Zillow Tiptoes Into Homebuying Arena
April 13, 2018
Zillow has announced the expansion of its Instant Offers program into a third market while making a vague statement that it “plans to participate in the marketplace, buying and selling homes with Premier Agent partners in the Phoenix and Las Vegas markets.”
The Instant Offers program enables potential home sellers to receive investor offers with an analysis from the Zillow Premier Agent program regarding the home's open market value within two business days of submitting basic information regarding the property. The program was rolled out last May in Orlando and Las Vegas.
In announcing the entry into the Phoenix market, Zillow added that is working with three brokerages—West USA (Phoenix), Berkshire Hathaway HomeServices Arizona & Nevada Properties (Phoenix and Las Vegas) and Coldwell Banker Premier Realty (Las Vegas)—with the goal of creating “new seller lead opportunities for their agents.” Zillow also announced it will begin making offers to buy certain residential properties in Phoenix and Las Vegas—and while the company did not go into specifics on its foray into homebuying, it seems that it will be focusing on flipping rundown properties.
“When Zillow buys a home, it will make necessary repairs and updates and list the home as quickly as possible,” the company said in a press release. “A local agent will represent Zillow in the purchase and sale of each home, enabling agents to earn commissions.”
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