Did you know that half of homes sold to iBuyers were in four markets? Tune in as Mike DelPrete maps the growth of tech-enabled real estate brokerages and iBuyers from 2018 to 2020 at Inman Connect New York.
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The real estate industry moves slowly, but it’s never moved as quickly as right now, according to Mike DelPrete, a real estate tech adviser, professor and member of Zavvie’s board of directors. There’s no greater evidence in the voracious market share growth of tech-enabled brokerages and iBuyers, DelPrete said, during a morning session titled, “Mike DelPrete’s State of the Industry,” at Inman Connect in New York at the Marriot Marquis.
In 2019, Compass and Redfin, two of the largest tech-enabled brokerages, roughly doubled their market share growth, according to DelPrete. The two companies accounted for approximately 3 percent of transactions in 2019, up from 1.5 percent in 2018. He predicts that number could grow to 4 percent in 2020.
“That’s moving fast,” DelPrete said.
For more on the growth of tech brokerages and iBuyers, tune into the video above, or read the full article.