eXp Realty Develops Its Own Instant Offer Platform
October 4, 2019
This week, eXp Realty announced it’s launching a platform for instant offers, joining several other real estate brokerages that have put their own spin on iBuying services in the past year. Express Offers, eXp’s platform, enables agents to submit their sellers’ homes to several institutional investors who can make an instant cash offer. The agent can submit the home to more than one investor and potentially yield multiple cash offers for their clients to choose from, unlike most other programs that allow only one instant offer at a time.
The process provides home sellers with an option for a quicker sale, bypassing traditional marketing for a property. “Express Offers was designed with the agent in mind and will disrupt an industry still in its infancy,” says Ted Laatz, vice president of affiliated services at eXp World Holdings, referring to the iBuying industry. “We believe it is the most agent-centric instant offer platform because agents remain at the heart of every transaction as well as have additional opportunities to engage with home sellers. eXp agents also can introduce new institutional buyers to the Express Offers platform and earn a percentage of the transaction fee each time that buyer successfully closes a deal.”
The eXp program is currently available only in California, but brokerage officials say they plan to expand Express Offers to 10 more states by the end of the year. The company has more than 23,000 agents across all 50 states, as well as the District of Columbia and six Canadian provinces.
Coldwell Banker Real Estate, Keller Williams Realty, Redfin, and ERA Real Estate are among other companies that have piloted their own iBuyer-style programs. Redfin recently announced a partnership with Opendoor, and Keller Williams has teamed up with OfferPad. These types of services are becoming more commonplace in the brokerage business as real estate professionals grapple with fierce competition from technology disruptors.
Updated: July 10, 2020