Well. this could be a game changer.
Zillow Group will start buying and selling homes by hiring its own real estate agents and expanding its real estate business and creating new competition for Boston real estate agents and real estate companies starting in select cities in 2021.
Over the last several years, Zillow has been transitioning from a real estate search portal into a streamlined buying-and-selling entity that offers iBuying services through Zillow Offers, and mortgage, title and escrow services through Zillow Home Loans and Zillow Closing Services. Now, the company has taken a big step further by starting its own licensed brokerage: Zillow Homes.
New Real Estate Company Called Zillow Homes
Zillow Group’s Chief Industry Development Officer Errol Samuelson provided details about the new brokerage in a video:
According to Zillow, starting in January 2021, Zillow Offers customers in Atlanta, Phoenix and Tucson will be working directly with a licensed employee of Zillow Homes. In addition, any Zillow-owned homes in these three markets will be listed by Zillow Homes employees. Although the services will be limited to these three locations to start, the company says it plans to expand into additional markets later in 2021. Perhaps the Boston real estate market?
Recruiting Boston real estate agents?
In the video above, Samuelson emphasizes that Zillow Homes will not be recruiting agents from other companies, but instead will be licensing existing Zillow employees under the Zillow Homes entity. Really?
Boston Real Estate and the Bottom Line
Compass Real Estate, you’re going to have some serious competition soon.
My final thoughts, if you own Compass stock I would sell
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