Realtors rebelling against Zillow over instant offers
Hot off of them threatening a blogger over fair use of photos (BTW, they backed down after the EFF told them they have no case), real estate website Zillow is testing a new program called Instant Offers. Zillow says Instant Offers can speed up the process of selling your home and make it a lot easier. Basically how it works is, you register your home with Instant Offers and ideally, within two business days you’ll receive offers from investors who are willing to buy your home. Real estate agents, who already have a contentious relationship with Zillow, are saying not only does this hurt their business, but Instant Offers are also not consumer friendly.
Even though Instant Offers is only being tested in Las Vegas and Orlando, many members of the National Association of Realtors have seen the writing on the wall. The realtors are saying not only does Instant Offers take away business opportunities from them, but they also say the Instant Offers investors are not offering equitable offers to homeowners. The realtors believe the investors are offering a great deal below market value. One realtor has even taken it upon himself to start a grass-roots movement to try to stop Zillow from becoming the Amazon of real estate by launching the website Stop Zillow.
However, the question that needs to be asked is, is Zillow looking to corner the real estate market nationwide, or are realtors looking at Zillow like newspapers looked at online classifieds before print media’s decline? Only time will tell.
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