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CBO Greg Schwartz on Zillow Instant Offers: ‘We come in peace’

05/25/2017

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On Monday, Zillow launched a test in Orlando and Las Vegas. The product we’re testing, Zillow Instant Offers, enables potential sellers to receive non-binding quotes from up to five investors (some of whom will fix and flip; others who will rent out the properties) and compare the offers side-by-side with a CMA from a real estate agent. Greg Schwartz Judging by the activity on social media, you’ve probably heard about the test. It seems like just about everyone is joining the conversation. While some folks see an opportunity to grow their businesses, others see mysterious intentions on our part. Some on social media are speculating that this product is anti-agent. That’s simply not true. Our bacon and eggs come from serving the industry: 70 percent of our revenue is from working with more than 80,000 agents, teams and brokers who advertise with Zillow Group. Some are wondering if we’re making money from the test itself. We’re not. Investors charge fees and dis…

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