I-Buyer, Zillow, Not-so-bad R.O.B. Hahn -Realtor Quest next week (May 30/19)

My only objection (as a Canadian RE/MAX Realtor in Toronto, Ontario) is to the name — “ibuyer” borrows a ‘trendy disruptor’ nuance and a subconscious ‘Apple Computer’ flavour to the “We buy ugly houses for cash” unregulated , uninsured, unlicensed realty speculator/flipper market segment.

Notorious R.O.B.
Conversations about the Real Estate Industry
Excerpts:
iBuyer and the Issue of Concessions
In a couple of recent VIP posts, I looked through limited number of iBuyer transactions of both Opendoor and Zillow. I then took the most interesting conclusion one can draw […] 
Read on »

Instant offers in bad markets is one very different thing than “should you ask for seller concessions in a hot market”.

I thank you for your explanation of the 7%-off the top Zillow Instant discount (plus the mention of the afterwards-negotiated Zillow ‘price adjustment for deficiencies’) which are Zillow-deducted from the seller’s net (and Zillow-cash-required on closing.

It also appears that neither of these Zillow-Zaps are reported-to-MLS™ as part of the Zillow Purchase Price.

Yes, is a list-with-us gambit.
Yes, it’s a quick sale for ultra-motivated/disinterested sellers.
Yes, it’s a reason to sign as Premium Partners
Ye, it’s more like eBay than MLS™
Yes, it’s more alt-virtual than Bricks and Mortar
Yes, it’s more Millennial instant-online-gratification than BabyBoom work-for-it.
Yes, it’s more algorithm than feet-on-the-land
Yes, it’s more of a dispassionate lead-gen technique than a passion to match person-to-property skill.

Yes it’s going to cause some flippers to freak, some wholesalers to get their licence/registrations and cause som registrant/licencees to retire early

Thanks for the article, Notorious-in-Name Rob
See you at RealtorQuest on May 30 (next week)

Yours truly
Uncle Bob – the GTA’s House-whisperer

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