Selling your home is one of the difficult, complex yet an important task in your life. The traditional procedure includes preparing and cleaning your home, listing and marketing your home until you get the right kind of offer. These procedures are the things of the past with the arrival of a new iBuyer wave. Now selling your home is as easy as clicking the mouse with the use of technology. Let me brief you about iBuyer companies.
iBuyer companies are those companies that incorporate technology in their business model to buy homes right away from the house owner. In the iBuyer setup, the seller does not need to hire an agent, list their homes, stage and market them or even show them every time a potential buyer came. Contrary to that, iBuyer companies get the information from sellers regarding the condition, age and zip code of the property, after which they apply different algorithms to calculate the future value of the property. The offer value to the seller based on their calculations and if they accept, they can get their sale amount within a week. iBuyer companies have revolutionized the process through which buying and selling of homes took place, making it more convenient and simple.
Best iBuyer Companies and their Business models
There are different iBuyer companies operating right now in the market. The main idea is the same but the operations can vary from company to company.
Opendoor is considered to be the first iBuyer company that started its working back in 2003. Opendoor can sell and purchase a home in almost twenty states in the USA. This company has generated a system that evaluates the property quickly and makes an offer immediately. Homeowners can accept the offer that is normally higher than they would get from a real estate broker. The prime objective of Opendoor is to bring liquidity in the real estate industry. They charge only 7% commission per transaction.
Knock business model is slightly different than Opendoor. Knock serve those people that try to sell their old homes to buy their new home. Knock conduct a 200 point inspection on the home and then list them on popular listing portals. If the home doesn’t sell in some weeks then Knock offer a rate slightly lower than the market value. After buying the house, Knock sells it ahead and if they made a profit on this, they compensate their clients. In this way, they help their clients look for new homes.
3. I Will Buy House
The duo of Alexander Romanov and Viktor Rybachuk, Co-founders of I Will Buy House can get you money in 24 hours. The main edge in this IBuyer Company is that the client doesn’t need to spend a dime on the closing or make repairs on the property.
4. Zillow Instant Offers
Zillow just entered the market and everybody is not happy with this move. They were basically a real estate broker and agents group that entered into buying and selling of a home. They are saying it is just a test but same time contracting with the industry-leading outlets to expand the sector.