Zillow says Instant Offers is a quick way for sellers to sell. It's actually a sly way for Zillow to swipe your sellers.
Zillow just introduced a program called "Instant Offers." It's being tested in Orlando and Las Vegas.
Homeowners give Zillow info on their home to receive a quick cash offer. Sounds good, until you dig deeper.
Offers are from investors whose business is buying homes low to sell them high. Sellers are required to pay an 8%-9% service fee, which does not include help from an attorney, appraiser, or real estate professional.
Zillow knows few sellers will agree. The price is too low and the cost is too high.
Zillow's doesn't care if sellers accept. It's goal isn't to help sellers sell, it's to get them before they call us.
Zillow knows its Achilles' heel is homeowners call us when they decide to sell. Zillow may have the buyers, but we control the listings that attract those buyers. Without our listings, Zillow is dead.
Zillow is determined to change that. Instant Offers is a strategy to attract sellers before they call you, then convince them to list with a Zillow agent... instead of you.
Zillow has powerful tools to influence sellers away from you. Zillow will point out that when sellers list with a Zillow agent, they don't have other agents displayed next to their listing; but if they list with a non-Zillow agent (you), they will have three Zillow agents next to their listing, agents inclined to switch buyers to their own listings.
Zillow wants to be the Amazon of real estate, with you on its shelf. Instant Offers is a way to make that happen.
THE BOTTOM LINE? If Zillow is successful, it will own us.
THE SOLUTION? We need to build a better Zillow, a website we control.
THE MONEY? The funding shouldn't be a problem if investors see widespread support.
STOP ZILLOW PETITION: The petition was written to request that NAR demand Zillow discontinues Instant Offers. That likely won't happen. Zillow wouldn't stop if it did.
IMPORTANCE OF PETITION: The petition is now even more important. It's a signal to investors that our industry will support a Zillow alternative website. Please ask your peers and anyone who cares about you to sign the petition.
WANT TO PLAY A ROLE? We are putting together a national #stopzillow leadership team to advise on the new website. If you'd like serve, just say "I'm interested" in a comment at the end of this post. We will be in touch.
WILL WE SUCCEED? Nothing is impossible if you have the courage, the commitment, and a good plan. We do.
REDFIN v ZILLOW: Redfin just filed for a $100 million IPO to #stopzillow (CNBC, Redfin v Zillow). Imagine a real estate industry controlled by Redfin and Zillow. Your choices: A salaried job (Redfin) or pay ransom (Zillow) for customers. Please sign the petition
Provided by Greg Hague