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Coldwell Banker announces iBuyer product to level the playing field

Realogy Holdings Corp (NYSE: RLGY) announced a partnership with Home Partners of America’s subsidiary, cataLIST, to offer a ‘quick-sale’ program via NRT’s Coldwell Banker brand in selected markets in the USA.

This would allow their agents access to a similar model to compete with iBuyer or ‘quick sale’ programs already in the market.

Through the cataLIST Program, an owner of a qualifying property who lists with Coldwell Banker will have the option of receiving a cataLIST Cash Offer to purchase their home, generally within one business day of providing the property information.

Within five days after receiving the cataLIST Cash Offer, the homeowner has the choice of accepting the offer or marketing the home for sale through the traditional listing process.

If the sellers accept the cataLIST Cash Offer, the closing can generally occur in as few as 10 days, subject to obtaining clear title to the property. If the sellers do not accept the cataLIST Cash Offer, the offer will be automatically withdrawn, and the home will be marketed through the Coldwell Banker marketing program.

In a press release from Realogy, they state the program allows the homeowner flexibility to work with a fully trained real estate agent, as opposed to some other instant offer products currently in the market.

“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,” said Bill Young, Chief Executive Officer 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.”

“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,” said M. Ryan Gorman, president and CEO 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.”

NRT is the Realogy subsidiary that operates its company-owned real estate brokerage offices such as Corcoran Group and Sotheby’s.

Realogy also owns brands in the US such as Century 21, Better Homes & Gardens Real Estate and ERA.

Better Homes and Gardens Real Estate recently launched in Australia, backed by Charles Tarbey.

An iBuyer offer system is available in Australia via sellable.com.au, founded by tech entrepreneur Justus Hammer. 

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Samantha McLean

Samantha McLean is the Co-Founder and Managing Editor of Elite Agent and Host of the Elevate Podcast.