Even before the pandemic, home buyers and sellers were experimenting with a new online real estate model: instant buying or “iBuying”. However, buying and selling a do-it-yourself home can be overwhelming as buyers and sellers are inundated with information and don’t know what to do with it. Hiring an expert is always preferred, and in a 2020 study, more than half of buyers said real estate agents helped them glean more information than they otherwise would from portals. online, saving a lot of time, money and stress.
What is iBuying?
iBuying (or Instant Buying) is the buying and selling of goods through platforms such as Opendoor and Redfin. Platforms like these have become especially important during the pandemic for home buyers and sellers, conducting transactions entirely online without in-person visits.
For example, instead of on-site viewings of a property, interested parties can participate in 3D virtual tours of homes, moving everything (including final closing documents) fully online without a single physical step into the home. real. This has been particularly prevalent in the last year and a half since the global pandemic has affected all sectors, including real estate.
But these online options for buying and selling homes inundate users with more information about the property than they can usually digest, and – without much experience – it can be a daunting and confusing process without the help of a professional real estate agent.
How can real estate agents help online buyers and sellers?
Before buying a home, a potential buyer usually wants to know as much as possible about the property before closing the deal. But while having so much accessible information can be a blessing, it can just as well turn out to be a curse without the guidance of a professionally trained real estate agent.
A professional real estate agent can help online homebuyers with accurate appraisals of properties that might otherwise be listed above market value.
For sellers, understanding their local market and the right price for their home is of the utmost importance if they want to have a chance at getting the best deal. First, your digital advertising expertise alone is a game-changer for targeting the right demographic for seller ownership.
Second, studies show that iBuyer platforms generally cost the seller more in fees and produce cheaper offers than when selling a property through an estate agent, costing sellers up to 15% of the price of their house!
You are needed now more than ever
If you’re still worried that iBuying is putting your career on the line, let the community of home buyers and sellers show you what they themselves think of your services. The majority of home buyers and sellers are glad they chose to partner with a real estate professional, even in these increasingly digital times.
According to a 2020 survey:
In other words, even in the world of digital real estate transactions, the human touch you bring with your professional services is all the more necessary. Even though the iBuying platforms make this more possible than ever, DIY home buying and selling is still quite difficult and overwhelming for the average person. But that’s why you’re in the industry in the first place, isn’t it? You already know how difficult it is and why professional real estate services are important.
So even in the face of rapidly changing real estate technology, you are still a necessity for many homeowners in your community. Your services simply grow on new platforms, without being reduced.
Don’t miss your chance to be a beacon in iBuyer’s digital world for buyers and sellers.
McKissock apprenticeship is the nation’s first online real estate school, providing continuing education and professional development courses to hundreds of thousands of real estate agents nationwide. As part of the Colibri Real Estate family of leading educational brands, McKissock apprenticeshipas well as its sister schools Real Estate Express, Real Estate School, Allied schools, The Institute of Luxury Home Marketing, Schools of the Côte d’Or, The Rockwell Institute and Hondas Education Group, helps real estate professionals achieve lasting success at every stage of their real estate career. Learn more about mckissock.com/real estate.