How the Coronavirus Crisis Effects iBuying and Who is Answering the Call

April 5, 2020
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Like many other markets, the property iBuying sector is feeling the effects of the Coronavirus crisis. Since the self-quarantining started, and even more so, since stay-at-home orders were put in place across the country, platforms like Offerpad, Redfin and Zillow are seeing business grinding to a halt. 

HomeVestors (formerly We Buy Ugly Houses) is taking matters into its own hands while other platforms scramble for solutions. The company is still buying houses across the nation, but it's doing so completely online

The CEO, David Hicks, has explained that the company isn't stopping there. It will continue to implement its successful franchise scheme because, he says, "when a seller has a need to sell their house, we want to be available.”

Even during a pandemic. 

The site's homepage now sports a message explaining the limit to its services with an emphasis that all is not lost— you can still work with the platform to sell your home for fast cash. 

Through this newly, fully virtual service, clients can meet with local HomeVestors representatives via the online platform or phone to set up a virtual meeting and go through the whole process in this way

It is only a matter of time before other portals catch on to what could very well be a lucrative endeavor during a time when the internet is the zenith of not only social interaction, but daily business facilitation for quarantined people around the world. HomeVestors has found a way to keep the iBuying sector relevant while other big names still flounder for an answer to their declining numbers. 

 

April 5, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

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