After listening to the backlash against Zillow Instant Offers, we figured it was time to speak our piece…We couldn’t stay silent any longer! In these ‘How To’ articles based on our popular Instant Offers podcast series, we’re going to unpack the realities about Instant Offers programs and show you all the opportunities you’re missing out on by getting swept up in the drama.
If this is where the industry is going, it is time for us to step up instead of playing catch up! Why be afraid of Instant Offers when you can build your own Instant Offers program? We’ll tell you how you can switch from complainer to innovator and stay one step ahead of the competition.
Unless you’ve been hiding under a rock, you know that Zillow’s Instant Offers is a wholesale listing program. It’s model is to receive multiple offers from investors based on the comparative sales and details of the home. It’s no obligation and free.
Does it sound familiar? The car industry has been doing this successfully already, just look at Carmax. They’ve already proven this model works. How many people really want to retail their car? Some do, but most people just end up turning it over to the dealer for trade or resale, taking less but leaving someone else to deal with the process.
What is our message to you about the Instant Offers/iBuyer model? It’s simple and you can do it too!
What is Instant Offers/iBuyer?
Zillow’s Instant Offers: Receive multiple offers from investors based on comparative sales and your home’s details. There is no obligation and it is free.
(Getting a car appraisal at CarMax is quick and easy! They can be done in as little as 30 minutes, and we’ll buy your car even if you don’t buy one of ours. And each car we appraise is backed with a written offer good for seven days.)
Will this idea work? YES! …Why?
- Don’t assume a seller’s primary concern is net proceeds. 90% of sellers will take less net in exchange for less hassle and more control over the process.
- In this market, Instant Offers will appeal to a smaller percent of sellers vs. a market where they are less confident of an easy, “seller controlled” market.
Should the industry “fight” against Instant Offers type programs? NO. Why?
- If owners want to sell this way, the industry must step up.
- The INDUSTRY should be innovating, not playing catch up.
- As the market shifts, Instant Offers programs will be a critical marketing tool to attract sellers.
What kind of sellers will do this?
Every seller will at least consider Instant Offers programs because it means:
- No showings, no staging, no cleaning
- No retail prep needed
- No negotiating
- No waiting, wondering when or if the property will close
- No worrying about buyers ability to close or canceling at the 11th hour
- No open houses
- Choose your closing date
- No interruptions in their lives. Smooth, hassle-free transition
Secret: Every seller will want to at least explore this option. If you don’t offer an Instant Offers program you will lose. Stay tuned!