What is Zillow Offers?
Zillow Offers is a whole new way to buy and sell a home. Called iBuying by some analysts, here’s how it works:
A homeowner answers a series of questions about their home and submits photos and other information to Zillow Offers for evaluation. If Zillow makes an offer and the seller accepts it, we will have the home inspected, work with a Premier Agent to close the purchase, make appropriate repairs and updates, and then resell the home using a Premier Agent as our listing agent.
Zillow Offers removes stress and hassles for sellers while delivering high-intent, high-quality seller leads to agents and preserving their commissions.
How can agents participate in the Zillow Offers program?
This program is currently available for pre-selected partner Premier Agents and Brokers, and for Premier Agents and Brokers with clients who want to sell or buy a home through Zillow Offers.
- Represent Zillow: We will use partner agents and brokers to buy and sell each home owned by Zillow. This means we’ll list each home with a brokerage and pay a commission to the agent.
- Request an offer for a seller client: Agents with an active listing can request offers from Zillow to present to their sellers. This enables agents to earn a commission while offering clients a streamlined selling process.
- Receive seller connections: For sellers who either do not qualify for a Zillow Offer or do not accept one, Zillow will connect them with a Premier Agent or broker who can assist them with a traditional sale.
Is the Zillow Offers program available in my area?
By the end of June 2019, Zillow Offers will be in 11 markets:
- Atlanta, GA
- Charlotte, NC
- Denver, CO
- Houston, TX
- Las Vegas, NV
- Phoenix, AZ
- Raleigh, NC
- Riverside, CA
- Dallas-Fort Worth, TX
- Minneapolis-St Paul, MN
- Orlando, FL
Zillow Offers has plans to be active in 20 markets by the end of 2019.
Will agents receive commissions from Zillow and the sellers who use the program?
Yes. Agents representing both the buyer and seller sides of the real estate transaction will be paid commissions.
Can consumers use their own agents?
Yes. Buyers and sellers are welcome to use their own agents. Zillow Offers believes all transactions should have agent representation.
Can any seller request an offer?
Yes. A seller can request an offer regardless of their home’s for-sale status. A listing agent may also submit a request for an offer on behalf of their client.
How is Zillow Offers different from the Seller Boost program?
Zillow Offers is another way to connect with highly interested homeowners who are ready to sell.
Why is Zillow buying homes?
Our extensive consumer research indicates that some homeowners want fewer hassles and greater control over the selling process — and a more predictable time frame for their sale.
Zillow Offers helps by:
- Fulfilling the needs of sellers who want to sell quickly
- Delivering more opportunities for Premier Agents to grow their business
What will Zillow do with the houses it buys?
Once Zillow owns a home, we’ll promptly make necessary repairs and updates, and then put the home back on the market in move-in-ready condition through the local MLS. When we resell the home, it will be represented by a Premier Agent with one of Zillow’s local brokerage partners.
How will Zillow’s homes be positioned in relationship to other listings in the same market?
Homes bought by Zillow will be listed on Zillow and branded accordingly on search results pages. They will appear alongside all other listings, and they will be listed by our advertisers — Premier Agents — through MLS and brokerage listing feeds.
Since Zillow Offers involves two transactions instead of one, it provides Premier Agents with opportunities to earn commissions they might not have had otherwise
What if someone wants to sell their home to Zillow using their own agent?
Sellers are welcome to have their own agent in home-buying and selling transactions. In fact, we encourage it.
How does Zillow determine the amount to offer on a home?
We use the Zestimate as a starting point. A Zestimate® home valuation is Zillow’s estimated market value. It is not an appraisal. We then factor in information we receive from the seller (recent renovations, the current condition of the home, etc.), the opinion of a local real estate agent and fees.
We also weigh whether renovations will be needed and the cost of holding and reselling the home.
Once an offer is confirmed, it may be adjusted, if needed, when an in-person inspection is performed on the home.
Can an agent request an offer on a home?
Agents may request an offer on an active listing where they are acting as the listing agent for the seller, and they will earn a commission. Agents may also request offers on properties they own.
When I request an offer from Zillow on behalf of my client, will I be paid a commission?
When an agent requests an offer on an active listing on behalf of their client, Zillow will review information about the house. If Zillow does make an offer and the seller represented by the agent accepts it, the agent will be paid a commission by the seller based on the listing agreement the seller and agent have in place.
Want to know more?
See how agents are capturing leads through Zillow Offers.