Zillow made
two announcements this week of interest to real estate investors. First, Zillow will host FSBO ads for free. The second, and more
interesting feature is called, Make-Me-Move whereby owners can make a more limited advertisement that a property might be for sale, for the right price. Zillow’s Make-Me-Move service requires that you verify that you own your properties, and once that’s complete, you can indicate a price at which you would consider selling.
Clearly,
lots of things can go wrong with the Make-Me-Move service: realtors can use the site to prospect potential sellers (simply because they listed a Make-Me-Move price). Owners could list Make-Me-Sell prices that are wildly beyond all reason, making the whole thing pointless. Owners could try to raise the price of their property once a buyer contacted them, wasting everyone's time.
That said, for real estate investors, if you have not already, bookmark Zillow because this is one more site in your toolbox. First, you may find it a useful as a way to prospect properties for acquisition. If an owner is willing to set a price, they may be open to a counter-offer (and you can negotiate directly with the owner). Second (and this is our recommendation), real estate investors can set Make-Me-Sell prices for their entire portfolio, giving them a way to gradually sell-off their properties without ever formally listing the property for sale.
Investors know that everything is for sale, for a price. Zillow offers a practical way for real estate investors to test the market. If the right buyer comes along, investors can take their profit and find the next great deal. Remember, selling is required if you want to see your return, but you make your profit when you buy. So think of Make-Me-Move as a way to get more opportunities to buy.
