Ohio is the sixth new state New York-based Power Buyer has added this year, giving it a presence in 13 states.
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New York-based startup Ribbon brings its Power Buyer services to Ohio, in partnership with a subsidiary of Coldwell Banker that employs more than 500 real estate agents in southwestern Ohio.
Locally owned and based in Dayton, Coldwell Banker Heritage has offices in Beavercreek, Huber Heights, Kettering, Middletown, Springboro, Springfield, Troy, Urbana, Vandalia and Wilmington.
Ribbon is an “open power buyer” that partners with real estate agents and lenders to allow buyers to forgo the contingencies of mortgages, appraisals and home sales by making cash offers of up to $1 million with the support of Ribbon.
Ribbon will often enter new markets by partnering with a real estate agency as an initial launch partner. When Ribbon launched its services in Arkansas in May and Alabama in December, it partnered with an independent brokerage firm, Crye-Leike.
Shaival Shah
“Coldwell Banker Heritage was a natural partner, as they bring over 50 years of industry knowledge to each of their 525 agents in Ohio,” Ribbon co-founder and CEO Shaival Shah said in a statement. communicated. “We are excited to work alongside their agents and create opportunities to strengthen the very communities in which they work.”
Power Buyers market themselves as providing an advantage to homebuyers in markets where low inventory and competition with investors can lead to bidding wars that are often won by buyers bidding in cash. According to data released by Zillow, there were 1,566 homes listed on the Dayton, Ohio market in April, down 8% from 1,701 a year ago.
Ron Sweeney
Ron Sweeney, managing partner of Coldwell Banker Heritage, said the partnership with Ribbon gives homebuyers “a chance to connect with someone they can meet in person who knows the community while being equipped with the tools of a large international organization”.
Ohio is the sixth new state Ribbon has added this year, giving it a presence in 13 states. In addition to Ohio, Ribbon’s cash offer program is available in Alabama, Arkansas, Florida, Georgia, Indiana, Missouri, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, and Virginia.
Ribbon, which announced a $150 million Series C raise in September, said in April that it plans to add six new states in the second quarter, which would give the company a presence in 17 US states. by the end of June.
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