Can iBuyer technology repair chains and reduce fall-throughs?

Ahead of the launch of a new iBuyer platform later this year, agents are being invited to attend two webinars hosted by the Guild of Property Professionals.

The webinars, the first of which takes place tomorrow at 1pm, anticipate the launch of Offerhive, which comes from the Guild's parent company epropservices.

iBuyer technology has been developed in the US and is yet to be used in the UK. epropservices says its introduction to the UK market could improve the buying and selling process for agents and consumers.

The underlying idea behind the technology is that a company makes an instant offer on a vendor's home before taking on the burden of owning, marketing and selling the property.

The aim is to provide vendors with a fast alternative to the traditional selling process.

epropservices chief executive Jon Cooke says that sellers who are involved in a chain which falls through currently have limited options to repair the chain and move on with the process of selling and purchasing another property.

"Being able to repair the chain as quickly as possible to ensure the process stays intact is imperative," he says.

"Our agent-powered iBuyer technology platform may be a solution for sellers who are eager to move sooner rather than later."

Phillipa Legg, group operations manager of epropservices, explains that iBuyer services such as Offerhive work with buying partners to repair broken chains using technology. 

"We believe that sellers should be able to sell their home whilst mitigating the risk of fall-throughs and with minimal disruptions," she says.

"We also believe that estate agents should be able to offer their customers choice and repair chains when fall-throughs occur."

According to Legg, the benefits of offering an iBuyer service for agents are being able to provide certainty to sellers when a chain breaks and using the technology as an instruction-winner.

"Consumers will want to work with an estate agent who is able to offer a fully supported conventional move, as well as effectively underwrite the sale with certainty, by working with an iBuyer," adds Legg.

"Providing this choice to clients will enhance an agent’s service offerings."

You can find out more about the webinar, which will explain how agents can integrate an iBuyer service into their offering, here.