More homeowners are getting a choice when they go to sell: Sell your home instantly with a cash offer from an iBuyer or sell the traditional route by publicly listing the home with a real estate agent. As the number of iBuyers grow, real estate professionals are offering their own spin on the programs to keep pros at the center of the transactions.
On Wednesday, Keller Williams announced a partnership with iBuying giant Offerpad, as it looked to expand its reach into iBuying. In May, Keller Williams launched an iBuying instant offer program called Keller Offers in select markets.
By partnering with Offerpad, Keller Williams plans to expand its program into additional markets and have real estate professionals serve as a guide in helping clients decide among the choices to sell.
“With Keller Offers, consumers no longer have to pick between all the options available to sell a home without having an advocate to advise them,” says Josh Team, president of Keller Williams. “In our pursuit to drive the best end-to-end consumer experience, we’re giving consumers the most choice available. And we believe an agent-driven consumer experience is best to deliver that choice.”
Keller Williams agents will be required to become a Keller Offered Certified iBuyer agent. Once certified, agents will be able to submit a cash offer request via Keller Offers. From that request, Offerpad will then generate an offer using its real estate technology and algorithm. The offer is then returned to the Keller Williams agent who will present it to the seller.
The Keller Williams agent will serve as a consultant in helping sellers understand their options. If the consumer accepts the offer, the Keller Williams agent will guide them through the process.
“This partnership was a natural fit,” says Brian Bair, founder and CEO of Offerpad. “My background as a real estate agent, having sold thousands of homes and participated in countless living room conversations, I know that the consumer desires and deserves the best-selling process that works for their individual situation.”
The new partnership will take effect Aug. 31 and will be available in Phoenix and Dallas. Keller Offers will also be added to 10 other Offerpad U.S. markets by the end of the fourth quarter of this year. Initial markets slated for 2019 include: Atlanta; Austin, Texas; Charlotte, N.C.; Houston; Las Vegas; Orlando; Raleigh, N.C.; San Antonio, Texas; Tampa, Fla.; and Tucson, Ariz.
Offerpad, the second largest iBuying firm in the country, receives a new offer request from a homeowner, on average, every 30 seconds. The firm says it is acquiring a home every 20 minutes throughout regular business hours.
Last month, the real estate brokerage Redfin announced a partnership with iBuying firm Opendoor, the largest iBuyer by closed transactions, expanding its existing RedfinNow instant offer program to areas where it had been unavailable.