Zillow Instant Offers and What to Know

 
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You may have received calls or emails from fellow REALTORS asking what NAR is doing about Zillow’s new online investor sales program, called Instant Offers. Here's some background information.

  • The Instant Offers program, announced in late May, is a pilot test limited to two markets, Orlando, Fla., and Las Vegas.
  • As a publicly traded company that has yet to show a profit, Zillow will always be experimenting with ways to generate revenue as it must placate its shareholders. The company was not created to protect the interests of real estate professionals.
  • NAR’s mission has always been and will remain focused on REALTORS®’ business success.
  • Many years ago, as part of that mission, NAR aligned itself with realtor.com to ensure that at least one portal available to consumers would recognize and promote the true value that our members bring to the real estate transaction.
  • NAR cannot sponsor or encourage a boycott of Zillow. It would be unlawful for NAR to discourage members from using any product or service provider. Those decisions are made independently by MLSs, brokers, and agents. Likewise, it would be unlawful for local or state REALTOR® associations to encourage members to withhold listings or business from any third party, such as Zillow, or adopt policies that would preclude members from doing so.
  • What NAR can do is the same thing NAR has always done, and will continue to do, in the face of a long line of business models offered to consumers to sell their homes without the use of a REALTOR®: Undertake renewed efforts to remind the public, and to encourage and help members inform their clients and customers, of the value they bring to the real estate marketing and sales transaction, and the problems and risks sellers may encounter in marketing and selling their home without using a REALTOR®.

REALTOR Mag recently published Your Answer to Zillow’s ‘Instant Offers’.  This articles addresses such questions as, “What would you say to sellers who are considering the option of a direct, cash sale? Here are six talking point.”  Read more.

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