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Working with an agent is like having a personal trainer at the gym. They know the ins and outs of the neighborhood their client is in, they’ve familiarized themselves with what’s available in the market, and are able to guide their clients through the entire process, making themselves available for any questions, concerns, or midnight panic attacks that might pop up along the way. On the other hand, an iBuyer algorithm looks at the standard property data it has access to, versus the wants and needs a client conveys to an agent over a lovely dinner at the hottest local restaurant in their neck of the woods.
Say goodbye to your go-to consultant.
Most iBuyers allow sellers to:
• Sell their home quickly
• Bypass having their home on the market
• Buy and sell a home at the same time
• Avoid having to fix, prepare, and stage their property
But here’s the catch: Although iBuyer models may speed up the transaction process, that speed comes at a price. Most iBuyer models are fee-based. Opendoor, for example, claims to charge a 6-7% fee across their markets, similar to the typical 6% that an agent would take for a comparable transaction. Essentially, clients using solely the service an iBuyer model provides are paying for a speedy, simpler transaction, but are forgoing the wisdom, expertise, and personalized experience of utilizing a real estate agent, all while paying virtually the same price.
The iBuyer experience is different, to say the least, and lacks major elements that only a human agent can provide.
Real estate agents are pros at networking and tend to have killer recommendations when it comes to low-cost vendors that can help clients prepare their home to be sold. When working with an agent’s connections to get necessary repairs and updates made, sellers may be able to get the work done without breaking the bank and ultimately sell it for a higher price than an iBuyer would offer.
Lost vendor & contractor connections.