Zillow Will Start Flipping Houses For Eager Sellers
The real estate platform will buy, update and resell houses in Phoenix and Las Vegas as a service to sellers who want to offload their properties without hassle
The real estate website Zillow announced a new venture to increase its participation in the real estate industry: flipping houses. The company says it plans to buy and update houses, and list them as quickly as possible, billing it as a service to sellers who are eager to offload their properties. Local real estate agents will be part of the transaction process and can earn commissions from sales.
Zillow will begin the service, known as Zillow Instant Offers, in Phoenix and Las Vegas. The Seattle-based company was founded in 2006 and has since become a popular source for buying, selling and renting houses and apartments.
Zillow isn’t the first website to offer this service. Opendoor, a real estate platform that launched in 2014, acknowledged the similarities between itself and Zillow’s new project.
“We are genuinely excited, having invented this new category in 2014, and it’s invigorating to see a host of others in the industry recognize the importance of removing hassle and time from the transaction,” Opendoor CEO Eric Wu told TechCrunch.