Zillow's iBuying business operated from 2018 to 2021, purchasing over 20,000 homes directly. However, the company faced significant losses in its iBuying program, culminating in a $328 million net loss reported in Q3 2021, leading to its eventual shutdown. Although Zillow now asserts that homeowners lose money by not using the MLS, its previous support for off-MLS sales raises questions about the objectivity of its research. After closing its iBuying operation, Zillow partnered with Opendoor to continue facilitating off-MLS sales, which seems contradictory to its claims about the negative financial implications of such sales for homeowners.
Reffkin highlighted the quandary: Zillow claims homeowners lose out by not using the MLS, yet profits from off-MLS sales when it was viable for them.
Zillow's support for off-MLS sales during profitable years contradicts their current stance against it, suggesting their research may be selectively biased.
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