iBuyer

A real estate company that uses algorithms to make direct cash offers to home sellers — buying properties to resell rather than facilitating traditional transactions. Opendoor, Offerpad, and the now-defunct Zillow Offers. The category that promised to disintermediate brokerage and absorbed most of its losses in the 2022–2023 rate move. A cautionary tale on how fast a PropTech thesis can break when the macro turns.