We started the discussion, but from all the emails we’re getting it seems like you have a lot to say about Zillow and their new Instant Offer program! Our 3 part series hits a fevered pitch today, with one coaching member fired up and ready to slay the Zillow ‘dragon’ sharing his knowledge and giving hope to anyone out there who is still shaking in their boots about this!
It seemed like a win-win situation back in the day when agent listings got massive exposure in the marketplace and had the chance to market on their site. Then came Zestimates and things got weird (or should we say, inaccurate) and now fighting the Zestimate a seller received was a regular listing presentation occurrence. But has Zillow sunk to a new low now with their Instant Offer program? The industry is abuzz about how Instant Offer may (or may not) be an agents undoing. Will it be yours?
Agent Kris M from California wrote in and shared that Zillow is beta testing this in the Orlando and Vegas markets, using their top Premier Agents and that yes, Zillow taking a referral fee from agents is the end goal for Zillow – which will sound ‘oddly’ familiar to something we said on our previous podcast.
Kris went on to say, “When a homeowner clicks on the button for the instant offer they have to fill out some information about the home. That is sent to three investors and to a Realtor. The three investors are institutional wholesale investors at this point, hedge funds and I think Offer Pad or one of the other instant offer company that has partnered with Zillow.
The investors generate offers, the Realtor generates a CMA to give homeowner retail value. We know that most sellers will go retail, but there are a few that will go wholesale and trade equity for a “no hassle sale.” This market has always existed. If I were a small investor I would be more worried.”
Listen to the rest of todays insightful episode and find out why we also think that buyers agents should be very worried, as well! Lastly, we’ll tell you how to compete against this and its surprisingly simple!