Zillow’s initiative is called the “Instant Offers” marketplace, and it’s been in a test phase since mid-2017. Homeowners who want to sell receive offers from investors and an analysis of their home’s value, if the home were to be listed on the traditional real estate market instead. Zillow says it will aim to buy, renovate, and then re-sell homes in 90 days or less.
“The process offers transparency, convenience and choice for sellers, and gives them certainty over their sale price and timing,” Zillow said in a release.
What it offers for existing industry participants is less clear. “The program 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,” Zillow’s release said.