How to put the iBuyer model to work in your business

Phoenix broker Byron Short shares his winning strategy

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For more than two decades, a few bold real estate agents have promised, “If I can’t sell your house, I’ll buy it!” We Buy Ugly Houses was the first company to take this model national. Today, the next reincarnation of this model -- iBuyers such as Opendoor and OfferPad -- are often viewed as a threat rather than potential collaborative partners that can help agents close more transactions. How the iBuyer model works Both Opendoor and OfferPad have entered the market that We Buy Ugly Houses has dominated for years. Each of these companies promises to simplify the homeselling process while also creating liquidity in the market. They make a fair offer on the owner’s home and allow the owner to select the closing date. The advantages? No showings, no staging, no buyers backing out and no listing commission. They do charge a 6 percent to 12 percent “remarketing fee,” closing costs, plus the costs of any improvements they make. A case study: Opendoor in Phoenix ...