Known as "iBuyers," these companies allow homeowners to sell residential properties instantaneously online — cutting the time from sale to closing to just a matter of days.
The process of buying and selling property can be a very complex one.
From dealing with brokers to mortgage lenders (among several other players typically involved with these types of transactions), the real estate process can be costly, time consuming, and vastly inefficient.
As a result, several players, including Opendoor Labs, Perch, and Offerpad, are looking to make these operations more efficient. Known as “iBuyers,” these real estate companies are looking to use algorithms to acquire, renovate, and resell homes quickly — all in the hopes of reducing frictions.