Zillow’s direct-to-consumer homebuying and selling platform, Zillow Offers, launched Monday in Minneapolis-Saint Paul, bringing the platform to 10 total markets in a little more than a year since its launch.
“Zillow is rewiring real estate to create a seamless and integrated transaction, and today, we’re launching our amazing new service, Zillow Offers, for home sellers in the Twin Cities,” Zillow Brand President Jeremy Wacksman said in a statement.
Zillow Offers, a platform that gives sellers an all-cash, quick-close offer, has had more than 100,000 requests for an offer, since it first launched in Phoenix in 2018.
After buying the home, Zillow pays for light repairs and preps the home for sale, with the hope of turning it around quickly.
“Zillow Offers gives homeowners an unprecedented level of control and convenience when selling, helping them move more seamlessly onto the next stage of their life,” Wacksman said.
Zillow sold 414 homes in the first three months of 2019 and purchased 898 homes – an increase of 80 percent from the fourth quarter of 2018. The company had a total of 993 homes in inventory at the end of March, according to its most recent earnings report.
The platform is available for sellers in Las Vegas, Atlanta, Denver, Houston and Dallas as well as Charlotte and Raleigh in North Carolina and Riverside, California. The real estate tech giant also recently announced it will expand to Austin, Los Angeles, Miami, Nashville, Orlando, Portland, Sacramento, San Antonio, San Diego and Tampa by the end of the first quarter of 2020.
Zillow will work with a local brokerage in the Twin Cities to represent it on both sides of the transaction. The company individually negotiates commission percentage with each brokerage and has repeatedly declined to disclose that commission.
Premier Agent advertisers in the market will also get seller leads generated from the platform when sellers choose not to take Zillow’s all-cash, quick-close offer and instead opt to list their home on the market.