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DropOffer, the company whose slogan is “Turn the off market on,” has released an update to its solution for helping buyers find homes not yet for sale, according to a Sept. 30 press release.
Long mobile-first, DropOffer has deployed a fully web-enabled iteration of its platform to enable motivated buyers to move forward in a deal without representation. The company encourages its users to engage an agent, according to the release, but believes the option should be available to consumers.
The company likened its updated offering to Facebook Marketplace, a direct buyer-to-seller interaction. DropOffer deploys an artificial intelligence component to support the buyer in their pursuit of the right home, a feature that provides deep market and property analysis for the user to support their outreach and potential offer.
DropOffer’s argument to the market is that “the real estate market has traditionally been dominated by the 1 percent of homes publicly listed, leaving 99 percent of potential properties hidden.”
Its case for sellers is that the app also provides them a private opportunity to pitch their home to DropOffer’s network of users — active buyers and investors.
“This maximizes exposure and ensures sellers receive offers from genuinely interested buyers, reducing the time and stress typically associated with the selling process,” the press release said.
The application’s features include tools to facilitate multi-party communications, primarily between buyers and sellers, but collaborative enough for agents or other stakeholders to be involved. It also offers an organized, time-stamped and traceable offer engine and negotiation channel.
The company’s AI mechanisms provide insights into properties, as well as help the seller understand the buyer’s financial wherewithal, including proof-of-funds verification and any formal prequalification.
Sellers are also offered an experience to upload their homes for buyer consideration, enabling a rich marketing experience tantamount to what many brokerages use.
“This is the first platform that empowers regular buyers, not just investors or agents, to initiate real estate deals directly with homeowners,” said DropOffer CEO and co-founder Greg Burns.
New Western, a property portal for single-family investors and rehabbers, offers a similar alternative sales transaction model, as does Final Offer.
Off-market sales have increased but remain a small part of the overall market. Companies like DropOffer want that to change but for now, are working in a small corner of the space.
In January 2023, Inman reported on the 2022 National Association of Realtors study that found off-market sales were at a 22-year high, hovering at 10 percent. A year later, that report found that number back down to 7 percent.
DropOffer’s premise is that buyers want more variety than what the traditional market provides and that by opening up the off-market, the entire market can regain some momentum.
Related to that argument is the onset of new, AI-driven search models that allow consumers to find preferred homes using very specific requests, such as “a view of a ski resort with access to public transportation” or “white kitchens with high ceilings and farm sinks.” While a number of homes with such descriptions may exist, they’re not for sale, thus hampering a buyer’s interest in moving forward and in many ways wasting the time of their agent.
With enough traction, companies like DropOffer could theoretically alleviate that glut of options. It’s a bold model, but not one without justification.
“We’re excited to introduce a platform that not only opens up a whole new world of possibilities for buyers and sellers but also equips agents with the tools they need to thrive in a competitive market,” said Kamani Clark, co-founder of DropOffer, in the press release. “Our mission is to revolutionize real estate by bringing transparency, efficiency, and innovation to every transaction.”
