The latest announcement from Zillow Group is going to send shockwaves through the industry…
— Spencer Rascoff (@spencerrascoff) April 12, 2018
Beyond expanding Instant Offers into Phoenix, the critical part of the press release:
Zillow to Participate as a Buyer and Seller of Homes
Beginning this spring, home sellers in the Phoenix and Las Vegas real estate markets will be able to compare an agent’s comparative market analysis (CMA) to offers from Zillow or other investors.
When Zillow buys a home, it will make necessary repairs and updates and list the home as quickly as possible. A local agent will represent Zillow in the purchase and sale of each home, enabling agents to earn commissions.
Two things to note:
- Zillow’s model enables agents to take part in those transactions, and earn a commission.
- Zillow’s model enables an agent to bring a seller an Instant Offer as part of a listing presentation (rather than having to compete against iBuyers to win a client over)
This will be interesting to watch play out…I’ll be sharing further thoughts in our mastermind newsletter.