Zillow is bringing its Instant Offers program to Las Vegas, allowing homeowners there to request an offer on their home from the company, and sell it immediately if they accept.
Las Vegas will be the second major U.S. market for Zillow Instant Offers after Phoenix in Arizona. Under the program, if the offer is accepted, Zillow buys the home itself, prepares it for sale, and then relist it on its platform. The idea is to give home sellers more convenience, choice and transparency, the company said.
Zillow Instant Offers allows homeowners to request a cash offer on their home which they’ll receive within just two business days. They can then choose to cash in immediately or ignore the offer and attempt to sell on their own.
The process works like this, and involves both agents and brokers:
- Zillow pays a commission to agents when it buys and when it sells each home.
- Sellers who choose not to accept Zillow’s offer can be connected to a Premier Agent. The Instant Offers test has proven to be a valuable way to connect sellers to agents.
“Instant Offers is a service for sellers who don’t want to deal with the hassle and uncertainty of putting their home on the market – cleaning the house for every showing, and juggling offers without knowing when their home will actually sell,” said Zillow President Jeremy Wacksman, co-head of Instant Offers. “Every seller’s situation is different, but one thing many sellers have in common is that they want more control over their price and timing. Instant Offers is off to a great start in Phoenix and we’re excited to bring it to a second market – Las Vegas – and then a handful of additional markets by the end of the year.”
Zillow Instant Offers also gives real estate agents the opportunity to acquire new listings by connecting them with motivated sellers who have taken a direct action to sell their home. Across all testing over the last year, Zillow found the vast majority of sellers who requested an Instant Offer ended up selling their home with an agent, making Instant Offers an excellent source of seller leads for Premier Agents and brokerage partners.
Additionally, an agent is at the center of every transaction Zillow is a part of. For the launch of Zillow’s direct participation in the Las Vegas market, Zillow is partnering with GK Properties to represent them in their home purchases and sales.
“Zillow’s expansion into buying and selling homes in Las Vegas creates a great opportunity for agents and brokers in the Las Vegas area, and we’re thrilled to be on board as partners,” said George Kypreos of GK Properties in Las Vegas. “Selling a home can be stressful, and home sellers want more control and transparency in the process. Zillow Instant Offers gives them that, and will give local real estate agents opportunities to partake in the process. This will be a big win for agents and home sellers.”
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