Real estate software company zavvie, which specializes in customized buying and selling solutions for real estate brokerages, announced on Thursday that it is expanding its Power Buying services to target loan officers and lenders nationwide.
This includes the introduction of Cash Offer and Buy-before-you-sell Modern Bridge solutions to empower buyers, including first-time buyers, with the ability to pay cash for a home. With this, zavvie aims to facilitate increased deal closures for loan officers and real estate agents.
“The mortgage marketplace today is ripe for innovation and solutions that can help loan officers make more deals happen for their clients and real estate agent partners,” Lane Hornung, co-founder and CEO of zavvie, said.
The company currently has Power Buyer partnerships with 30 mortgage lenders, mainly comprised of subsidiaries or joint ventures with its brokerage clients. However, zavvie’s expansion into the mortgage business extends beyond brokerage-affiliated lenders, with five direct-to-mortgage companies counted among its Power Buyer partners.
Following a successful beta launch last fall and a recent venture capital mezzanine round that raised over $2 million, zavvie has expanded its reach in the mortgage industry to cover nine new states.
The company plans to further expand its presence to encompass a total of 14 states by the end of 2023. Since the pilot program commenced, zavvie’s Power Buying services have facilitated over 500 transactions.
Hornung acknowledged that loan officers have embraced cash offers more readily than real estate agents. Industry research reveals that approximately one-third of all home sales involve cash offers.
Expanding its services to the mortgage industry not only allows zavvie to broaden its market reach but also benefits brokerages, which have seen a 10% to 15% percent increase in their mortgage capture business since partnering with zavvie, the company said.
“Lenders are attracted immediately to zavvie’s Power Buyer program because historically, cash offers are over four times more likely to be accepted than financed offers, and they close faster, making sellers and their agents happier,” Hornung said.
Hornung noted that loan officers play a pivotal role as the financial experts in transactions, working closely with real estate agents and buyers. Real estate agents often rely on loan officers to guide buyers through the various financing options available, recognizing that they lack the necessary financial expertise.
“Our Power Buyer programs are a no-brainer for loan officers looking to win more deals,” Hornung said.
zavvie is a software technology company that provides real estate brokerages and mortgage firms with a white-labeled platform for buying and selling solutions, including financial solutions.
This content was generated using AI and was edited by RealTrends’ editors.