Zillow has waded into the complicated and sometimes lengthy process of selling a home by launching a new product on Monday called Instant Offers. The new initiative, being tested in Las Vegas and Orlando, Fla., is billed as a way for homeowners to avoid traditional hassles and sell quickly.
According to a news release from the Seattle-based real estate media company, Instant Offers connects homeowners to offers from investors as well as a comparative market analysis (CMA) from a local real estate agent.
The process starts when a homeowner is able to provide basic information about their home — number of bedrooms, square footage, remodel information, etc. — and upload several photos of the home. Select investors who buy homes in the area can present offers alongside the local agent’s CMA. Any offers and the CMA will include an overview of fees associated with each option, Zillow says. There is no obligation for the seller to accept any offers.
By avoiding traditional home sale necessities such as staging and open houses, Zillow says that sellers alleviate some stress, and they can gain additional control over such things as closing date and price.
“Sellers are looking for more solutions when selling their home,” Zillow Group chief marketing officer Jeremy Wacksman said in the release. “For some, selling in a short timeframe with certainty around the closing date is attractive, or even necessary.”
The move brings Zillow into a space popularized by companies such as OpenDoor and OfferPad. Inman, the real estate news website, said in a post about Instant Offers that, while it “is an ‘alpha product’ today, it could become a powerful marketplace where multiple investors bid on properties and connect with homesellers and agents through Zillow.”
Wacksman said it’s all about providing what consumers demand.
“Across many industries, we’re seeing a rise of technology assisted transactions, and many consumers desire this type of innovation in real estate,” Wacksman said. “We want to provide options for convenience, while providing home sellers with useful information to help them make an informed financial decision. That’s why we provide them with any offers submitted by investors, as well as an estimate from a real estate agent who can help them better understand what that home may sell for on the open market.”