October 30, 2018 - Vendor Alley

I couldn’t come up with a better headline than Inman News in their post today about Cloud CMA’s new feature “iBuyer Connect” so I just stole it. : )

Cloud CMA’s iBuyer feature has legs
New feature from W&R Studios is patent-pending, now open to investors nationwide

“In August, W&R Studios began testing iBuyer Connect, originally called Cloud Investor Connect, in Southern California. It gives an agent the option to request cash offers from iBuyers after creating a CMA for a property, provided that the property meets the requirements of an iBuyer.

Should any iBuyers that are part of the iBuyer Connect network choose to submit an offer, the agent can then go to a listing presentation armed with one or more cash offers to present to a prospective seller, along with a CMA.

If the seller accepts the investor offer, the agent will represent the investor as a buyer’s agent. The agent might also win the listing, in which case the agent could also serve as a dual agent. The feature doesn’t comes with any additional cost, and the compensation agents receive from an iBuyer varies by company and market.

Our current test is with a Southern California company who is focused on flipping homes. Venture backed iBuyers like “Opendoor” are typically making offers closer to market value. Cloud CMA can work with both models.

We recently celebrated the results of agents who used iBuyer Connect for the first time to make transactions. The response from these agents has been great.

We are also surveying all agents using iBuyer Connect and are very encouraged by the results (we sent the survey out to a pool of 250 participants and got 35 results back).

When asked, “How likely would you use this feature on future listing presentations?” Over 85% said they were “Very Likely”, “Likely” or neutral.

Here are some other quotes from the survey.

“The services works as advertised, the communication from the investor was great. “

“It could work for certain properties. We would use it again in the future.”

“I think this is a great new tool and look forward to using it again. “

“The offer was extraordinarily low… but still useful for selling an investor network to clients.”

“I really appreciate the service. I believe that it is great to have that service available when listing homes, especially when the home needs work and you dont need to wait for an offer.”

I reached out to one of the agents, Briar Warren of Murrieta, who successfully sold a home using iBuyer Connect, you can read her comments on our press release here.

As we continue to test this feature we are learning how to provide even more value to Cloud CMA subscribers. We think agents can provide a great experience to their clients by enabling them to participate in this growing iBuyer marketplace.

Our long national nightmare is over. After all the debates, The D.A.N.G.E.R. Report, and industry hand wringing over how to raise the level of professionalism of REALTORS across the country, Zillow just went ahead a did it.

From Inman News:

‘Best of Zillow’ Premier Agent platform to unlock new consumer data

“Customers will be asked to rate interactions based on responsiveness, communication style, knowledge and expertise, customer priority, trust and customer needs.

Premier Agent customers will receive customer experience reports based on the aggregated data and tools to gauge their performance with consumers. Zillow will be providing training for agents focused on the behaviors that drive customer satisfaction as well as suggestions to help them improve.

“We’re counting on you to be as obsessed with superior customer experiences as we are,” Schwartz wrote in a blog post introducing the changes. “In return, we promise you this: we’re going to give you the greatest platform to make it happen. And we’ll keep pushing to get it right so you can deliver exceptional experiences.”

No details on how this will work. My guess is just like when I finish a ride on Uber, I have to rate my driver before I can do anything else.

And it looks like Zillow is putting their money where their mouth is, Here’s Greg Schwartz, president of media and marketplaces at Zillow Group, again…

“For agents who aren’t performing up to customers standards — Zillow will no longer be interested in taking their money. The company wants to be able to tell every consumer who comes to the site that the agent they select will deliver a high-quality experience.”

Read that quote again. “Zillow will no longer be interested in taking their money”.

Can you imagine NAR, Realogy, KW, RE/MAX or any independent brokerage making the same statement?

I also love this quote from a blog announcing the changes titled “Why Customer Happiness Holds the Key to Your Future – and Ours”

Buying and selling a home remains one of life’s most stressful transactions. Great agents supply great customer experiences. Demand for great customer experiences is growing.”

“Demand for great customer experiences is growing.”

This is exactly right, and what a lot of people are missing about the recent iBuyer trend. Call it the “convenience economy” or whatever, people want great service and they want it now.

Act accordingly.

“Cloud CMA’s iBuyer Connect has legs.”

Did Zillow just “raise the bar” in real estate?