With iBuyers 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 these tools there are some who opt for the instantaneous, so it’s best to be aware of this new trend. Here’s what you need to know about iBuyers.
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 the 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.
Furthermore, 10 percent of all sellers use iBuyers, according to Keller Williams officials. They serve as a vital addition for agents to offer to their clients.
How to Stand Out
Some iBuyers, 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 and take into account the things that a home valuation software can miss. Agents are not just providing a helping hand in a potentially confusing process – their personal touch is key in standing out and creating a lasting agent-seller relationship. This, in turn, can lead to more referrals.
It’s good to stay aware of what people in emerging markets are looking for. Sellers that use these instant-offers services are often those with an urgent need to move, such as for a job. Another major group of users are those looking to flip a property.
iBuyers still need agents
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 need an experts’ advice on what is a good offer and what is subpar.
In any situation that your seller may be in, offering these services is key to giving your clients a variety of choices. Moreover, the use of more technology is a necessary step in keeping up and opening 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.
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