iBuyers Are Here - How to Leverage and Compete Against | NAR 2019 Joe Sesso
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iBuyers are companies that make cash offers to buy homes directly from homeowners. The top iBuyers are Opendoor, Zillow, Offerpad, Knock, and Redfin. IBuyers offer sellers convenience and a fast sale, but charge higher fees than selling with a real estate agent. For agents, iBuyers present both opportunities to gain referrals and disadvantages like lower commissions. The document provides strategies for agents to leverage and compete with iBuyers, such as being transparent with sellers, comparing iBuyer offers to the open market, advocating for sellers, and using advertising and referral partnerships.
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iBuyers Are Here - How to Leverage and Compete Against | NAR 2019 Joe Sesso
8. Notice the 7.5% “Service Fee”
Offerpad - “offer” before
inspection
9. ● Home sells fast
● They can choose their closing date
● All cash transaction
● Eliminates stress of open houses
and showings
iBuyer - Seller Advantages
10. ● Lower sales price + higher fees =
Lower Net Profit
● It’s not an “as-is” sale
● Seller still pays closing costs
● Higher fees than selling w/agent
(11% average)
iBuyer - Seller Disadvantages
“The cost for convenience”
11. ● Time Value
● Stress Value
● Reduced Cost
iBuyer - Agent Advantages
12. ● Reduced Commission (1% referral fee)
● Same expense value for lead
● No resale opportunity
● Lost marketing opportunity
iBuyer - Agent Disadvantages