Technology

No investor bids accepted through Zillow Instant Offers

The program has generated three listings for one agent

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Hundreds of homeowners have received investor bids since Zillow launched Instant Offers, but none had been accepted as of June 5. On the other hand, the program has generated three listings for one agent, and she may be able to convert more Instant Offers leads in the days ahead. The results suggest that Zillow Instant Offers investors are not making compelling bids -- an outcome that Zillow Group may have been anticipating. The real estate giant has found a way to generate new business for its customer base, while positioning itself to potentially capture fees if consumers embrace high-tech investors in the future. “We kind of thought that more people would elect to go with an agent,” said Zillow Group spokesman Dan Evans. Zillow Instant Offers, a test product that Zillow is piloting in Orlando, Florida; and Las Vegas, allows homeowners to receive quick offers from multiple investors alongside a comparative market analysis (CMA) from Zillow agent advertisers. Each CMA...