Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

Alongside Home Partners of America, resi brokerage conglomerate launches RealSure Sell, allowing home sellers to accept a cash offer on their home within 45 days.

TRD CHICAGO /
Nov.November 05, 2019 04:15 PM
Realogy CEO Ryan Schneider (Credit: iStock)

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s defense against the growing horde of iBuyers landed in Chicago this week.

The brokerage conglomerate, in partnership with Chicago-based Home Partners of America, is offering RealSure Sell, a tool that allows home sellers to accept a cash offer on their home within 45 days.

The tool is seen as the conglomerate’s answer to automated iBuying offers from firms like Zillow Offers and Opendoor, which cut real estate brokers out of home sales. Though the trend hasn’t caught in the Chicago area, it’s scooping up thousands of homes in places like Phoenix and Las Vegas.

Home Partners of America CEO Bill Young told Crain’s that home sellers are able to keep the offer from RealSure Sell in their back pocket while they try to get a higher price on the market. Though some might see the offers as a lowball, Young talked up the ease with which a seller can move on and buy a new home right away.

Realogy — the parent company of brokerages Corcoran Group, Sotheby’s, Century 21 and Coldwell Banker — launched the RealSure Sell program last month in Dallas and Denver. It’s planning to launch in Houston, Austin, Tampa, Orlando, Sarasota, Fort Myers and Sacramento.

Since the tool recently rolled out, it hasn’t yet been used to close a transaction in the other cities where it’s offered, according to Crain’s.

Home Partners has experience buying properties sight-unseen. Amid the foreclosure crisis, Home Partners in 2012 launched a rent-to-own program that allows people with damaged credit to rent a home that they wish they could buy from Home Partners and eventually take advantage of the option to buy it. That model, through which Home Partners has bought 15,000 homes, allows Home Partners to use the data and estimate a home’s value before it makes a RealSure offer to a seller.

RealSure Sell is available to sellers of homes and townhomes, but not sellers of condominiums. [Crain’s] — Brianna Kelly


Related Articles

arrow_forward_ios
Zillow CEO Rich Barton (Credit: iStock)

The latest real estate billionaire? Zillow’s Rich Barton

(Illustration by Dave Murray)

The squeeze on resi brokerages is forcing consolidation, cooperation

Zillow CEO Rich Barton (Credit: iStock, Getty Images)

Zillow revenue doubled to $2.7B on iBuying bet – but losses ballooned

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

arrow_forward_ios
Loading...