One of the big advantages they have is that they're very quick.
At one point earlier this year, when we were looking at their figures, they were buying up to 80 homes a day or more.
And the second is that technology has changed.
It's really hard to assemble that many properties.
If they have a computerized algorithm that tells them when a home that they might like is for sale, they can close a deal or make an offer within two hours.
Two hours seems really fast and just seems like a whole other order of what a regular house buyer would be able to do,
that instead of having a real-estate agent, who was going to house and then visiting the house and talking to other people about this house,
that if you're using an algorithm to automatically bid on or make offers on houses, then you're clearly at a pretty intense advantage.
Right. That's their number-one advantage, probably, is the speed with which they can make a decision.
But they also have a very big advantage from having so much money.
But these guys don't have to do that.
They just say, "We're going to give you an all-cash offer."
They tend to have a pretty high rate of success with their offers.
One of the things we found in our reporting was an interview with one of the executives of this operation, and he was talking about just how quickly they can move on a property.
It's far quicker than any regular family could do.
They get automatic feeds every 15 minutes about markets across the country,
and they have an algorithm that, within 15 minutes, can score the house, and they can decide whether or not it's something that they're interested in.
So, as a result, within two hours or a couple of hours, they can get an offer out to the people who are selling the home, which is obviously so much faster than you or I would be able to move on something.
Peter, what was your reaction to hearing that?
We were pretty surprised.
We knew that they were a very sophisticated operation that had grown very quickly, but we didn't know anything about this computer algorithm or the speed that they could move on a house.
It seemed astonishing. It's an astonishing advantage over a regular family.
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