Zillow announced Monday that it plans to begin buying and selling homes in Houston, Texas.
This expansion of its Zillow Offers program marks the fourth market where this option is now available. The program launched in Phoenix in April, and is also available in Las Vegas, Atlanta and Denver. Zillow will expand its program to Charlotte and Raleigh, North Carolina, this Winter.
Zillow Offers allows homeowners to request a no-obligation cash offer from Zillow to buy their home. If they accept it, Zillow directly buys a seller’s house, prepares it for showings and quickly lists it for sale. Agent from the Houston area will represent Zillow in the transaction.
“Zillow Offers launched just seven months ago, and we've already seen nearly 20,000 homeowners request an offer from Zillow to buy their home,” Zillow Brand President Jeremy Wacksman said. “Consumers desire a more seamless experience and the ability to sell their home on their own timeline - something Zillow Offers can provide.”
“We're excited to start working with Houston sellers, giving them more flexibility and certainty in one of the greatest financial transactions of their life,” Wacksman said.
And Zillow’s new program does not seem to compete with local real estate agents. Through Zillow Offers, the company works with local real estate agents and brokers during every transaction. Zillow pays a commission to local agents when it buys and sells each home.
It also uses Zillow Offers to promote its Premier Agent, which allows 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.
Consumers who request a Zillow Offer, but instead decide to sell their home traditionally with an agent or do not receive a Zillow Offer, will be connected to a local brokerage or Premier Agent. The partner brokers and Premier Agents participating in Houston will be announced when Zillow Offers launches in Houston early next year.
It’s real estate branch is not the only part of the company that is expanding. Last week, Zillow officially entered the mortgage sector with its acquisition of Mortgage Lenders of America.
And this is only the beginning. Zillow has more plans ahead with the expansion of its Instant Offers and its decision to rebrand its newly acquired mortgage company.