Since the start of the Coronavirus pandemic, iBuyers have seen the brunt of the struggles. US giants within the sector like Opendoor, Redfin, and Zillow have all suspended their iBuying operations while the virus rampages. Arterra Realty is doing just the opposite.
Based out of Michigan, the real estate platform has launched its 'Real Offers Instantly' (ROI) program, an iBuying scheme designed to real in clients.
With ROI, sellers with properties valued up to $500,000 can receive a cash offer from Arterra's exclusive investor pool, an offer that is up to 90% of the property's value, in under 24 hours.
Arterra Co-Founder and CEO Vito Terracciano said:
"Through our strategic partnerships and niche market, we are able to offer customers this creative solution and deliver the best real estate experience possible. Being there to help our clients remains our number one priority, especially during this uncertain time."
This comes at a time when the iBuying business model is fraught with uncertainty. Many other, more established platforms have already suspended their iBuying initiatives, waiting for the market to overcome the crisis before picking up again.
Arterra isn't the only company within the sector with such brazen confidence. HomeVestors has also launched its own iBuying program that is done completely through its virtual platform, answering the issues that arise from shelter-in-place orders. Whether these initiatives are enough to take root while there is so much uncertainty within the market, is left to interpretation.