IBS Live, sponsored by Capital One Spark Business, featured 27 programs and socials plus a hoppin’ café during the three days of the 2019 NAHB International Builders’ Show® (IBS) in Las Vegas.
This year’s IBS Live presentations went beyond trends, as programs took a closer look at some of the changes predicted to disrupt the home building industry over the next five years. Here are just a few of the many fun highlights from IBS Live:
The IBS Live Café
The IBS Live Café was a happening place. Attendees grabbed a cup of coffee and then grabbed a bean-bag seat to listen to the future of home building from the knowledgeable innovators and people disrupting the industry.
iBuying: How This New Category Is Turbocharging Sales for the Home Building Industry
Derek Schairer of Opendoor shared the company’s revolutionary new way of working with builders to sell more homes. Their mission is simple: to empower everyone with the freedom to move.
How it works: The buyer requests an offer (through the Opendoor app), and a home expert prepares one for the seller’s review. One the offer is accepted, Opendoor schedules a free home assessment, and if repairs are needed, they will do those post-close. This allows buyers to get paid in a matter of days and move onto their next home.
In an article published by Opendoor, Schairer notes that they created a program with homebuilders to make it possible for potential buyers to sell their existing home and buy a new home in one simple process.
The pilot program, launched in Las Vegas, was designed to create a stress-free experience for buyers who need to sell their home before buying a new one. Opendoor gives home builders the flexibility to close quickly, and eliminates a buyer’s fear and uncertainty of selling their existing home.
Opendoor is currently available in 23 of the top 50 U.S. markets, with the goal to expand to all 50 of those markets by 2020.
In this presentation, John Rymer of Rymer Strategies and Greg Bray of Blue Tangerine discussed the opportunities in offering a fully-digital new home purchase program. With e-commerce being the norm, convenience has become an expectation, so how can home builders adjust?
According to Rymer Strategies, “46% of all new home prospects and 71% of Millennials say they want the option to reserve a home/homesite online with a credit card as their deposit.”
Other points of interest:
- Homebuyers ages 25-54 are most willing to choose the option of online reservations for homesites, homes, upgrades and mortgage financing.
- Homebuyers ages 25-54 say that having the option of reserving a homesite, home and/or upgrades online would positively impact their decision in determining which builder to use.
- Online mortgage qualification is the most desired component of the online home purchase process today.
- While homebuyers ages 55+ are less enthusiastic about using an online home purchase option, 3 in 10 say the online option would positively impact their decision in determining which builder to use.
Best of IBS Awards at IBS Live
The winning products in the Best of IBS Awards were named at IBS Live during the last day of the show. The Best of IBS Awards received more than 300 entries. Decided by a panel of 31 independent judges made up of attending reporters and building professionals, the awards were given in nine categories, plus an overall Best in Show award was presented to Andersen Windows, Inc. for their Easy Connect Joining System. For more information on the Best of IBS Awards, visit buildersshow.com/bestofibs.
Mark your calendar for next year’s IBS—January 21-23, 2020 in Las Vegas!