Home listing giant is set to embark on a revolutionary internet journey as the company now plans to start buying and selling homes directly online.
The move is seen by analysts as very significant since it will finally change the way Americans shop for homes, after years of mere tinkering at the edges.
Zillow dubbed their revolutionary internet move as “Instant Offers” marketplace.
The company says their mission in their latest move is to buy, renovate, and then re-sell homes in 90 days or less.
Although the move is seen as beneficial to buyers and sellers of homes, Daren Blomquist, senior vice president at Attom Data, a real-estate data services company sees some negative impact on the move.
Blomquist said to MarketWatch, that Zillow’s latest move is a potential threat to real estate agents.
Blomquist added that the Multiple Listing Services, the hundreds of local entities that aggregate information about homes available for sale and make it available to the entire community of real-estate professionals, will be the big losers if online buying becomes more popular among house buyers.
Despite some negative thoughts on the move, Canaccord Genuity eCommerce analyst Michael Graham still thinks Zillow will still be successful.
Graham explained the opportunity on the upside is quite high on Zillow’s latest offering.