Tech spin-off for US agents

Sep 14, 2017 | Industry, News

Seattle-based real estate tech company Zillow has announced it is expanding a test of an initiative for home sellers named Instant Offers, Kurt Schlosser reported on GeekWire in August.

Zillow Instant Offers serves as a marketplace for iBuyers, hi-tech investors who use technology to make quick offers on homes and close in days, either reselling the properties or converting them into rentals. Launched in May 2017 in Las Vegas and Orlando, Florida, the product connects home owners to investors as well as to a comparative market analysis from a local real estate agent.

Since market analysis valuations are likely to be higher than investor bids, some sellers are tempted to list with the featured agent, leading to a rich source of leads for that agent, says Zillow chief operating officer Amy Bohutinsky. In an “encouraging sign” for agents, most Zillow Instant Offers users who take action choose to use an agent, she says. Because Zillow Instant Offers users are likely to be motivated to sell, agents who receive leads from Instant Offers are enjoying “double-digit conversion rates like nothing we’ve seen”.

Zillow Group CEO Spencer Rascoff says Zillow has designed a product “to keep the agent involved in every part of the transaction, most notably by giving them the opportunity to secure new listing agreements”.

Words: Property Professional