When Zillow launched Zestimates, no one realized at the time how radical the impact of what they did then would become later.
There are a lot of Sunday quarterbacks who would like to re-write history and say they knew it would result in helping to catapult the firm to $7 billion valuation.
But no one predicted back then that Zestimates would fuel a phenomenon dubbed “real estate porn” that helped it drive more than 100 million unique visitors to Zillow’s website each month.
Recently, another company that starts with a “z” called zavvie has launched what I believe is an epic online iBuyer tool for consumers. zavvie has dubbed it “the biggest thing to happen to real estate since Zestimates.” Is that hyperbole or could it just be spot on?
After trying out the new zavvie Offer Optimizer iBuyer comparison tool, now available in 21 markets where iBuyer activity is most active, it reminds me of precisely what Zestimates did for consumers. It gave transparency to home values. Offer Optimizer from zavvie gives clarity to consumers about iBuyers.
Consumers can see online, a side-by-side comparison of how much money they make after closing with different national iBuyers – including, ironically, Zillow, as well as Opendoor, Offerpad, and Redfin Now. Then zavvie does one better. It lists local iBuyer firms as well and has even begun partnering with local brokerages, helping them with an iBuyer Toolkit to offer a local iBuyer alternative to compete with these national firms.
If that were not enough, zavvie guarantees sellers multiple offers. For consumers, zavvie is 100% free to use. You can try its Offer Optimizer market-by-market without even registering your email. Their revenue model is a referral or marketing fee for a CLOSED transaction coming from the agent.
Lane Hornung and Stefan Peterson who founded zavvie know online real estate. They’ve been there (ZipRealty, COhomefinder) and they uniquely possess brokerage business acumen, having built one of the most successful brokerages in the US with 8z Real Estate in Boulder, CO.
Lane also has walked the talk as a RE/MAX Hall of Famer, developing one of the top teams in the US. With Offer Optimizer and the traction and attention iBuyers are getting, transparency has never been more, and Lane and Stefan know that.
Offer Optimizer delivers.
Here is their news release announcing Offer Optimize — and full disclosure – WAV Group has and continues to provide consultation service for zavvie.
Zavvie Launches First National iBuyer Instant Offer Comparison Tool
Offer Optimizer Technology Helps Home Sellers Make More Money
BOULDER, Colo., March 21, 2019 /PRNewswire/ — zavvie, real estate’s hyperlocal leader, announced it has launched a new tool nationwide to help consumers make more money by obtaining multiple offers from iBuyers, a new breed of company that makes instant cash offers for homes. Today, zavvie is introducing Offer Optimizer, the first national instant offer comparison tool powered by advanced technology. Homeowners can click a button to compare instant offers online from leading iBuyers, including Offerpad, Opendoor, Zillow Offers and Redfin Now.
Today’s consumer wants convenience, speed, and predictability. They are ready to Uber-ize every transaction, including selling their home. iBuyers are delivering on this desire for immediate gratification by making instant offers. “Instant offers are the biggest thing to happen to real estate since Zestimates,” says Lane Hornung, zavvie co-founder and CEO. “zavvie puts instant offers on overdrive with Offer Optimizer, ensuring sellers squeeze every last dollar out of their home sale.”
While instant offers only represented 0.2 percent of all home sales in 2018 — or some 12,700 homes — it is growing exponentially. In Phoenix, for example, iBuyer market share has exploded: one in every 20 homes sold is bought for cash by an iBuyer company.
The zavvie Offer Optimizer, currently available in all major metropolitan areas where instant offer activity is taking hold, uses hyperlocalized iBuyer data to simplify the comparison process, saving sellers time while helping them maximize their net sales proceeds. “Time is money. The question for most sellers is: How much money? Offer Optimizer helps consumers make the right decision,” Hornung adds.
The zavvie Offer Optimizer is the first online tool that allows a seller to compare all offers and all options by presenting three key insights: what it looks like to sell to a national iBuyer, a local iBuyer and on the open market.
“zavvie designed Offer Optimizer to provide a near-instant, data-driven answer to the questions: What can I get for my house right now? What are my options?” explained Hornung.
Home seller Brent Evans in Arlington, Texas, didn’t think his home was a candidate for an instant offer. “zavvie took care of everything. They got me not just one, but two instant offers, gave me all the facts, and let me decide what was best for me with no pressure. I decided to sell on the open market because it gave me more money, but having offers lined up gave me a good baseline,” Evans said.
zavvie Offer Optimizer provides a detailed breakdown of the various costs and fees — which vary among iBuyers — as well as the typical time frame for a sale to be completed.
The technology behind zavvie Offer Optimizer features calculations based on actual transactional data specific to the local markets where iBuyer companies operate. For example, Offer Optimizer tells sellers in a given market what percentage of homes are eligible for an instant offer and the likelihood of closing if an instant offer is accepted.
“It’s all about transparency,” explains Hornung. “The consumer thinks instant offers are all the same, but they are not. Sellers need an easy way to collect, compare and choose the best offer, and that’s exactly what zavvie does.”
An example of how zavvie was able to help a homeowner make more money through comparing instant offers is Erica B. in Arvada, Colorado: “I wasn’t even aware of what instant offers were until zavvie presented them to me. I was able to compare all my options: Opendoor’s offer was significantly higher than the first iBuyer offer I received. I went with Opendoor. zavvie helped me make more money!”
zavvie Introduces New Local Instant Offers
To maximize the options available to a seller, zavvie has partnered with trusted local companies who also make instant offers, often in areas within major markets not covered by the national iBuyers. These local partners include Robert Slack in Orlando and Tampa, Florida; BRIX Real Estate in the Twin Cities, Minneapolis-Saint Paul; Path & Post Real Estate in Atlanta, Georgia; Better Homes and Gardens Real Estate Winans in Dallas-Fort Worth, Texas; Summa Realty in Portland, Oregon; and 8z Real Estate in the greater Denver area.
“iBuyers will have a growing place in the market and clients are already asking our agents how they can participate,” said Brad Nix, COO/owner of Path & Post Real Estate “Our agents can give Atlanta-area home sellers the confidence to compare instant offers in a market that’s cluttered with confusion. We’re excited because, with zavvie, we’re breaking new ground with iBuyer innovations,” he added.
zavvie Offer Optimizer is available today to sellers in 21 major metropolitan markets, including Atlanta, Austin, Birmingham, Charlotte, Dallas-Fort Worth, Denver, Houston, Jacksonville, Las Vegas, Los Angeles, Minneapolis-St. Paul, Nashville, Orlando, Phoenix, Portland, Raleigh-Durham, Riverside, Sacramento, San Antonio, Tampa, and Tucson.
Home sellers can use the zavvie Offer Optimizer at no charge and without registration at zavvie.com/offer-optimizer.
zavvie helps home sellers close quickly and pocket maximum cash. zavvie Offer Optimizer brings transparency to the iBuyer process, giving consumers a free, online side-by-side instant offers comparison, as well as access to its network of fully vetted real estate agents. Zavvi’s 100 percent merit-based HyperLocal Certified agent directory is available at zavvie.com and its new iBuyer zavvie Offer Optimizer is at zavvie.com/offer-optimizer.