Zillow Instant Offers (prior coverage here) and Redfin Now (prior coverage here) are both sell side initiatives I’m bullish on.
FlyHomes is offering guaranteed closings on the buy side (see here).
What’s the next iteration on the seller side? Here’s a product — or business — idea, which I alluded to in my “why haven’t you started a real estate startup” post a couple weeks ago.
Sellers don’t care who pays them or how it happens, their goal is to maximize the return on their most valuable asset. The home. Zillow Instant Offers give them three pieces of data:
- Zestimate
- Offer from an investor
- “Professional home valuation” / CMA (from a paying advertiser)
Of course, those aren’t a sellers only options to monetize their home. The two other big options are:
- Rent long term
- Rent short term
How much would a seller make if they did that? What would the property management cut be? What percentage of the time would their property be vacant?
Give the seller what THEY want: a financial breakdown of ALL their monetization options.
The obvious objection from an agent or broker is “but I don’t make any money if the owner rents short or long term”.
True, but that’s not the owners problem is it? That’s your problem. Take the long view of a happy home owner being likely to use you when they do sell.
If the industry doesn’t provide the iSeller solution, I assure you, a tech savvy entrepreneur who puts the consumer first will.
The post iBuyers, iSellers & A Product/Business Idea appeared first on GeekEstate Blog.
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