Industry NewsTechnology

Zillow Instant Offers: What’s the real estate industry’s response?

Reactions ranged from 'opportunity knocks' to 'and the other shoe drops'
  • Predictably, some believed this product is evidence that Zillow is inserting itself into the real estate transaction.
  • Others worried about the effect that Instant Offers could have on areas where investor activity is already higher than normal.
  • And some welcomed the chance to get a CMA in front of sellers and disrupt other potential disruptors, like Opendoor.

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Earlier today, Inman broke the news that Zillow was launching an "Instant Offers" platform -- allowing homeowners to connect with investors and sell their homes quickly, with or without a real estate agent. Instant Offers allows prospective sellers to receive all-cash offers from a group of 15 large private investors; sellers will also receive a side-by-side comparative market analysis (CMA) from a local Zillow Premier Agent. The response from the industry was swift. Here's a summary of what Inman readers had to say about the new product. 'Zillow is finally becoming a brokerage' It didn't take long for Inman readers to see a broken promise in this announcement from Zillow -- namely, the promise that the company would never become a brokerage. "And the other shoe drops," said Drew Peterson, a North Carolina-based real estate consultant. "Zillow has always claimed it doesn't want to be a brokerage. It doesn't have to be when it can connect buyers and sellers without the hassl...