iBuying is a relatively new concept. However, it is still causing a pretty large impact for the real estate industry. In 2018, the United States saw about six million home sales. Almost 10% of these sales were dealt with by iBuyers, and real estate experts believe that this percentage is likely to increase in the future. Around 75% of surveyed consumers claimed that they would be willing to agree to a lower profit in exchange for a more convenient transaction.
In the real estate business, homeowners provide some information about their home to iBuyers. The iBuyers then counters with a cash offer within the next couple of days. It makes the selling business a lot easier on both ends. There are no open houses, no staging needs, and no negotiating back and forth. The seller can either take the offer on the table or turn it down. The offer will often be lower than what a seller might receive if they list their home in the traditional way, but many sellers are fine with this. They enjoy the ease and convenience of selling their home in just a couple of weeks or even less. Many companies are now offering iBuyers trade-in options in order to get buyers into their new homes quicker. iBuying may still be a new concept to some, but this industry has been growing and expanding in the past few years.
Of course, many real estate agents must compete against the process of iBuying to stay in the business. What can be done?
Offer a personal touch- While iBuying is convenient, it is still an impersonal service. A real estate agent can attract and keep customers by providing emotional connections and shouldering the most stressful aspects that come with buying and selling a home.
Help guide the home buyer- Buying a home can be a confusing process for many people. Professional real estate agents can use their expertise to guide the buyer through the process.
Prepare for the sale- An agent can help the seller by matching them up with staging experts and introducing them to home inspectors.
Promote a hands-on approach- Many buyers and sellers still want the personal effort that comes from hiring a professional agent. They want a hands-on experience that keeps them informed every step of the way.
Embrace technology- As millennials are starting to dominate the home buying and selling business, staying up-to-date with the latest technological advances is important. A large percentage of buyers and sellers turn to apps and websites for their needs, so having a responsive website is a crucial part of staying in the game. The real estate agent must have a website that functions well on a smartphone, not just a computer. With advanced technology, agents can even offer drone videos, 3D tours of the home and property, and interactive neighborhood apps.
While iBuying is becoming a big part of the real estate world, agents can stay relevant with the above tips. Customers are still looking for that personal touch when it comes to buying and selling, and agents have the ability to hone their skills to give their customers the best experience ever.
