Realogy has announced cataLIST, a cash offer program, in its first foray into the iBuyer space. Realogy collaborated with Home Partners of America, a lease-to-own program provider, on the venture. cataLIST is available through NRT’s Coldwell Banker branded operations, in limited markets at the outset. NRT is a Realogy subsidiary.
In the vein of Zillow Offers, with cataLIST, homeowners can obtain an offer, often within one business day, and can either accept it or list their property traditionally. If they accept, the closing can happen in as little as 10 days. Whichever outcome, the agent involved in the process remains the same.
“The cataLIST Program gives agents the distinct advantage of being able to offer their customers either the great listing experience they have long provided or an alternative to the common sale model, one that is convenient and expedites the home sale process,” says M. Ryan Gorman, CEO/president of NRT. “The cataLIST program keeps our independent agents at the center of the transaction and additionally arms them with a powerful tool to compete with iBuyer players in their marketplace.”
“Sellers who choose the cataLIST Cash Offer can benefit from the convenience of a quick sale without having to continue to pay tax, insurance and mortgage for the property while it’s being marketed,” says Bill Young, CEO of Home Partners of America. “Additionally, sellers who accept the cataLIST Cash Offer can close any time within a 90-day window, making it easier to facilitate the move into a new residence. Sellers will have greater negotiating power on their next purchase knowing they have a cash contract on their existing home with a quick closing.”
Beginning in October, cataLIST will come to Atlanta and Dallas, followed by Tampa by year-end.
In addition to cataLIST, Home Partners and Realogy are partnered on Home Partners’ Lease Purchase Program, which gives creditworthy renters the ability to lease a listing, then purchase it.
RISMedia’s 2018 Real Estate CEO Exchange, held this month, addressed the iBuyer movement, centering on its dual disruptive and innovative nature.
“There’s a segment of the population that it’s going to be appealing to,” said Scott Petronis, chief product and technology officer at eXp Realty. “For those crunched on time, it’s very valuable.”
“We’re focused on providing value and buy-side connections, as well as sell-side benefits with [our program],” said TG Gallaudet, senior director of Broker Relations at Zillow Group.
“We are at an inflection point, and we are ready for certain types of change,” said Joe Rand, chief creative officer of Better Homes and Gardens Real Estate Rand Realty.