NEW APP TAPS UNLISTED HOME MARKET

Frustrated buyers who are tired of being outbid often are forced to solicit homeowners for properties not on the market.

Sometimes their agents will send a letter or email to the homeowners to ask if they’re interested in selling. It’s unknown how often that tactic works, but a new app called Dropoffer aims to simplify that process for buyers and their agents.

The Dropoffer app, which is available for buyers by invitation through their real estate agents, provides property information and home valuation estimates on homes that are not on the market. Buyers can submit offers directly to homeowners through the app.

“There indeed is a real market in the ‘off-market,’” says Kimani Clark, a patent attorney in Washington, D.C., and co-founder of Dropoffer. “Many transactions occur that are not on the Multiple Listing Service. However, those transactions are manual and implementing them can be cumbersome and inefficient. We believe we’re opening up more opportunities by making every home available to everyone.”

There’s no cost to buyers or sellers. Dropoffer collects a referral fee from real estate agents when a transaction is completed.

“Real estate agents can invite their clients to join the app and then buyers receive information about properties their agent finds using the app,” says Greg Burns, co-founder, president and CEO of Dropoffer and a founding member of Compass Hawaii. “A buyer can give the agent a thumbs up or a thumbs down, which saves or deletes the property in their shared database.”

Homeowners don’t have to do anything to receive an offer.

“If preferred, a homeowner can ‘raise their hand’ so that if anyone searches in their neighborhood, we notify them that this homeowner has indicated a willingness to accept offers,” Burns says. “A homeowner can also opt out at any time.”

If a buyer sees a house that they would like to buy that’s not on the market, they can automatically tap the app to send an offer to that address.