Inman: Zillow’s iBuyer transactions will soon be managed by its own agents13135
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 WGAN ForumFounder & WGAN-TV Podcast Host Atlanta, Georgia |
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| Inman (23 September 2020) Zillow’s iBuyer transactions will soon be managed by its own agents "Zillow is set to hire real estate agents to represent it in buying and selling homes, a marked shift from the way the company has managed transactions since launching its iBuyer, Zillow Offers, in April 2018," reports Inman. "Zillow will also pay commissions to all real estate agents representing the buyers and sellers in Zillow Offers transactions." Wondering what real estate agents think of this? Dan -- Save $20 with WGAN Affiliate Link for Inman |
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 WGANStandard Member Bon Secour, Alabama |
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| @DanSmigrod Most hate it and reject it out of hand. I encourage those to think about what the dinosaurs thought when the first snowflakes fell! Keith |
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cnitschke1 private msg quote post Address this user | |
| I would say a couple of things are worth noting: Now would be a very good time to become a Zillow preferred photographer and to equip yourselves to shoot Zillow 3d tours. In every market I track, Zillow 3d tour adoption is growing much faster than Matterport adoption if you are tracking public facing tours in Zillow and Realtor.com. The iBuyer model is not new and has had very mixed success depending on geographic markets and economic markets. It has done well in states where home pricing is more predictable (Like AZ with lots of large track home type inventory) but has struggle in more rural areas where there are more unknowns from property to property. The iBuyer model has not been tested in a declining market where the predictive nature of home pricing may undercut the vendors margins or even cause them to go negative. This would require them to offer less attractive pricing to the iBuyer customer who in turn may choose to go with a traditional brokerage to capture a better bottom line price. I would also pay attention to Zillow By Owner sales. These have opened up a one-two punch for us as we can leverage them from two very different angles: 1. If you list with us, we pay for all of the professional photography, Zillow 3d, Matterport and video, we use the VR to ensure that every buyer is 100% pre-qualified financially and has seen your home digitally before we ever let them tour your home physically and we handle the entire transaction. 2. My Media company reaches out to sell them media packages priced from $300 to $1500 to boost their marketing efforts but also gives them an option of working with an agent should they get frustrated with the process of selling their home who will credit them back the full cost of that marketing at closing since this group of agents would have spent that money as a traditional listing from the get go. Because we do so much of this type of marketing and track the stats specifically in Zillow we have very clear numbers showing that photos, 3d tours and video makes all of the difference in the world as far as getting the most amount of money for your home in the least amount of time. Attached are JPGs from a case study we just did on a builder client that is shared by both the Media company and the real estate brokerage that shows the exaggerated difference in Views and Saves based on the quality of the marketing. At the time of this study the bottom line difference in sales was, the other two builders sold ZERO homes and Solid Ground had SOLD FIVE homes (This first one in 72 hours of the listing hitting Zillow and the additional 4 within 3 weeks of that listing hitting Zillow). $5,599,500 in sales for the builder $167,985 in Commission to the agent But the story is even bigger than that because yesterday the developer joined the team for lunch and to tour the home and as of last evening gave the builder access to 60 additional lots and permission to market 12 listings at a time without having to purchase the lots first. This just opened up at least $37,200,000 in sales opportunities and over a million dollars in commissions for the agents over the next 24 months in addition to the media company getting to shoot all of these homes. The long and the short of it is with every new change to the landscape comes new opportunities for those who can roll up their sleeves and solve the real problems that exist in each one of these new spaces.     |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
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| @cnitschke1 Thanks for your insight! ALWAYS appreciated. Best, Dan |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
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| Inman (23 September 2020) 'This comes as no shock': Realtors weigh in on Zillow hiring agents "Many believe the move now puts them in direct competition with the Seattle-based real estate tech giant, with it’s $23 billion market cap," writes Inman. “I wonder when the large national brokerages are going to accept the fact that they need to compete with Zillow online,” Andrew Fortune, the broker-owner of Great Colorado Homes, a Colorado Springs brokerage, wrote in a comment. “Zillow has very little competition because none of the national brokerages are even competing with them.” |
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