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Sign into your accountGet Off My Transaction! What Zillow's Latest House-flipping Announcement Means for Brokers
April 15 2018
Zillow Group, Inc. announced they're expanding Zillow Instant Offers to compete directly with OpenDoor and other Instant Offers companies – and that for the first time, Zillow itself will be buying homes from consumers and reselling them.
So, what does this mean for brokers? Two ways to look at it:
- So much for "We sell ads, not houses," as Spencer Rascoff has repeated ad nauseum over the years. That's right up there with, "I'm from the government and I'm here to help." Zillow, of course, has every right to direct their business as they choose, but this is proof that they couldn't care less about their relationship with brokerages. Look at the revolving door nature of the staff working with brokers as further evidence (remember Chris Crocker and Nick Bailey as the most recent examples?).
- Wake up call. I attended the Swanepoel T3 Summit in Miami last week and the theme was resoundingly that if you don't make change happen, then change happens to you. I'd rather be the one making it happen, and I think that the brokers that continue to thrive will be the ones that disrupt themselves, not wait around to get disrupted.