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It seems like zillow used an algorithm to decide which houses to buy and sent in people to execute the purchase. I suspect many of the purchasers knew they were
by bognition 5y ago
It seems like zillow used an algorithm to decide which houses to buy and sent in people to execute the purchase. I suspect many of the purchasers knew they were offering too much or they were ignorant to the realities of real estate.
What would have made more sense would have been to use an algorithm to identify homes and then flag those homes to highly skilled agents to vet and buy. Additionally you’d want some incentive to keep the agents motivated to buy the right homes.
- rp1 5y agoDid Zillow even have buying agents? I imagine a lawyer could have handled the entire transaction.
- bognition 5y agoThat’s kind of my point, hitting someone to go execute a contract will have different outcomes than hiring someone to evaluate if a contract is a good idea
- rp1 5y agoThe whole point of their operation was to buy real estate based on an algorithm. Hiring an agent to evaluate and execute each sale was the opposite of what they were trying to do and likely wouldn’t scale to the billions of dollars they were looking to spend. Obviously it didn’t work out for them though.