Anyone looking to sell their home in the Twin Cities has a new option.
It's a familiar name with a new service.
Instead of just listing home prices, Zillow is now buying and selling homes.
"This is convenience-based selling,” realtor Kris Lindahl says.
The Zillow Offers program officially launched in the Twin Cities Monday morning.
The service is also available in nine other U.S. markets.
All sellers have to do is go to Zillow's website, type in some information, send a few pics and the company will send an offer to buy your home within 48 hours.
"And then Zillow will do light renovations to the property and they'll turn around and put it back on the market and Kris Lindahl Real Estate will represent Zillow on the sale of that home," Lindahl says.
That means no listings, no open houses and no contingencies, if you're trying to buy another home in the market.
Lindahl has partnered with the company to handle local brokerage services and sees it as a stream-lined option for consumers who want to sell their home fast.
"I think it's a great option for a lot of homeowners that want that convenience-based option," Lindahl says.
But that convenience comes with a cost.
"There is a cost involved here. Companies need to make a profit,” University of Saint Thomas real estate professor Herb Tousley says.
Tousley says the average commission to sell a home the traditional way is 5-6%.
Zillow says its offer program carries an average fee of 7%.
So, on a $300,000 home, a seller could pay an extra $3,000 to $6,000 on average.
And if your home needs a little work, Tousley says the fee the company charges could be even higher.
"All of the convenience and everything they're offering does come at a cost and you have to decide whether it's worth it or not," Tousley says.
He sees numerous scenarios that might motivate a seller to choose this service.
“If somebody gets transferred or has a job across the country and they need to sell their home, or an elderly parent dies and all the kids live out of state, this would be a great option for them to sell a home quickly,” Tousley says.
Zillow admits their offer program isn't for everyone.
In fact, the company says a vast majority of their offers are rejected by sellers.
But if you're looking to sell fast the company argues this is the way to go.
"It's a great option for consumers who want that certainty and they want to take the risk out of selling their home," Lindahl says.
The Minneapolis-Area Association of Realtors says sellers should also look at the offer price.
The group says often the offer from Zillow and other websites is lower than what you could get selling your home the traditional way.