Dealing with the Devil: Opendoor vs Zillow

 

Partnership with the devil. Opendoor vs Zillow. Opendoor and Zillow have partnered even though opendoor just settled with a $62 million lawsuit and their stocks plummeted. How does partnership between Opendoor vs Zillow, affect you as a consumer?

First it’s important to what Opendoor got sued for, which is basically the SAME thing Zillow got sued for in the past; iBuyer Programs that over promised and under delivered. OpenDoor promised that the consumer would earn the same amount of money as if they used a traditional realtor. However, they agreed on a settlement for $62m because the consumer did not make as much money on the sale of their house as if they used a traditional realtor.

 

It’s my experience that if an offer sounds too good to be true, it normally is! Take time to read the fine print before you sign any kind of listing agreement or buyer agency with an entity that you don’t know like Opendoor vs Zillow.

 

What’s the takeaway: Always read the fine print before you sign anything. Especially with an entity like Opendoor vs Zillow.

 

When you decide to buy or sell a home, take a few minutes and do some research on real estate agents in your area. Then you can compare what they have to offer to Opendoor vs Zillow. What should you look for in a real estate agent? My opinion of what’s important when looking for a real estate agent:

 

  • Location. You need a local agent that knows the area, as every market is different.

  • Experience. 10 years or more of experience. Then you know that real estate agent has seen all the different real estate markets as they ebb and flow.

  • Number of Sales. Minimum of 24 sales per year.

 

Identify 3 local, experienced real estate agents to interview, to compare to Opendoor vs zillow.  If possible interview them in person. You are hiring this real estate agent to represent you in the largest investment most people make in their lifetime. Take time to know who you are hiring.

 

What questions should you ask them during the interview, to determine an agent when deciding Opendoor vs Zillow? Here are a few to ask.

 

  • Do you work as a full-time Realtor? Amazing how many real estate agents only work part time.

  • Do you have a full-time Assistant? Important to have multiple people to call if you need them, and someone who's in the office daily, to help you with any questions or concerns you will have.

  • What area and in what aspect of the market do you specialize?

  • How many properties have you sold in the last three months?

  • How often will I hear from you after we go under contract?

  • May I cancel the agency paperwork,  if I don’t hear from you? 

 

FOR SELLERS ONLY: Interview questions when you are selling your house. Use the questions above as well as these questions, when choosing a real estate agent over Opendoor vs zillow.

  • How do you market properties to buyers? 

  • How will you let me know what you are doing to market the property?

  • How do you find potential buyers? 

  • In what ways do you encourage other realtors to sell my property?

  • How do you network?

  • What other marketing techniques will you use to get my property sold?

  • What can I do to help sell my property?

 

In sum, be careful before you sign any paperwork with the devil: Opendoor vs Zillow.  Make sure to read the fine print. Take a few minutes to research local real estate agents. Based on your research, identify 3 agents to interview. Set up the interview, and hire an experienced agent for the job of representing you in the largest investment of your lifetime.

 

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