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2019-06-11 11:02:11
If It Sounds to Good to be True....

There's a danger lurking in the real estate market for the unwary seller. 

I’m talking about the surge in iBuyer programs that are burgeoning across the country. What started as a little disruption in markets such as Phoenix, Raleigh, Dallas, Vegas, Orlando, Atlanta, Charlotte, San Antonio, Tampa, Nashville and Austin is now spreading, with the help of deep financial pockets and lots of false advertising.

I don’t say that lightly. As someone who’s been in this industry for most of my adult life, a little disruption and competition is not only something to not fear; it should be embraced. It makes everyone better when we are in a constant state of learning and skill-development. However, false advertising and flat-out misinformation that leads consumers to lose a big chunk of equity from their investments—all while basically maligning agents as an unnecessary expense and speedbump in the home-selling process—is not something we should stay quiet about.

That’s why we put more than a month of research into investigating what these companies are doing and saying so that we could get the real information out to the public and real estate industry alike. That way, you have the facts and data you need to help protect yourself as a consumer. 

  • iBuyers are investors, not regular buyers.
  • They are looking out for their interest, not the consumer’s.
  • They purchase homes based on what they say it’s worth.
  • They tell consumers that they’ll pay a seller’s concession fee with an agent, which is untrue.
  • They are buying to flip it for a profit and make sellers pay them a 6-13 percent commission, which they call a “service fee.”
  • In addition to their commission, they charge another commission called a “market risk fee”—another 2-6 percent.
  • They make sellers pay for repairs they want done.
  • They control the process, not the consumer.

As real estate professionals who are committed to service, not just sales, the underlying greed of these programs is problematic. As a professional in the business of helping my clients, you can count on us to protect your best interests when selling your home. 

In a world where fake news and misinformation spread like wildfire, having an awareness of what these programs are really all about is invaluable. 

We’re here to help. Call us with your questions. 

 
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