iBuying quickly became one of the hottest terms in digital real estate over the last few years with firms like Opendoor and Offerpad leading the way; even companies like Zillow and Redfin got involved in the iBuying craze with almost half of Zillow’s revenue coming from their iBuying department; the pandemic put iBuying on the shelf but one thing is becoming clear, the strategy is best used when part of a diversified business; Opendoor and Offerpad have both expanded their offerings to traditional listings; Zillow and Redfin have always used it as a tool in their larger product set and now they are looking like the innovators with stock prices up 80 and 135 percent respectively quarter to date; real estate tech strategist Mike DelPrete told the Wall Street Journal “the addition of traditional listings to pure players’ services the biggest evolution of the iBuyer business model thus far.” Wall Street Journal.
