“iBuying is such a great idea that the iBuyers would rather sell you anything else instead!”
By now, the big-foot iBuyers have switched to upselling traditional listings, just like Redfin – and just like the many Realtors who have teamed up with cash investors to offer their own equity-fleecings – just like the iBuyers.
So here’s my script for dealing with the question, on the phone or in a listing appointment:
“iBuying is by now a loss-leader for online brokers, a bright, shiny bait-‘n’-switch. They will buy your house if you’re willing to abandon much of your equity. Or they will upsell you to a traditional listing – except they are much worse than traditional Realtors at getting homes sold. iBuyers are a lose-lose proposition for sellers. Can we talk about how we will work to get the job done right, instead?”
They’re ordinary real estate gonophs with fancier websites. They suck at selling – you know, the actual job. They’re weak everywhere you’re strong. Sell your strengths.
Greg Swann says:
To be fair, I’m only elbowing the iBuyers out of the way until the paperwork is signed. Typically, just before I list, I will offer a house to the big bots and to smaller players you don’t hear about. You never know who’s going to volunteer to overpay, and the best net return is what the seller is paying me for.
August 21, 2020 — 11:26 am