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Zillow seems to have the real estate side figured out, but has not been able to get their mortgage side to work as well. On the other hand a couple of big mortgage platforms (Quicken Loans and Lending Tree) are getting their electronic mortgage “buttons” to work, but have not been able to figure out the real estate side. If you want a “scary” scenario for the future of the mortgage business and the real estate business, how about if Zillow merged with, bought or was bought by Quicken or Loan Depot?
The horse is out of the barn. They already hold the #25 spot in total web traffic and Brain is correct that they don’t have to advertise that they are buying homes like opendoor and offerpad. The home sellers are already on their site. There are billions of dollars in venture capital trying to crack the code and build a seamless real estate transaction because consumers are demanding it. As agents we might be the next “typewriter” trying to be sold at a garage sale.
I closed a house I had listed spring of 2018, the buyers used a company by the name of FlyHomes Inc. This company did exactly what Zillow is doing but on the buyers side. They bought the home for the buyer with big capital from investors and were able to close in 3 days, yes I said 3 days! It was a nearly seamless transaction and both buyers and sellers were thrilled. I was so blown away by this idea I met with the company owners and learned as much about their process as possible. I realized that this was definitely the direction the Real Estate industry will be moving as we head into the future. I am keeping my eye on Real Estate Firms that are jumping into this type of business model as I agree with you, these will be the survivors and thrivers of our future industry.
Will zillow be able to find my next ex-wife too?
“We have met the enemy, and he is us”
Zillow focus’s on what zillows goal is, and they have succeeded in building a NATIONWIDE brand that 99% of my sellers and buyer go to, to verify what information I share with them.
But zillow also offers, for free, to any seller or buyer is ‘almost’ factual advise to both entities. See as an unregulated ‘library’ of information no one actually checks what they say to sellers and buyers…. Why? It just doesn’t matter. See zillow doesn’t list or represent buyers. Once they try to do that and begin pissing off prospects with their ‘low ball cash offers’ that don’t come close to their z-estimate…. the bloom will die and the consumer will be left with a choice. FSBO, Realtor, Agent, or investor (which is all zillows cash buy offer is… an investor offer)
Zillow is a free lead generator for my company. EVERY single day they send me 10-12 new leads for me to work on. and I pay them nothing. But you must understand their platform… it is a goldmine and it is their to get, for free.