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Offerpad proposes iBuyer-agent marriage

Housing Wire

The success of iBuyers is the failure of real estate agents. After all, iBuying companies Opendoor , Redfin and formerly Zillow are predicated on home sellers eschewing a listing agent and selling their home to the company. Though both Redfin and Offerpad feature iBuying and real estate agents, the business models are different.

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Inside Zillow’s misadventures in iBuying

Housing Wire

In May the real estate agent listed a two-bedroom home in Fountain Hills, Arizona, 30 miles north of Phoenix, for $342,000. Zillow CEO Rich Barton. Antonio Pellegrini was stunned. After 25 days on the market, there were no takers for the 1,400-square-foot home and Pellegrini counseled his client about potentially lowering the listing price.

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Rocket cautiously wades into iBuying

Housing Wire

Rocket’s low-key entrance might be explained by the company not envisioning itself as becoming a true iBuyer: it will not be buying homes with the help of an algorithm, throwing a new coat of paint on the wall, and then reselling the home for a markup. In fact, Rocket has no interest in buying homes at all. Become a member today.

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Zillow calls timeout on iBuying, but competitors won’t

Housing Wire

Can independent real estate brokerages outperform iBuyers? Offerpad’s ibuyer operations are running as smoothly as ever,” said a company spokesperson. Zillow’s press release Monday notes, “For prospective sellers, Zillow Offers is connecting them with a local premier agent partner.”. billion in unsold home inventory.

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Zillow to kill its iBuying program

Housing Wire

Barton, who took over Zillow from Spencer Rascoff in early 2019, and spurred Zillow’s reinvention as an iBuyer, was evidently rattled during Tuesday’s call. Premier Agent generated $359 million in Q3 revenue and the mortgage division raked in $70 million of revenue, and both divisions turned a profit.

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How does the “buy before you sell” model differ from iBuyers and Power buyers?

Housing Wire

The original model was pioneered by the iBuyers and is historically the most expensive model for consumers. The second stage was pioneered by real estate agents that saw how hard the consumer experience was first-hand, so they created the PowerBuyer model to address those issues with less cost relative to iBuyers.

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Keller Williams wants to be a different kind of iBuyer

Housing Wire

In just the past few weeks, nonbank mortgage lenders Rocket Companies and Better.com have revealed plans to instantly buy homes from their customers and also pair their services with in-house real estate agents. The post Keller Williams wants to be a different kind of iBuyer appeared first on HousingWire. Become a member today.