In 2019, it’s all about “i”—and that includes the real estate sector. That’s why Keller Williams Realty has joined the iBuyer business and plans to launch an instant offer service next month in Dallas-Fort Worth.
An iBuyer is a company that uses technology to make an instant offer on a home that’s for sale, and the sector is a new venture for Austin-based Keller Williams, the nation’s top real estate franchise, which has numerous DFW offices. It ranked No. 1 nationally in 2017 for the number of agents and units sold.
So, why is Keller Williams becoming an iBuyer?
Galyn Ziegler, director of operations at Keller Offers, a new division of Keller Williams, told Marketplace it’s simple: “We decided that we needed to.”
Ziegler says, “There’s a surprising number of people who value the convenience and simplicity, and they will give up portions of their equity in a home in order to have that convenience.”
Keller Williams plans to expand to six to eight cities by the end of the year, according to a report in Marketplace. Keller Williams will join an ever-growing number of iBuyers, including such firms as Zillow, Opendoor, and Offerpad—which recently closed a $565 million Series C funding round—that compete in the industry that has seen billions of dollars pour into the arena, putting traditional brokerages on the defensive.
Mike DelPrete, a scholar-in-residence at the University of Colorado, Boulder, told Marketplace that there were about 25,000 iBuyer transactions last year nationwide.
“That 0.2 percent market share,” DelPrete said. “But that’s national, and none of the iBuyers are national yet.”
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