Aug. 11, 2018
Zillow purchased Mortgage Lenders of America and has started Zillow Offerings in Phoenix and Las Vegas with plans to immediately expand into Denver and Atlanta. This will put them in a position to gather both Buyer and Seller leads for distribution to, I suspect, their Premier Agents.
Their CEO Spencer Rascoff, says he wants to make the purchase and sale of a home a one click experience and that will be possible with Zillow's Real Estate Package.
My question to you is, if Zillow comes to your community and offer you the same pay-out that you currently have with your broker would you become a Zillow real estate agent?
Consider that 75% of the real estate in the US is owned by Baby Boomers who don't have their homes market ready and could not do the updates and instead get a check from Zillow. Add to that that in 2023 the Baby Boomer Die-Off will begin and kids, many out of state, will inherited those homes, will they except a check from Zillow and move on with their lives wit cash instead of a empty house out of state?
This looks like a Car-Max business plan to me and it's working great in the used car market.
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