EXp Realty is bringing its iBuyer platform, Express Offers, to a dozen new states. The capital-light program allows eXp Realty to scale the platform quickly, going from one state to 13 in less than three months.
The platform was first launched in California and will now operate in Arizona, Colorado, Florida, Georgia, Idaho, Illinois, Nebraska, Nevada, New Mexico, Texas, Utah and Virginia. The company wants the platform in all 50 U.S. states in the near future.
“Express Offers’ rapid expansion from one state to 13 in just three months offers home sellers another choice in how they sell their home while still working with a local real estate expert to ensure their best interests every step of the way,” Ted Laatz, eXp World Holdings’ vice president of affiliated services, said in a statement. “Since launching in California in October, we are seeing positive early signs of adoption and are excited to expand Express Offers to all 50 U.S. states in the near future.”
With Express Offers, eXp Realty isn’t buying the houses, unlike leading iBuyer companies Zillow, Offerpad, Opendoor and Redfin. Instead, through the platform, agents solicit multiple offers from investors and present them to their clients. It still offers homesellers the certainty of an all-cash, quick-close offer, without having to be the entity that buys homes.
Capital-light iBuyers – like Realogy’s and Keller Williams’ platforms, where the holding company isn’t buying the homes – are able to scale more quickly than offerings from companies that are actually doing the buying and selling themselves.
Agents will continue to be at the center of every transaction with the eXp platform. Homesellers that show interest in the platform will first be connected with an eXp Realty agent, who will then walk them through each step of the process. Agents that want to participate will be required to take a training program and become certified on the platform. The training will take place in eXp Realty’s virtual cloud campus.