opendoor and Redfin part of the mix, you may be considering new ways to integrate technology and ala carte services in your business. Although not every seller will want to use this type of tool, there are sellers who opt for the instantaneous, so it’s best you’re aware of this new trend. Here’s what you need to know about iBuying services.
Getting on board
You may have seen signs at busy intersections that say, “Sell your house for cash NOW” or commercials about companies that will buy a sellers’ home in any condition. These are tactics that have been around for many years, but more recently companies are utilizing new technologies to leverage them. One notable real estate agency that has tapped into this trend is Austin, Texas-based Keller Williams Realty. Although they are currently launching the “Keller Offers” service only within the Dallas-Fort Worth market, they plan to expand the program to nearly eight other major markets by the end of 2019.
While officials at Keller Williams say the share of sellers who use the iBuyer method is roughly 10 percent of all sellers, it serves as a vital addition for agents to offer this unique service to their sellers.
Some services, like Opendoor, utilize their own home valuation analytics software in which an instant offer is made based off the estimation. The Keller Williams service goes a step further, offering an agent to both act as a trusted guide through the process and take into account the characteristics of a house that an analytic home valuation software may miss. This means that not only are agents providing a helping hand in a process that can be confusing for sellers, but also personal touch is key in not only standing out but also creating an agent-seller relationship that may turn into more referrals.
Sellers that use these instant-offers services are often those with an urgent need to move, perhaps prompted by a recent job relocation. Another major group of users of these services are those looking to flip a property.
The technology that comes with iBuyer services often utilizes algorithms and local market data as indicators for price points. Although these programs are becoming more prevalent, the role of an agent is still ever-present. Most sellers will need an experts’ advice in the selling process on what is truly a good offer and what is subpar.
In any situation that your seller may be in, having these additional services as a part of your business operations is key in giving your clients a variety of choices. Moreover, the use of more technology is a necessary step in being more tech-savvy and able to open more communication channels with potential clients. To learn more on better serving your sellers, start your seven-day free trial of AgentEDU and gain access to our “Representing Sellers” course.