This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding our business outlook, market opportunities, strategic partnerships and operational plans for 2018. Questions may be submitted at using the event code #ZHomes. Zillow Group's management will answer questions submitted via Slido, in addition to answering questions from dialed-in participants, during the live conference call. The live call may also be accessed via telephone at (877) 643-7152 toll-free domestically and at (443) 863-7921 internationally. A link to the live webcast, presentation slides and a recorded replay of the conference call will be available on the company's investor relations website at.
Zillow Group CEO Spencer Rascoff and CFO Kathleen Philips will host a live conference call and webcast today at 2 p.m.
In conjunction with this announcement, Zillow Group provided select preliminary financial results for the first quarter of 2018 and updated its consolidated full year 2018 outlook in a presentation, which is available on the Investor Relations section of the Zillow Group website at. Prawer spent five years prior to that serving in executive leadership roles at large real estate owners and operators in the United States. Prior to joining Zillow Group, Prawer was most recently Chief Integration Officer at Invitation Homes, the largest single-family rental owner and operator in the United States. Zillow has hired Arik Prawer to oversee the business operations surrounding Zillow's participation in the Instant Offers marketplace as Chief Business Development Officer. A local agent will represent Zillow in the purchase and sale of each home, enabling agents to earn commissions. When Zillow buys a home, it will make necessary repairs and updates and list the home as quickly as possible. Zillow to Participate as a Buyer and Seller of Homesīeginning this spring, home sellers in the Phoenix and Las Vegas real estate markets will be able to compare an agent's comparative market analysis (CMA) to offers from Zillow or other investors. This is expected to be a vibrant line of business for us and for our partners in the real estate industry, while providing homeowners with more choices and information." This expansion of Instant Offers, and Zillow's entrance into the marketplace, will help us better serve both types of consumers as well as provide an opportunity for Premier Agents to connect with sellers. "They want help, and while most prefer to sell their home on the open market with an agent, some value convenience and time over price. "Even in today's hot market, many sellers are stressed and searching for a more seamless way to sell their homes," said Zillow Chief Marketing Officer Jeremy Wacksman. The partnerships will provide the brokerage companies with the ability to create new seller lead opportunities for their agents. Zillow will also partner with three brokerages locally in Phoenix and Las Vegas: West USA ( Phoenix), Berkshire Hathaway HomeServices Arizona & Nevada Properties ( Phoenix and Las Vegas), and Coldwell Banker Premier Realty ( Las Vegas). Across all testing, Zillow found the vast majority of sellers who requested an Instant Offer ended up selling their home with an agent, making Instant Offers an excellent source of seller leads for Premier Agents and brokerage partners. The program gives real estate agents the opportunity to acquire new listings by connecting them with motivated sellers who have taken a direct action to sell their home. Zillow began testing Instant Offers in May 2017 with Premier Agent partners in Las Vegas and Orlando, and will add Phoenix this month.
The process offers transparency, convenience and choice for sellers, and gives them certainty over their sale price and timing. With Zillow Instant Offers, potential home sellers receive investor offers alongside a Premier Agent's analysis of the home's open market value within two business days of submitting basic information about their home. With this expansion, Zillow® plans to participate in the marketplace, buying and selling homes with Premier Agent® partners in the Phoenix and Las Vegas markets. (NASDAQ:Z) (NASDAQ:ZG), which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and the web, will expand Zillow Instant Offers™ to Phoenix this month. SEATTLE, Ap/ PRNewswire/ - Zillow Group, Inc. Post a rental listing on the Zillow Rental Network, the largest rental network on the Web. Capture the attention of property managers.
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