Zillow to Begin Buying and Selling Homes in Las Vegas

Zillow to Begin Buying and Selling Homes in Las Vegas

The FINANCIAL -- SEATTLE, June 13, 2018 – Potential home sellers in Las Vegas can now use Zillow Instant Offers to request an offer from Zillow to buy their home.

Las Vegas follows Phoenix and becomes the second market where Zillow will directly buy homes, prepare them for sale, and list them as part of its Instant Offers test. The program, which has operated in Phoenix since April, offers consumers convenience, choice, and transparency as they embark on the often stressful process of selling their homes.

With Zillow Instant Offers, potential home sellers can request an offer and within two business days receive a cash offer from Zillow – an opportunity to sell their home on their own timeline.

Agents and brokers are involved at several points along the way:

Zillow pays a commission to agents when it buys and when it sells each home.

Sellers who choose not to accept Zillow’s offer can be connected to a Premier Agent. The Instant Offers test has proven to be a valuable way to connect sellers to agents.

Zillow Instant Offers 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. Across all testing over the last year, Zillow found the vast majority of sellers who requested an Instant Offer ended up selling their home with an agent, making Instant Offers an excellent source of seller leads for Premier Agents and brokerage partners, according to Zillow.

Additionally, an agent is at the center of every transaction Zillow is a part of. For the launch of Zillow’s direct participation in the Las Vegas market, Zillow is partnering with GK Properties to represent them in their home purchases and sales.

“Zillow’s expansion into buying and selling homes in Las Vegas creates a great opportunity for agents and brokers in the Las Vegas area, and we’re thrilled to be on board as partners,” said George Kypreos of GK Properties in Las Vegas. “Selling a home can be stressful, and home sellers want more control and transparency in the process. Zillow Instant Offers gives them that, and will give local real estate agents opportunities to partake in the process. This will be a big win for agents and home sellers.”

Similar to what was done in Phoenix, Zillow is also partnering with two local brokerages in Las Vegas: Berkshire Hathaway HomeServices Nevada Properties and Coldwell Banker Premier Realty (Las Vegas). The partnerships will provide the brokerage companies with the ability to create new seller lead opportunities for their agents.

Starting this week, only Zillow will make offers to buy homes through Instant Offers, and investors will no longer be making cash offers to home sellers through the program. This is to ensure the process is as efficient and seamless as possible for sellers and agents and brokers involved in the program. This change to the program will result in the suspension of Instant Offers in Orlando, where third-party investors have been making cash offers on homes.