How You, The Real Estate Agent, Can Compete With iBuyers
How does getting online cash offers quick for your home sound to you? Not a scam but it's basically how iBuyer programs work. Currently available in certain markets by a small number of companies, iBuyer programs are seen to expand their reach soon. Of course, it is not without its cons for the seller as well as for you, the real estate agent, and your business.
So how do you, the real estate agent, compete then? A Homes.com webinar hosted by Kenny Klaus shared seven ways agents can compete with iBuyers.
1. Lead the Conversation
Don't be afraid to lead the conversation on the topic of iBuyers, given how prevalent a selling method they are starting or would soon to be in the market. Put your best foot forward- what are you able to do for your potential client that an iBuyer program can't? You can start off with the price by pointing out that iBuyer programs get them an instant cash offer below the market value of their home whereas they can get top dollar for their home over a reasonable timeframe if they let you help them sell.
2. Be as Transparent as Possible
This goes hand in hand with number one above. Provide your clients with all their options for selling their home, including iBuyer opportunities whenever possible. Leaving out iBuyer programs or pretending they're not out there might risk your credibility as an agent.
3. Offer Lines of Credit
Does your client need to make some repairs to the home they want to sell? You might want to offer them options for getting a line of credit whenever possible to get those repairs done and help increase the value of the home as well as your chances on achieving a better sale price.
The Shanna Day Team offers a Ready to Sell program to allow our clients to make the necessary repairs and remodeling like new paint and new flooring. By helping our clients get the funds needed for such repairs and remodeling, they were able to make their home attractive enough to get the ROI they needed. In fact, one of our previous clients got a full price offer in just a few days after signing the listing agreement!
4. Leverage Your Relationships
The need for repairs also present an opportunity to stand out not only from iBuyer programs but also from other agents as well with the network of professionals you have within reach, from painters, carpenters, plumbers, roofers or even home inspectors.
5. Advocate for Your Seller
Number three and number four help makes the impression that you have the resources and network to help your client increase the chances of their homes getting sold for top dollar. Number five doubles down by not only showing that they can depend on you whenever the need arises; not only do you have their best interests at heart but that you have made it your mission to make sure they have the smoothest and best homeselling experience they can have.
6. Pump Your Sellers Up
Sure, selling a home via an iBuyer program is fast and easy but when you let your client think about, they most likely let the equity they've built on their home down the drain. By demonstrating to them that by working with you and involving them with what goes on with the homeselling process every step of the way, not only do you help them protect that equity but they gain more with how well presented you bring their home to the market.
7. Be the iBuyer!
While potentially risky, one suggested way of competing with iBuyers is to be an iBuyer, too, provided that you have the wherewithal to do so. But of course,
While iBuyers are going to be a thing, they won't be the end-all be-all when it comes to selling a home. There will always be that subset of clients that prefer using a real estate agent over modern tech services. It's up to you, the real estate agent, to step up and stand out from the rest of your peers and the variety of options available for the contemporary homeseller.
If you have any topics or questions you would like answered, contact The Shanna Day Dream Home Team - we’ll find the answers for you!
Shanna Day Dream Home Team
Keller Williams Realty East Valley