Common iBuyer Myths Debunked with Nima Khanghahi

Podcast

Interview with Nima Khanghahi by Kevin Kauffman

Intro 

Our industry’s reaction to iBuyers has at best been fear and hesitation, and at worst anger and flat out hatred, and as a result a lot of misinformation is spread to the detriment of the consumer. My guest today, Nima Khanghahi is someone who will share that there is actually still massive opportunity for real estate agents within the model, for those who are willing to learn about them and think about bringing value to clients. 

What is the key difference between iBuyers and the traditional brokerage model? Why do iBuyers still need Realtors within the transaction? Why is it so important that we don’t underestimate the convenience-factor for sellers? 

On this episode, I’m joined by Opendoor Agent Growth Manager Nima Khanghahi. We talk about the most common iBuyer misconceptions and why iBuyers don’t mean the end of the agent. 

Quotes 

The consumer misses out when the agent’s not educated.

– Nima Khanghahi

Being open to learning and trying to consistently bring value to the community is the only way to operate.

– Nima Khanghahi

The real estate space doesn’t naturally deal with change very well.

– Nima Khanghahi

The agent should be the center of every transaction.

– Nima Khanghahi

At the end of the day, you have to connect with people and get to know where they are in their lives to see if you can potentially help them in real estate.

– Nima Khanghahi

Key Points 

The definition of iBuyers

iBuyers are simply real estate tech companies that buy and sell homes. We have evolved from real estate being bought and sold homes, to companies being able to also facilitate transactions. 

iBuyers don’t have to be the enemy

Real estate agents who view iBuyers as competition are missing the point and the opportunity. If we educate ourselves about iBuyers, we can actually make them a compliment to our business and the value we add to our clients. The real estate selling experience is extremely overwhelming for consumers, and real estate agents are incredibly informed and experienced, so iBuyers still need them to be part of the transaction. 

Convenience trumps money for some customers

We should never underestimate the fact that some sellers would trade the convenience and certainty of an iBuyer with earning more money in a traditional transaction. Ultimately, this is the advantage that iBuyers bring to the table, and what is attracting many sellers to them. 

Summary 

On this episode we discussed

• Why a good team and crew is the key to long-term success in any industry.
• Nima’s life and work before Opendoor, and the power of elevating others. 
• Nima’s role as an agent growth manager and how he helps to empower agents. 
• The two challenges real estate agents have when it comes to iBuyers. 
• A simple definition of iBuyers. 
• Why we should see iBuyers as being complementary to our business not competition. 
• How iBuyers provide convenience and certainty and why that’s so valuable.

Closing Paragraph 

If agents truly want to be the center of the transaction in 2019, iBuyers are part of that conversation, and our clients need us to simplify the options that are out there. We are the ones who can educate them, help them and add to the value we can bring to the table. Agents are an important part of the community, and we have a lot of influence in this space. iBuyers need us to be a part of the process, they are aware of how valuable we can be. In order for us to get in front of the opportunity, we have to be willing to educate ourselves. Not acknowledging and embracing them will do a disservice to our industry and the communities that we serve, and that’s the most important thing.

Catch the Interview

Listen to the full interview with Nima Khanghahi:

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