After hitting the pause button in March because of the coronavirus pandemic, Opendoor, Offerpad, and Zillow have just announced their intentions to resume making cash offers to homeowners looking to sell their residences quickly and hassle-free.
This week, both Offerpad and Opendoor have announced that they will resume iBuying starting May 8, 2020. Opendoor will resume iBuying in the Phoenix market only for the time being to ensure their new virtual interior home assessments will work as intended.
Offerpad, however, will resume iBuying across all 800 markets they currently operate in, using certified health and safety procedures provided by HealthyVerify, a health-safety organization that aims to prevent the spread of infectious diseases. In addition, Offerpad is introducing several new protocols that will make most interactions of the company virtual, including virtual 3D showings, video chat tours, and virtual closings. The company is also introducing, “Home Reserve,” where Opendoor will purchase and reserve a customer’s next home on their behalf with an all-cash offer, enabling homeowners to move into their new home while safely listing and selling their current home.
If for some reason a property must be visited, the property will be vacant and undergo strict sanitization procedures. Additionally, the companies support Centers for Disease Control (CDC) guidelines for social distancing for anyone entering the property.
More iBuyer Advantages
iBuyers are not only going to survive once they release the pause button, but as Mike DelPrete points out, they are also likely to thrive.
DelPrete, a global real estate tech strategist and member of zavvie’s Board of Directors, is one of the leading experts on iBuyers. In addition to offering liquidity and certainty, he notes that iBuyers work well within the new normal for real estate.
“The iBuyer business model is uniquely positioned to thrive in a world of social distancing, where people are putting a premium on the ability to conduct business while limiting direct human contact,” he writes, adding: “At its core, the model allows consumers to sell and buy homes with limited human interaction.”