Zillow Offers continues to make headlines as Inman features the program roll-out in the Denver real estate market:
Zillow launched the program to give consumers more control and certainty when selling their home, the company said in a release. An estimated 61 percent of sellers are buying a new home at the same time as they list their old one, according to Zillow’s research.
“Rising inventory can make the timing of a sale more uncertain, making Zillow Offers even more desirable,” Wacksman added. “Zillow Offers aims to alleviate some of that stress, giving sellers the ability to customize their selling experience, and we can’t wait to get started today in Denver.”
That said, Zillow stock has taken some hits since first unveiling Zillow Offers earlier this year and acquiring a mortgage lender (Mortgage Lenders of America), with investors nervous about the risks of the formerly digitally-focused media company acquiring and re-selling physical real estate. Zillow CEO Spencer Rascoff has taken pains to express how Zillow is not a home-flipper (the company does not buy distressed homes or make hefty repairs).
Atlas Real Estate Group will represent Zillow as a buyer and seller in Denver. Zillow has not yet disclosed any of the commissions it pays the agents representing it but told Inman in the past that it’s separately negotiated with each brokerage that represents their transaction.
“At Atlas, we have always been forward thinking; constantly evaluating opportunities, market trends and exploring new ways real estate can serve as a long-term investment vehicle,” Jason Shepherd, co-founder of Atlas Real Estate Group, said in a release. “We are excited to use our entrepreneurial mindset in our partnership with Zillow Offers to help improve the consumer experience of buying and selling a home.”
Shepherd called the program unique and said it solves a huge problem in the market right now.
“Homeowners want convenience and certainty when selling their home,” said Shepherd. “We are always looking to add value at Atlas, and this not only adds value to our clients and consumers, but to the entire real estate industry, and that’s a fun and exciting thing to be a part of.”