North Texas-based JP&Associates is entering the iBuyer market on behalf of its agents, launching an instant offer platform across the exploding firm’s brokerage and franchise network this week.
This makes JPAR, a full-service brokerage with a capped transaction fee, the first independent brokerage in North Texas to launch an exclusive iBuyer program for its agents. It’s called JPAR Instant Offers.
“Entering the iBuyer market gives our agents a competitive advantage over Opendoor, Knock, OfferPad, and the other unilateral “sell now” offers,” says Giuseppe J.P. Piccinini, President and Chairman of the Board of JP & Associates Realtors. “This will greatly benefit our clients and agents.”
J.P. says he has partnered with a Seattle-based company, OfferAI. which relocated to Dallas in January.
“OfferAI is a white-label iBuyer that uses a bot to make instant offers on off-market properties. It empowers agents to present themselves as an iBuyer from their brokerage site, or their own affiliate page of OfferAI,” says Jack Burns, Founder and CEO of OfferAI.
Unlike most of the current iBuyers on the landscape, JPAR associates become the “chaperones” of the webpage so they can guide sellers through the process and they retain a 3 percent commission on accepted instant offers.
“And that’s a game-changer,” says JP.
Burns relocated to Dallas from Seattle earlier this year with his firm. He says Texas is a preferable market for the rapidly growing iBuyer market, more so than Seattle, because of our relatively affordable home prices.
“The iBuyer space has not made a strong presence in the Seattle market because the median sales price is $669,500, way too high for iBuyers,” says Burns.
Seattle is home to Zillow, Amazon, Microsoft, and other high tech companies, but not likely to be an iBuyer hub.
“Texas is a sweet spot as far as home prices that work well for iBuyers,” says Burns, “That’s a home usually in the $200,000- to $250,000-ish range.”