Even before the pandemic, homebuyers and sellers were experimenting with a new, online model of real estate—instant buying, or “iBuying.” However, do-it-yourself home-buying and selling can be overwhelming because buyers and sellers are inundated with information without knowing what to do with it. Hiring an expert is still preferred, and, in a 2020 study, more than half of buyers said that real estate agents helped them glean more information than they otherwise would have from online portals, saving significant amounts of time, money and stress.
What is iBuying?
iBuying (or instant buying) is the buying and selling of property via platforms such as Opendoor and Redfin. Platforms like these have become especially prominent during the pandemic for homebuyers and sellers, taking transactions completely online without in-person visits.
For instance, instead of on-site tours of a property, interested parties can take part in virtual, 3D tours of homes, moving everything (including the final closing paperwork) completely online without a single physical step in the actual home. This has been especially prevalent over the past year and a half since the global pandemic has affected every industry, including real estate.
But these online options for buying and selling homes inundate users with more information regarding the property than they can typically digest, and—without much experience—this can be an intimidating and bewildering process without the help of a professional real estate agent.
How can real estate agents help online buyers and sellers?
Before purchasing a home, a potential buyer typically wants to learn as much as they can about the property before sealing the deal. But while having so much accessible information can be a blessing, it can just as well prove to be a curse without the direction of a professionally trained real estate agent.
A professional real estate agent can assist online home buyers with accurate appraisals of properties that may otherwise be listed above market value.
For sellers, understanding their local market and the right price for their home is of utmost importance if they want a chance at the best deal. First of all, your digital advertising expertise alone is a game-changer for targeting the right demographic for a seller’s property.
Secondly, studies show that iBuyer platforms typically cost a seller more in fees and produce lower-priced deals than when selling a property through a real estate agent, costing sellers up to 15% of their home’s price!
You’re needed now more than ever
If you’re still concerned that iBuying is putting your career on the line, let the community of home buyers and sellers show you what they think about your services themselves. The majority of home buyers and sellers are glad they chose to partner with a real estate professional, even in these increasingly digital times.
Per a 2020 survey:
- Ninety-one percent of homebuyers reported they would use their agent again or refer them to someone else.
- Nine out of 10 home sellers would recommend their real estate agent to others.
In other words, even in the world of digital real estate transactions, the human touch you provide with your professional services is all the more needed. Even though iBuying platforms make it more possible than ever before, do-it-yourself home buying and selling is still quite difficult and overwhelming for the average person. But this is why you’re in the industry in the first place, right? You already know how difficult it is and why professional real estate services are important.
So, even in the face of rapidly advancing real estate technology, you’re still a necessity to so many homeowners in your community. Your services are simply growing into new platforms, not being reduced.
Don’t miss out on your opportunity to be a guiding light in the digital, iBuyer world for homebuyers and sellers alike.
McKissock Learning is the nation’s premier online real estate school, providing continuing education courses and professional development to hundreds of thousands of real estate agents across the country. As part of the Colibri Real Estate family of premier education brands, McKissock Learning, along with its sister schools Real Estate Express, Superior School of Real Estate, Allied Schools, The Institute for Luxury Home Marketing, Gold Coast Schools, The Rockwell Institute and Hondros Education Group, helps real estate professionals achieve sustainable success throughout each stage of their real estate career. Learn more at mckissock.com/real-estate.
