Zillow’s program launched in Phoenix this April, and had already expanded to include Las Vegas, Atlanta and Denver. The company will add Charlotte and Raleigh in North Carolina later this year, making seven markets in all.
With Zillow Offers, homeowners can choose to request a no obligation cash offer on their home from Zillow. Should they accept the offer, Zillow will buy the home directly, do it up and prepare it for showings, then list it for onwards sale. The company said it will use local Houston real estate agents to represent it in any sales.
“Zillow Offers launched just seven months ago, and we've already seen nearly 20,000 homeowners request an offer from Zillow to buy their home,” Zillow Brand President Jeremy Wacksman said. “Consumers desire a more seamless experience and the ability to sell their home on their own timeline - something Zillow Offers can provide.”
Wacksman added that he’s excited to work with Houston sellers and give them more flexibility when it comes to selling their homes.
The good news for real estate agents is that Zillow Offers doesn’t seem to compete with them directly, as the company instead works with them during each transaction. Agents are paid a commission each time they buy or sell a home.
Zillow Offers is also used to promote the firm’s Premier Agent program, which gives agents the chance to acquire new listings by connecting them to motivated sellers who’ve already taken action to sell their properties. It works by connecting consumers who received a Zillow Offer but decided not to take it with a Premier Agent. The partner brokers and Premier Agents participating in Houston will be announced when Zillow Offers launches in Houston early next year.
Zillow has been busy expanding in other areas of the real estate market too. Last week for example, it completed its acquisition of Mortgage Lenders of America to officially enter the mortgage industry.