Realogy launching rapid all-cash offers

Company to compete with likes of Zillow, Opendoor on "iBuyer" services

National /
Sep.September 26, 2018 09:20 AM

Realogy CEO Ryan Schneider with a home on piles of cash (Credit: iStock)

Realogy is getting into the business of all-cash offers for sellers who want to shed their properties quickly, putting it in direct competition with Zillow’s Instant Offers and venture-backed Opendoor.

The real estate holding company announced that one of its subsidiaries, NRT, will launch an all-cash program for its Coldwell Banker branded companies, in Atlanta and Dallas starting next month, Inman reported. NRT will start offering the program in Tampa later this year, and Realogy could eventually expand the program to its other brands, which include Sotheby’s International Realty, Century 21, Corcoran Group and Better Homes and Gardens Real Estate.

Realogy’s “cataLIST Cash Offer” program is funded by Home Partners of America, which is backed by firms such as BlackRock and KKR. After the seller provides basic information about a property, cataLIST will come back with a cash offer usually within one business day. The seller has five days to consider the offer.

In the case of an accepted offer, cataLIST will charge a convenience fee.

Coldwell joins other so-called “iBuyer” companies, like OpenDoor and Zillow’s Instant Offers program, which provide similar all-cash offers. Coldwell agents will be actively involved in the process, a spokesperson for Home Partners of America told Inman.

“With many other cash-offer models, consumers lose that value and expert opinion that a real estate agent brings to the table,” the spokesperson said. “We see ourselves as different from those typical iBuyer models.” [Inman] — Kathryn Brenzel


Related Articles

arrow_forward_ios
Bridgehampton, NY (Google Maps)
Divorce lawyer sells Bridgehampton home for $45M
Divorce lawyer sells Bridgehampton home for $45M
A photo illustration of One John Street (left) and 79 Second Place (right) in Brooklyn (Douglas Elliman, Front Inc., Getty Images)
Brooklyn’s top deal last week? Just $6M
Brooklyn’s top deal last week? Just $6M
565 Broome Street, Heat Wave
Manhattan’s luxury market records slowest week since 2020
Manhattan’s luxury market records slowest week since 2020
Corcoran’s Catherine Juracich and Official’s Tal Alexander with 22 Bond Street (Getty, Alexander Brothers, BKSK Architects)
Shake-up at 22 Bond: Corcoran in, Tal Alexander out at NoHo condo
Shake-up at 22 Bond: Corcoran in, Tal Alexander out at NoHo condo
Andy Cohen and 299 West 12th Street (Getty Images, Google Maps)
Bravo boss Andy Cohen in contract for West Village penthouse
Bravo boss Andy Cohen in contract for West Village penthouse
Wyoming ranch with ties to Walt Disney hits market for $71M
Wyoming ranch with ties to Walt Disney hits market for $71M
Wyoming ranch with ties to Walt Disney hits market for $71M
Seattle Hotel Group's Bruce McCaw and property at Hunts Point, Washington (Getty, Windermere Real Estate)
Bruce McCaw’s Northwest estate hits the market at record-setting price
Bruce McCaw’s Northwest estate hits the market at record-setting price
Extell's Gary Barnett and 217 West 57th Street (Barnet by Paul Dilakian, Itrytohelp32, CC BY-SA 4.0, via Wikimedia Commons)
Barnett: Central Park Tower will fall short of $4B sellout
Barnett: Central Park Tower will fall short of $4B sellout
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...