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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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with iBuyers Are Here How to Leverage & Compete Against with Joe Sesso

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National Speaker, Executive Director of Sales Joe Sesso

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What is an iBuyer? iBuyer Basics

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iBuyers Are Here - How to Leverage and Compete Against | NAR 2019 Joe Sesso

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● OpenDoor (over 50,000 purchases since 2013) ● Zillow ● Offerpad ● Knock ● Redfin (only 2 markets) ● Homelight ● Local investors Who are the iBuyers

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Where are they? ● OpenDoor (20 markets) ● Zillow (15 markets) ● Offerpad (12 marets) ● Knock (5 markets) ● Redfin (2 markets) *As of May 2019

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iBuyer Process Homeowner requests an offer iBuyer submits cash offer Initial offer based on market estimate (AMV) Offer includes a Service Charge up to 12% iBuyer does a home inspection and may add a repair fee

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Notice the 7.5% “Service Fee” Offerpad - “offer” before inspection

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● Home sells fast ● They can choose their closing date ● All cash transaction ● Eliminates stress of open houses and showings iBuyer - Seller Advantages

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● 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”

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● Time Value ● Stress Value ● Reduced Cost iBuyer - Agent Advantages

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● Reduced Commission (1% referral fee) ● Same expense value for lead ● No resale opportunity ● Lost marketing opportunity iBuyer - Agent Disadvantages

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What can Realtors do? iBuyers are here to stay

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5 Steps to Leveraging iBuyers Kenny Klaus Top Phoenix Realtor

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iBuyer Strategies

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Be Transparent

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40% of sellers in Phoenix receive an iBuyer offer Lead the Conversation

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Compare iBuyer vs Market side-by-side

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Be Your Seller’s Advocate

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● Leverage Your Relationships ● Offer a Line of Credit ● Be the iBuyer Yourself ● Show them why Your marketing stands out! Other iBuyer Strategies

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Local Connect ● Advertising within search results ● Click to Call on Mobile ● Potential Sellers Requesting a CMA

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City Sponsor ● Combat banner blindness ● Always third spot ● Found with the search results. Right where the consumer is looking!

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● Advertise your listings and your business ● Customizable call to action New City Sponsor

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Custom Examples

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Preferred Listings ● Branding on the search results ● Protect listings from other advertisers ● Phone number displayed on the lead form

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Secrets of Top Selling Agents Book Volume II Coming in 2020! go.homes/secrets2 FREE with Purchase!

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Simply Smarter Home Search

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iBuyers Are Here - How to Leverage and Compete Against | NAR 2019 Joe Sesso

Editor's Notes

  1. https://www.dropbox.com/s/x0ez96koak5oktp/IBuyer.pdf?dl=0