BOULDER, Colo., Feb. 16, 2023 /PRNewswire/ — zavvie, a software technology company providing customized marketplaces for brokerage-wide buying and selling solutions, announces the latest in real estate problem-solvers: “zavvie Power Buyer,” a white-labeled solution exclusively for leading brokerage clients.
Currently available to 14 zavvie partner brokerages in 11 states and the District of Columbia, the new zavvie service provides both “Cash Offer” and “Buy Before You Sell” Modern Bridge solutions, which are collectively helping brokerages significantly increase their mortgage capture rates, according to zavvie CEO and Co-Founder Lane Hornung.
“When brokerages use zavvie Power Buyer, they are seeing between a 10 percent and 15 percent increase in their mortgage capture business because we connect clients directly to the brokerage’s preferred lender,” said Hornung.
Recent news reports note that some Power Buyer firms have ended up owning an unplanned number of homes — but zavvie Power Buyer, which began a soft launch last year, does not own a single home.
Hornung emphasized that zavvie’s Power Buyer program is not a match for every brokerage, fitting best with firms that offer mortgage services. “The zavvie platform continues to showcase all the other leading Power Buyers solutions, as our program is designed to be complimentary, not competitive,” Hornung added.
The zavvie Power Buyer solution is available at brokerages including The Keyes Company in Florida, Home Pros in Texas, RE/MAX Professionals in Colorado, and Berkshire Hathaway HomeServices Stouffer & Preferred in Pennsylvania, among a handful of others.
“Immediately empowering buyers with Cash Offers, or sellers with a Buy Before You Sell solution, can create more transactions and open up more inventory. As a bonus, adding our in-house mortgage company as the ‘go to’ for all solutions – traditional and modern – has increased our capture rate,” said Christina Pappas, President of The Keyes Company, the top independent and family-owned brokerage in Florida.
Frank Gay, Principal and Chief Executive Officer of Home Pros Family of Companies in El Paso, Texas, notes that Power Buyer solutions are growing in popularity. “Research shows how Cash Offers have surged, with about one in three transactions being all cash,” said Gay, noting, “Helping first-time buyers be able to make an offer that is equivalent to cash is a win for everyone.”
In Colorado, Alan Smith, Broker-Owner of RE/MAX Professionals, one of the fastest growing RE/MAX operations in the world, sees zavvie’s Power Buyer solution as the key to giving agents every tool they need. “You need to offer every selling and buying solution available today because that’s what consumers are demanding,” Smith said.
Last month, zavvie announced the completion of a $3.5 million funding round led by existing investors, including Second Century Ventures, the startup incubator backed by the National Association of Realtors. Hornung said that “2023 will be a breakout year for Power Buying because Cash Offers will particularly help first-time buyers.”
“Cash is always king and queen in real estate,” said Stefan Peterson, Chief Data Officer and Co-Founder of zavvie, “and with Cash Offers, agents can help their clients win more deals, especially for first-time homebuyers.”
Peterson notes that brokerages are immediately attracted to zavvie Power Buyer as its research Cash Offers are more than four times more likely to be accepted than financed offers, and they also close faster.
According to zavvie research, consumers gain a huge advantage when working with a Power Buyer versus applying for a traditional mortgage with a loan contingency. Mortgage-backed buyers needed to make an average of seven offers when buying a home, but just 1.1 offers when using a Cash Offers program.
Hornung notes that consumer demand for new ways to buy and sell a home will continue to increase in 2023; zavvie’s business momentum last year propelled its total number of brokerage-assisted transactions by more than 400 percent over their 2021 transactions, and revenue grew by more than 300 percent year-over-year.
Today, zavvie’s nationwide footprint covers nearly 50 states, serving more than 75,000 agents today, and potentially reaches more than 400,000 agents through partnership integrations.
More information about zavvie is available at zavvie.com.
zavvie is a software technology company that provides real estate brokerages with a marketplace for buying and selling solutions via a white-labeled platform that keeps agents at the center of the transaction. Over 75,000 real estate agents in 47 states leverage zavvie’s software technology to serve their clients better. Discover more at zavvie.com.
Kevin Hawkins | zavvie