8:55 AM, 7th June 2017, About 5 years ago 2
Could it happen in the UK?
US property portal Zillow has a new Instant Offer program which allows sellers to receive offers direct from purchasers. It is being piloted in Las Vegas and Orlando.
The hundred billion dollar US traditional Real Estate industry is seeing this as an attempt to displace or disrupt the status quo.
There is currently no equivalent in the UK where all portal indications of interest from purchasers are directed back to the selling agent.
Zillow is looking to monetise Instant Offers by selling on vendor leads to estate agents, so are they looking to replace real estate agents or is it a very weird attempt at a symbiotic relationship?
In a backlash agents have created a website called StopZillow.com and have a petition with over 12,000 signatures to be sent to the National Association of Realtors.
StopZillow says “Zillow’s Instant Offers encourages unknowledgeable home sellers to sell directly to profit driven investors at below market value. This program mesmerizes home sellers into acting without consulting a Realtor, attorney or appraiser.”
“Instant Offers is a costly, misleading program for the public and a stab in the back to Realtors who fund Zillow. It’s a lose lose program for everyone except greedy investors. It reduces home seller equity while diminishing Realtor income.”
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