National real estate firm Keller Williams (KW) announced it was launching its own iBuyer program, which allows homeowners to list and sell their homes for cash online within one business day, according to the Real Deal. KW said that it had already closed around 100 transactions through the program. Meanwhile, Realogy, which owns major residential brokerages like Coldwell Banker, Century 21 and Sotheby’s International Realty, unveiled plans for its own iBuyer business called the “cataLIST Program,” which will also allow homeowners to list and sell their homes for cash online within one business day.
The basic concept behind iBuying services has become more popular as startups like Opendoor and OfferPad have grown substantially in just a few years. Zillow and Redfin began testing similar services in the last year, soon followed by traditional brokerages. Most of these platforms allow homeowners to receive an offer on their home without a formal appraisal, and if they accept, close the transaction and receive a cash payment in a matter of days. The convenience and ease of iBuyer services, almost entirely online, have been touted as key selling points.