Why wouldn’t sellers want to test the market with a traditional listing, unless Zillow was clearly overpaying?
Zillow: Fun for browsing, but don’t trust the Zestimates. Photo: Tiffany Hagler-Geard/Bloomberg via Getty Images During the last three years, Zillow made a big bet on its bots: It poured more than $1 billion into Zillow Offers, its tech-enabled home-buying program, banking that it could generate big profits by using an algorithm to buy up thousands of houses per month, do some light renovations, and flip them.
The promise of tech is that it can eliminate, or at least reduce, human fallibility and inefficiencies, specifically the need for labor — among the most expensive, messiest parts of running any business — and thereby reap big profits. But as Zillow’s exit from home buying illustrates, tech just as often amplifies error.
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