Zillow, America's biggest online property marketplace, is having success with its instant-buying business
market is one that enables buyers and sellers to execute transactions quickly, easily and cheaply. Take the market for oil, or for blue-chip shares. Lots of buyers and sellers, gathered on commodity or stock exchanges, mean lots of bids and offers. Transactions are speedy and fees low.
Enter i-buyers , who aim to play the role in homebuying that investment banks play in the corporate-bond market. They use fancy algorithms that analyse data, from the number of bedrooms to local crime rates, to estimate what a property should sell for. Then they buy it, tidy it up and sell it. Opendoor, a startup based in San Francisco that launched in 2014, now offers i-buying services in 20 American cities.
On both counts they may have been mistaken. Stan Humphries, an economist at Zillow, says its listing platform yields enough fine-grained information that it can set prices accurately and competitively. Average fees are around 7%, not far above the cut a conventional estate agent takes on a sale. And sellers are turning out to be keen on the service.
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