Gilbert-based tech start-up OfferPad calls themselves the Uber of real estate. They say they are making home buying and selling quick, and easy. But what does it mean for local realtors?
Ryan Nelson with Offerpad said if you're selling your home, they make it more convenient.
"You don't have to show your home, have it ready, do any repairs. We'll purchase it and you'll have a guaranteed offer with 48 hours," Nelson said.
If you're looking to buy an Offerpad property, they say you can see your prospective future home on your time.
"You can access the home at any time from 8 a.m. to 8 p.m., with or without a real estate agent," Nelson said.
If you see a property you like, you can text a number at the doorway, enter the code they provide and get what they call "Instant Access." You may notice a real estate agent is missing up until this point. Nelson said if you want one, you can request one through their website.
"If you want to contact a local real estate professional, you click a button and a real estate professional will show up within 5 to 10 minutes," Nelson said.
He said the seller will end up paying Offerpad about 8 percent of the sale price and the realtor you summoned will get 1 percent. So Offerpad won't necessarily save you money, but could save you time. If Offerpad buys your home, your realtor will get the standard 3 percent listing agent fee.
"We're not cutting out the real estate agent, we're giving consumers an option and empowering the homeowner," Nelson said.
"It's just the world we're living in now, where everything is becoming an application on your phone," said realtor Jeff Francisco. He said buying a home becomes an emotional purchase, so agents provide a reality check.
"We're going to have a flux of new applications, maybe even others, but at the end of the day, I don't believe we're going to lose what we provide to our clients," Francisco said.
"This is the future of the real estate market," Nelson said.
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