If you start your own program, you can compete with other iBuyers.
Should you work with iBuyers? They’re increasingly common in our market, but it may be possible to use them to our advantage.
First off, what is an iBuyer? They’re institutional buyers that make cash offers on properties with no strings attached. Zillow, Opendoor, Redfin, and similar companies are all iBuyers. They’re creating disruption and confusion in the marketplace for sellers. Often, sellers don’t realize that iBuyers’ offers are usually below what they could get on the open market. Therefore, they end up leaving a lot of money on the table.
Because of this, I recommend you create your own iBuyer program. Fortunately, eXp has an express offers program, so I’m already set up with a great program. However, even without this luxury, you should set up a program for yourself.
This way, you can get in touch with sellers who want to sell to an iBuyer and make your pitch. If a seller you’re working with wants to sell to an iBuyer, let them know that you offer the same program. Plus, inform them about what they can actually get for their property on the open market; they’ll usually be surprised.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help.