Today we’ll be uncovering the truth about selling your home to an iBuyer company.
If you’ve been paying attention to any real estate news lately, you’ve probably heard about the growing popularity of iBuyer companies.
If you aren’t already aware, iBuyer companies submit cash offers to sellers who would rather avoid listing on the open market. Zillow Offers, which is currently operating in two test markets, is a prime example. That said, of the over 16,000 sellers who have requested an offer from Zillow, only 29 have actually struck a deal.
This makes it apparent that Zillow Offers, more than anything, is a way for the company to send seller leads to its agents. Sellers considering this kind of arrangement should also realize that the offers they’ll receive will be comparatively low to what they could earn on the open market. iBuyer companies may have speed and convenience on their side, but these benefits definitely come at a cost.
Also, in addition to offering a relatively low price for sellers’ homes, iBuyer companies also tend to charge high premium service fees.
The bottom line is this: If you have been considering working with an iBuyer company, you may want to speak with a traditional agent first before making your final decision. Comparing what you might earn for your home with an iBuyer company versus what you might earn by working with a traditional agent may help you decide which choice is best for you.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.