Home showing software startup Instashowing has expanded its product line with the availability of InstaOffers, a mechanism for submitting and managing buyer offers for multiple listing services, brokerages and individual agents, it was announced.
The intent of the new product, which has been in beta testing over the past few months, is to help industry users serve clients at the pace of today’s market, which continues to trend in favor of sellers, causing highly competitive and hard to manage offer environments.
The software was designed around expediency for the buyer agent and clarity for the listing agent, who now has a simple, highly categorized way to filter formal interest in their seller’s home.
InstaOffers helps reduce the confusion of multiple offer submission channels that stems from the industry having no single standard for accepting and considering offers.
“With InstaOffers, buyer agents submit offers via an online portal that asks a few key questions about the offer and allows the buyer’s agent to upload the purchase contract and any other documentation supporting the offer, such as proof of funds and pre-approval letters,” the release stated.
Listing agents are offered a clean spreadsheet view of all submitted offers’ terms and agreements. Screens can be sorted, offers viewed individually and also shared with the seller through their own interface. Offers can be accepted, rejected and countered within InstaOffers.
Upon tentative agreement, buyer and seller representatives can submit formal documentation through the app.
In compliance with MLS rules and Fair Housing, every offer’s history, from submission to rejection, download or interaction, is tracked within the app to ensure acceptance and consideration transparency.
“We think the next logical step after assisting an agent on our platform with showing appointments is helping them manage the offers coming in on the same listing,” said Instashowing founder William Schoeffler in the release. “We are laser-focused on building cutting-edge technology for real estate agents,” he said.
Bend-based Instashowing launched in early 202o to offer agents a more common-sense approach to handling home showings.
The company launched before the now industry benchmark of Zillow acquiring long-time player and popular MLS partner, Showingtime, an event that triggered a slew of showing apps to introduce themselves to the industry.
After an initial funding round of $1.5 million, Instashowing closed on $4 million more in May, 2021 in a round led by former Trulia CEO Pete Flint. A number of other notable industry executives participated, too.
The new product is available to individual agents and brokerages at no additional charge.