How do I introduce an iBuyer to our 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 the following criteria:
- The iBuyer must have purchased at least 25 houses in cash within the last year. We did have a 50 houses per year rule until we started trying to open less populated states and areas. We want to have diverse iBuyers in the platform for luxury, land and commercial deals and we understand that it will be a fraction of this, but the deal value will be much higher. Let us know the amount of deals closed for those types of iBuyers when you submit the iBuyer to us for consideration.
The iBuyer must be able to provide a POF (Proof of Funds) every 2 months showing they have the cash to close on properties within the offer range indicated in their Buy Box.
No hard money lender letters or lines of credit will be accepted.
- No wholesalers / assignments of contracts. We only allow cash iBuyers into the platform in order to maintain our brand promise to the consumer.
- While they can have an internal brokerage (licensees) to buy or sell their own properties, they cannot have a brokerage that actively engages outside consumers to list and buy properties other than their own portfolio (i.e. they cannot be a competing brokerage).
Assuming that your iBuyer meets the above qualifications, you (the eXp Referring Agent) MUST:
- Be a Certified Express Offers Agent as well as actually have logged into the platform (exception given if your state is not open yet).
- Ask the iBuyer if they have already been introduced to the platform by an eXp agent. We don't want to waste your time.
- Be able to vouch for the quality of the iBuyer. In other words, have you worked with them in the past or have some other form of familiarity with the iBuyer?
- Be able to introduce and explain the program and its benefits to the iBuyer without exaggerating or overselling the concept.
- Verify that the iBuyer(s) do not have their own brokerage that actively engages outside consumers to list and buy properties other than their own portfolio (i.e. they cannot be a competing brokerage). You will be asked to provide us with their website to save time.
- Obtain the Buying Entity’s Articles of Incorporation and a CASH Proof of Funds that matches their entity name.
IF your iBuyer meets these pre-qualifications and you have obtained the documents in number 6, send a Workplace GROUP chat to BOTH Terri Jeffries and Juli Rasmussen to let us know about your iBuyer to begin the introduction and onboarding process. Additional instructions will be provided to you thereafter.
Is there a financial incentive for introducing iBuyers to ExpressOffers?
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 does ExpressOffers vet our iBuyers?
This is the vetting process to bring an iBuyer into our ExpressOffers 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, ...
What is an iBuyer?
An iBuyer is a company, investor or group of investors that use technology to make an offer on your seller's home within minutes (or days), sight unseen, based on a proprietary valuation model. If your sellers choose to accept the offer, they can ...
Is it OK if I email wholesale properties to our iBuyers?
No. Our iBuyers will not entertain any wholesaler deals that are already under contract. This platform will only apply to authorized owners/sellers that have signed our Disclosure to Sellers. Our iBuyers will not accept any assigned contracts.
What are the ExpressOffers 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 ExpressOffers to potential ...