Like most things eXp Realty does, the cloud-based tech platform is jumping into the iBuying business with its own individual signature.
Rather than buying and flipping homes like NRT, Redfin, Opendoor and Zillow, eXp’s Express Offers program solicits multiple institutional buyers simultaneously in hopes of generating more than one cash offer on a home.
Ted Laatz, vice president of affiliated services with eXp World Holdings, the parent company of eXp Realty, told InmanNews, “Unlike other platforms out there, what we’ve designed is a platform where on one side, we have eXp agents and then on the other side of the platform are institutional buyers from across the US. EXp Realty itself is not buying the properties. We’re teaming up with institutional buyers to buy the property.”
As in all other eXp Realty transactions, eXp agents will be at the center of every transaction involved with the Express Offers platform. Interested sellers will be connected with trained, certified agents who will walk them through the entire process. The agent will go through every offer with the seller, help the seller compare all the offers, and help the seller determine the best among those offers.
Institutional buyers participating in eXp Realty’s Express Offers platform will pay an at-this-time undisclosed flat transaction fee to eXp Realty for “facilitating the transaction” and sellers will pay the agent a negotiated commission fee upon which the seller and agent agree.
Currently, eXp’s Express Offers platform is live in California. The company, due to not needing/utilizing mass amounts of capital for the buying, repairing and flipping homes as usually associated with other iBuying platforms, plans to scale its Express Offers platform to ten additional states by the end of 2019.
Also read: https://timandjulieharris.com/2019/09/27/the-hottest-housing-markets-in-august-were.html, https://timandjulieharris.com/2019/10/14/podcast-justin-gonzalez-interview-texas-icon-agent-2.html, https://timandjulieharris.com/2019/10/16/podcast-5-reasons-to-fire-your-broker-how-to-choose-a-broker.html