Homebuyers and sellers were experimenting with a new, online form of real estate — instant buying, or “iBuying” — even before the epidemic. More than half of purchasers claimed that real estate agents helped them get more information than they would have gotten from web portals otherwise, saving them time, money, and aggravation, according to a 2020 survey. Do-it-yourself house buying and selling, on the other hand, can be overwhelming because buyers and sellers are bombarded with data and don’t know what to do with it. Hiring an expert is still preferred.
What is iBuying?
iBuying or often called instant buying is the buying and selling of properties on online platforms such as Opendoor and Redfin. These platforms have become very popular since the pandemic as it is easier for buyers and sellers to communicate without making too much traveling.
With the emergence of virtual and 3D tours, there is no need to go on-site every time you want to check for something; you will be able to do a house visit in the comfort of your home. And do you know what’s even better? You do not have to move to do the paperwork… The pandemic has changed the way we look at real estate.
But as mentioned above, information about properties can be overwhelming, and some clients do not have enough knowledge about buying and selling properties to deal with that. In these circumstances, they will need the help of a professional to avoid being disappointed.
Advantages Of iBuying
One of the main advantages of iBuying is the rapidity through which you can seal a transaction. On top of that, you will do that at home, in your comfort zone, you won’t be over-stressed. Some houses have been on the market for too long, and this does not help to sell them, as buyers often prefer houses that are freshly on the market, iBuying can be the solution, as you reach a larger audience.
Disadvantages Of iBuying
iBuying maybe even more costly than real estate agents alone; some established companies offer real estate services online, taking up to 5 % more than traditional agents.
Agents Helping in iBuying
If you want to buy a property, you will want to know all the information about the house to be sure that you want I before closing the deal. Having a lot of information is a good thing, but it can be bad when you cannot interpret this information or even worse if you misinterpret the information. That’s why a real estate agent is an important part of your transaction.
Real estate agents have experience in their field that has seen it all and will be able to offer you the best house according to your budget and also will be aware of scams; if properties are sold above market value or if it is a once-in-a-lifetime kind of time that needs to be seized immediately.
Like buyers, sellers need to consider the market they will be selling in to avoid overpricing or under-pricing their properties. Real estate agents may help them find the best target audience for their home, which will lead to the best deal.
Agents Are Needed More Than Ever
Many agents feared that iBuying could be ceasing their practice, but it is far from the truth as many people undertake the selling and buying by themselves but soon understand that they need an agent.
According to statistics, more home-buyers are more satisfied when they engage an agent to help them rather than doing it on their own, and most of them recommend engaging one. In conclusion, the digital world will not replace the real estate agent role in transactions. Let us know in the comments what do you think about iBuying…