Selling made easier: Zillow customers can now choose between a cash offer from Opendoor or selling with an agent

Rhea-AI Summary

Zillow and Opendoor have launched a new partnership allowing homeowners in Atlanta and Raleigh to compare selling options directly on Zillow. Sellers can now request cash offers from Opendoor while also getting market estimates from Zillow Premier Agent partners. This initiative is part of Zillow's commitment to simplify the home-selling process, as highlighted by a recent survey indicating a third of Americans find selling emotionally taxing. This feature is expected to enhance the user experience on Zillow, which sees millions of visitors monthly. Future market expansions are planned to roll out additional services.

Positive

• Launch of a partnership provides access to cash offers, enhancing selling options for homeowners.
• Simplification of the selling process aligns with consumer demand for transparency and ease.
• Expansion planned for additional markets increases potential user base and revenue opportunities.

Negative

• None.

Zillow and Opendoor's partnership allows homeowners on Zillow to now compare multiple selling options up front — including a cash offer from Opendoor and an estimate to sell on the open market with a Zillow Premier Agent partner.

SEATTLE and SAN FRANCISCO, Feb. 15, 2023  /PRNewswire/ -- Zillow, Inc. (Nasdaq: Z) (Nasdaq: ZG) and Opendoor Technologies Inc. (Nasdaq: OPEN) announced today homeowners in Atlanta and Raleigh have a new way to explore multiple home-selling options on Zillow. Customers who start their selling journey with Zillow can now simultaneously request both a cash offer from Opendoor and an estimate of what their home could sell for on the open market with a local Zillow Premier Agent partner.

"A recent Zillow survey¹  found nearly a third of Americans were surprised by the emotional toll of selling their home," said Matt Daimler, Zillow senior vice president of product. "We want to simplify the process by providing sellers all their home-selling options in one place. Customers can now easily get both a cash offer from Opendoor and a market-price estimate to sell on the open market with a local Zillow Premier Agent partner on Zillow– and then make the decision that works best for their situation."

Customers visiting Zillow can explore selling options themselves, or they can work with one of Zillow's licensed advisors to guide them through their options so they can confidently sell their current home and move into their next one.  Once a seller explores each option and decides which is best for them - whether to receive a cash offer from Opendoor or sell on the open market with a Zillow Premier Agent partner - they can use the service as a standalone offering or in tandem with other Zillow home shopping services, such as financing through Zillow Home Loans, working with a Zillow Premier Agent partner to buy their next home, or, when it's available, closing with Zillow Closing Services. This new product experience will launch in additional markets nationwide in the coming months.

"Selling a home can be stressful and full of unknowns for many people, but selling to Opendoor is simple, certain, and on the homeowner's timeline," said Brian Tolkin, Opendoor vice president of product. "An Opendoor sale means no home showings, no home prep or making repairs and none of the hassle that can come with a traditional listing. With this new Opendoor experience on Zillow, consumers can explore their selling options and choose one that meets their needs."

In August 2022, Zillow and Opendoor announced a multi-year partnership, bringing together two category leaders to transform how people initiate their move. This new solution is one more of the buying and selling services available on Zillow's platform, including on-demand touring, financial and mortgage resources, as well as high-resolution listing photos, an interactive floor plan with embedded virtual tour, downloadable floor plans, and aerial photos from ShowingTime+  to make any listing stand out. It also expands the reach of Opendoor's e-commerce experience to millions of people who visit Zillow each month.

About Zillow Group

Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease.

Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which houses ShowingTime®, Bridge Interactive®, dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

About Opendoor

Opendoor's mission is to power life's progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide.

For more information, please visit www.opendoor.com.

¹ This survey was conducted online within the United States by The Harris Poll on behalf of Zillow from November 9-11, 2022 among 2,069 U.S. adults ages 18 and older, among whom 308 sold a home they own in the past 2 years. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact press@zillow.com.

(ZFIN)

 

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SOURCE Zillow, Inc.

FAQ

What is the new feature launched by Zillow and Opendoor?

Zillow and Opendoor introduced a feature allowing homeowners to compare selling options, including cash offers and market estimates.

Which markets are initially included in the Zillow and Opendoor partnership?

The partnership initially serves homeowners in Atlanta and Raleigh.

When was the Zillow and Opendoor partnership announced?

The partnership was announced in August 2022.

What benefits does this partnership offer homeowners?

Homeowners can easily receive cash offers from Opendoor and market price estimates from Zillow Premier Agents.

What stock symbols are related to this news?

The related stock symbols are Z for Zillow and OPEN for Opendoor.