Even if you’re selling to an iBuyer, you still need an agent by your side. Here’s why.
Are you considering selling to an iBuyer? Do you even need an agent to do this? Before we answer that question, let’s discuss three common assumptions regarding iBuyers and whether they qualify as “fact” or “myth”:
1. iBuyers accept a property as is. This is true, but only to an extent. At the moment, there are three iBuyer programs in the Portland Metro: Zillow, OpenDoor, and My Rocket Listing (which is mine). After they look at your property, they’ll still adjust their offer price depending on how many repairs need to be done.
2. You can’t negotiate with iBuyers. This is false. In fact, we had a client recently call us and ask to help negotiate an offer from OpenDoor. Because OpenDoor and Zillow both know that we shop instant offers through our own program, we were able to increase their sale price by $18,000.
3. iBuyers accept all properties. This one is also false. They have a price cap in terms of how much they’ll offer, and they won’t make offers on properties that have foundation issues or unpermitted bathrooms.
So, do you need an agent to sell to iBuyers like Zillow and OpenDoor? Let me ask you this: If you were selling your home as FSBO, would you only entertain one offer? Probably not. If you work with an agent when selling to an iBuyer, they can help you shop it to all iBuyers.
Aside from them being institutional investors, dealing with iBuyers is no different than dealing with regular buyers—you shop around and try to push the price up. The more people you have bidding on your property, the better.
An agent will always be able to help you navigate this part of the real estate business and show you all of your options so you can make the best decision for you and your family.
As always, if you have any questions about this or any other real estate topic, don’t hesitate to reach out to me. I’d love to help you.