iBuyer: Disruptive Business Model or a Passing Fad?

There are many situations where technology has totally changed how a particular sector or business worked. Just in the past decade, we have seen a significant shift in how people look for and avail services and products. The internet today has made a number of aspects of our life convenient and hassle-free. And today the effect of the internet and smart-technology is revolutionizing the real estate industry in the form of iBuyer. Basically, a bid to make the process of buying and selling a home quicker and less of a hassle, the iBuyer trend seems like it is here to stay.

A term that came into being very recently, as recent as the year 2017, there is still a lot of confusion around what the term iBuyer means. Basically, an iBuyer is a real estate company that uses the latest technology and related tools to make an offer on a property instantly. This method is marketed as a much more convenient and notably quicker method as compared to the more traditional approach. So, the gist of it is, when you have a property for sale, the iBuyer estimates the value using technology and makes an offer. If the homeowner accepts the offer they take over the house and the accompanying hassle of selling it. Hence, utilizing the services of an iBuyer can be the quickest way an owner can sell his house!

The concept of iBuyer and iBuying came into being as people were frustrated with how long it took to sell a house. The traditional method of listing and selling a house is very complicated. First homeowners have to list their property on the market. Then interested people come and look at it, after which both parties have to agree on a price and go through a lot of paperwork before the deal is done and the house is sold off. Additionally, to make the house attractive to the prospective buyers, the owners are required to further invest in the property they are planning to sell. This not only involves spending money it also involves spending a lot of time.

Recognizing homeowners’ frustration at having to invest a lot of time and experience the whole hassle of selling the house, a company called Opendoors came out with this innovative idea of iBuying. Basically, making use of the currently available technology, especially AI and the internet, companies cut down on time is taken for and the hassle involved in selling a house. iBuyer makes instantaneous offers, and the transaction could be completed very quickly if the homeowner so desires!

The best reason why the concept of iBuyer is here to stay is that it provides a solution to a problem. People today are used to getting things done quickly; there are apps that help people get instantaneous access to goods and services, and same-day deliveries are a norm. Hence, people need a solution which can help them sell off their home as quickly as possible and in a hassle-free manner. This requirement is being answered by iBuyer companies.

Secondly, iBuying makes use of the latest technological advances that are here to stay. Concepts like AI are ubiquitous these days, with most households dependant on smart devices; iBuyers use the same tools to take care of popular demand. Artificial Intelligence helps these companies access a property quickly and estimates its value in a matter of minutes. This helps the concept become a success and thus helps the businesses become successful!

Thirdly, the concept provides both homeowners and the company with a number of advantages and conveniences. Putting aside the fact that homeowners can get their property sold off as quickly as possible, they also don’t have to go through the hassle that is a home inspection. For the iBuyer too, everything is taken care of virtually. The deal is done as quickly as possible, and the price is as accurate as possible.