How do I introduce an iBuyer to the ExpressOffers Platform?
We have available iBuyers in all 50 States. Our goal is have 7 to 8 iBuyers per state with various buying strategies and criteria.
We do not have published material that you can share with your investor as we expect our ExpressOffers certified agents to understand the platform well enough to explain it and inspire curiosity. ExpressOffers is a LEAD source for institutional investors. Once you begin the onboarding process and introduce your investor to the ExpressOffers team, we will take it from there!
Here is the process to introduce potential iBuyers into the ExpressOffers 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. We have the latitude to make adjustments to the number of purchased houses requirement based on location and buying stategy.
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. The POF must contain the date, the Bank name, the iBuyer's Company name, and the CASH balance available. There is no minimum standard for their CASH available.
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. The Articles of Incorporation needs to match the POF, needs to match the buying entity on the contract, needs to match the buying entity on the Settlement Statement.
- 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 ExpressOffers Agent as well as actually have logged into the platform.
- BEFORE starting this process, 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 or experience with the iBuyer?
- Be able to introduce and explain the program and its benefits to the iBuyer without exaggerating or overselling the concept. The essence of this program is that we are a LEAD source for the iBuyer.
- 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, you are ready to begin the introduction/onboarding process with your iBuyer referral and the ExpressOffers Team.
- Create a Workplace Chat Terrance Clark (Click Here) to let us know about your iBuyer referral and to begin the introduction and onboarding process.
- Share with us the Company name of your referral so we can double check that they have not already been introduced by another eXp agent.
- Once verified, you will upload the POF and Articles of Incorporation to the Chat feed or you can send an email to firstname.lastname@example.org
- After the EO team reviews, additional instructions will be provided to you thereafter.
What's in it for YOU? Currently the iBuyer Platform Fee is $2,400 per closed transaction, of which, YOU (the referring agent) will receive 1/3 or $800 every time the iBuyer purchases a property. This referral fee is paid like Rev Share and will not have any company fees deducted. As the referring agent, you will be asked to sign an ICA addendum so you can receive the referral fee and asked to provide a signed W9 as well as complete a direct deposit document form if you'd like your referral fee directed deposited to your bank account. Otherwise, it will be sent with a paper check via US Postal Mail.
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, ...
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.
What is ExpressOffers?
ExpressOffers What is it? ExpressOffers is our 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 and receive ...
Texas State ExpressOffers Procedures
Situation 1: Do you have this property already under a Listing Agreement? YES: STOP. Reach out to your Managing Broker. All ExpressOffers MUST represent the iBuyer, Intermediary may not be used. Listing Agreement will need to be terminated. NO: ...
Colorado ExpressOffers 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 ExpressOffers program: Check to ensure the property completely fits a Buy ...