Realtors Lifting Zillow Higher and Higher
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100% agree. How agents could invest in Zillow and NOT see this coming for years is beyond me. So you make a deal with the Devil in partnering with Zillow. Pretty expensive deal for short term gain. There are other ways to get Clients. I’ve always been wary of helping competition muscle me out. You should too. Please wean yourself from Zillow agents and keep our industry thriving & alive.
Zillow thinks highly of their instant offer program. They say that they try to get the offer to as close to market value as possible. The problem is, they are basing the home’s market value on it being in near perfect condition. They make the initial offer and it seems high, until they come out and do their measurements, photos, and inspections. Then they adjust the offer to compensate for any repairs it will take to get the home in near perfect condition. Many times that adjustment can be 10’s of thousands of dollars. In a lot of these markets, homes don’t need to be in perfect condition to get a good offer and the seller winds up paying for unnecessary repairs. Don’t forget about the generous 9.25% fee they tack on to that. They are only converting around 6% or less of the homes the homes they go to. Many of the homes will get discarded and won’t receive a final offer because Zillow can’t get it ready and sell in 90 days or less. What they are really looking for is what all of us Realtors are looking for, turn key homes, in good markets, that will sell for top dollar in the least amount of time. The other two things they want are data and seller leads. If they can go into a home and get the accurate square footage and condition, they can only improve their ever so flawed Zestimate. They are only going to double their efforts in the coming years, so this thing isn’t going away.
So some of us saw this coming years ago. But local MLS feed listings to Zillow and Redfin. If we don’t allow sharing, Seller’s get upset. How about solutions. Explaining local economics to owners dies not work. They just want their home sold.
Re/max just got rid of Redfin, saw the light!
Redfin is a licensed brokerage with memberships in local AOR/MLS. As such, they are entitled to listings just as any other brokerage but they have employed available technology to their advantage. Local MLS have a choice whether to send info to Zillow or not but it only helps non-franchise brokers because the franchisor is sending info to Zillow. Of course, the smaller broker can negotiate a deal with Zillow to get listings exposed.
Can we stop the listing feed to Zillow and the like! This would end their path to dominate the Real Estate business and agents buying their marketing. Don’t we have watch dogs in our Realtor Associations to prevent this from happening and if we do who should we be contacting?
And NAR stands by and offers realtors no solution to this problem, like setting up there own national MLS platform. What are we paying our dues for?? Having to pay an outside vendor for buyer or seller leads based on all the data we collect is beyond stupid. We need an exclusive national realtors MLS to feed all our listings to and stop feeding them to anyone else. Period!
Not a penny has left my pocket to Zillow or similar websites.
Well worth watching. More of this needs to start happening. Support from our NAR and local MLS’s would be an extra.
https://www.washingtonpost.com/realestate/whistleblowers-claims-revive-class-action-suit-against-zillow/2019/05/06/8c8f7a40-7019-11e9-8be0-ca575670e91c_story.html?utm_term=.f360f6130b8d
AGENTS- You control the feed to Zillow. Its a little box towards the end of your listing that you uncheck. Uncheck the box and nothing goes out. I do this on all my listings until I’ve had time to review. Usually the first week as if there’s a mistake all these websites never refresh. This gives me time to fix any errors, tweak my photos and do my own marketing. Sellers want exposure and Ive had unhappy customers when they don’t see their listing on these websites.