The Real Deal New York

Keller Williams wades into iBuyer pool

The brokerage has been building and testing a cash offer program for the last year
September 27, 2018 05:00PM

Keller Williams’ Ilan Bracha and a sold home (Credit: Getty Images, iStock, and YouTube)

Keller Williams is the latest brokerage to jump into the iBuyer game.

The company has been testing such a program, which allows homeowners to flip a property for cash using a computer-generated offer based on information about the property. It has completed nearly 100 transactions through the prgram, according to Inman.

Austin, Texas-based Keller Williams joins Realogy, Zillow and startup Opendoor in the iBuyer space. On Wednesday, Realogy announced it was launching its own program, cataLIST Cash Offer. And on Thursday, Softbank said it had invested $400 million in Opendoor through its Vision Fund.

Each program is different, but buyers are typically either those companies themselves or outside investors looking to flip properties quickly.

Quick cash-offer programs are aimed at home sellers who want to avoid a drawn out sales process. They may be looking to quickly access equity tied up in their properties or they may need to relocate on short notice, for example.

Keller Williams’ program is still in its infancy and would proceed through its KW Labs development process before hitting the consumer market.

Spokesperson Darryl Frost said the company has spent the last year “learning what consumers really want.” The Keller Williams Kenny Klaus Team franchise operates OfferDepot in Phoenix, which allows agents to find offers for clients through other iBuyer programs. The company would not confirm that its own program was related to OfferDepot.

The rapid rise of iBuyer programs has created confusion with consumers, Frost told Inman, and suggested Keller agents would be involved in transactions.

“Through our test market, we have confirmed that consumer want an agent to help through all their options available,” he said. [Inman] — Dennis Lynch