Now that the National Association of REALTORS® (NAR) has banned pocket listings, OfferAI connects agents with investor networks that are interested in all-cash purchases of off-market listings.
According to Brad Inman, “Some version of iBuying will represent 50% of all sales in major US real estate markets by the end of 2020. Every successful agent/broker will offer their clients an instant offer solution on their own or in partnership with iBuyers.”
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This FREE-to-agents platform allows agents to introduce themselves as iBuyers to potential sellers via all-cash investor networks. This basic, free-to-agents platform provides agents with unlimited offer requests and unlimited cash buyers along with no transaction fees. Listing agent commissions are 1% of purchase price and buyer’s agents’ commissions are 3%.
An agent must represent every seller and every investor involved with this platform. Agents essentially function as concierges who assist sellers through the all-cash, instant offer process. If the seller or investor does not have a referring agent, OfferAI will assign one. Cash buyers/investors are asked to specify their purchasing preference so that OfferAI can refer applicable deals to platform buyers/investors. Once an applicable deal comes online, cash buyers/investors will be notified by email so they can make an offer.
So if there is no fee for agents, how does OfferAI make its money? Currently, OfferAI has various upgrade packages:
- Its customized White Label affiliate webpage enables agents to brand themselves as iBuyers in order to generate seller leads.
- Its customized Video package includes a video ad and the customized webpage to capture seller leads.
- Its Concierge Service package includes the customized webpage, video ad and “hands free” monthly ad campaign placements on Google and Additionally, Concierge Service packages offer exclusive zip code presence to participating agents.
- Its Brokerage Partners package is available to brokerages to create their brokerage’s “instant offers” brand within their own branded platform and their own URL
Currently, OfferAI is available in the state of Texas. There are plans to launch the platform in every state this year.
One major caveat here…NAR has not yet responded about compliance requirements concerning OfferAI so make sure to double/triple check.
Thanks to InmanNews’ Patrick Kearns and OfferAI for source data.
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