How does Express Offers vet our iBuyers?
This is the vetting process to bring an iBuyer into our Express Offers platform:
- An iBuyer is expected to give us Proof of Funds (POF) in the highest amount of their Buy Box every two months. For example, if their Buy Box shows $100,000 to $500,000, then they have to have a POF in the amount of $500,000+.
- All iBuyers had to purchase 50+ houses per year in cash the year before joining the platform. However, as we've moved on to more rural states and areas, we require around 25 houses per year in cash.
- Each iBuyer is referred by an eXp Certified Express Offers agent that can vouch for the integrity of the Buying Entity.
- iBuyers must provide page 1 of their Buying Entity’s Articles of Incorporation.
- All iBuyers talk to the Express Offers Team to discuss their investment strategy and financial situation, the team verifies everything and makes sure they are a good fit for the platform. Then, we continue to work with our iBuyers on their goals and strategies.
- Our iBuyers sign Master Service Agreements (MSAs) with our eXp Legal department. This agreement spells out the terms between the signing parties and binds the iBuyer to our platform and agents.
Colorado Express Offers Procedures
Jes and I created a video to explain why we have to do the procedure this way. Watch it here. Situation 1: You found an off market property that would be a candidate for the Express Offers program: Check to ensure the property completely fits a Buy ...
What are the Express Offers benefits for investors?
This article is for you to use while speaking with an investor. It is an INTERNAL document, please do not share it. There are several benefits for the investor. You can use these as talking points when you introduce Express Offers to potential ...
What is Express Offers?
Express Offers is eXp's proprietary iBuying software platform that connects eXp Agents to our marketplace of Institutional Investors (iBuyers). You identify properties for the investors using their Buy Box criteria (investment strategy) and receive ...
Is there a financial incentive for introducing iBuyers to Express Offers?
YES. iBuyers are required to pay a platform fee per transaction and agents will be compensated ⅓ of that fee while eXp Realty will retain ⅔ of that fee.
How do I introduce an iBuyer to the Express Offers platform?
We are focused on iBuyers in all the gray states on our national map. Gray states will take priority, while we backfill iBuyers in other states. Here is the process to introduce potential iBuyers into the Express Offers platform. The iBuyer must meet ...