From iBuying to iRenting: Innovation in residential real estate
Within the past five years, the process of selling a home has undergone a radical transformation ignited by the “iBuyer” — a real estate company that buys and sells properties using technology. Opendoor created the category back in 2014. Several fellow technology-driven companies like Zillow, OfferPad, and RedFin have entered the space since.
The proposition of iBuyers is quite simple and rather compelling: Sell us your home at a reasonable price without all the hassle, then we’ll fix it up and resell it for a margin. This is likely why, according to Mike DelPrete’s 2020 iBuyer Report, the niche doubled in market share from 2017 to 2018 and again in 2019 — representing over 0.5% of U.S. home sales.
While this technology-led phenomenon has turned homebuying on its head, similar innovation has not yet reached the other side of the housing market:…