Zillow Continues to Compete with Realtors
Zillow is rife with bad/inaccurate information. Unfortunately, nobody cares. And, you can bet that they’re already in cahoots with FNMA, etc. Soon, all SFR real estate transactions will be pushed into the realm of fantasy. All buyers, maybe sellers, will deal with one global entity. They won’t have a clue what the property they’re buying/selling is worth and will be taken to the cleaners with no legal recourse. All of those nasty brokerage commissions, appraisal fees, surveying fees, inspection fees, etc., will all be gone; thus, what was once armor will be nothing but wet tissue paper. I’ve already seen one seller lose $15,000 on a house (was $155,000 value, sold for $140,000), but, hey, they saved that $9,300 commission, huh?
The problem is that if we do not syndicate to Zillow we can’t syndicate to any other website including our own personal website or our own company website. With my MLS it’s either syndication to all or nothing.
In response to your comment Tony I was watching Mornings on 2 here in the Bay Area and the segment they showed had Zillow saying they are buying it at full value. Then they are doing the repairs and selling it for more money or its new full value. They said they are only interested in making $1,000 per transaction and will make their money based on volume.
Much the same as those signs you see or ads you see or hear: I buy houses for cash, I’m not a REALTOR, I buy several houses a month and I want to buy more.
Folks who want to sell and don’t want to do the traditional list with a REALTOR may call them – or Zillow – or Next Door or whatever / whoever and get a price to buy their property and avoid the traditional listing process. Are they likely to get a price less than us REALTORS could get for them on the open market traditionally? Well – yes for sure cause the buyer has to leave room for them to buy, close, fix up and re-sell. The likes of Zillow, Open Door, Next Door, etc., etc. have the power of deep pockets and lots of advertising as opposed to the lower key – I buy houses for cash. Zillow, etc. deal in volume and deal in large swaths of the US vs. those individuals – I buy houses for cash.
5 million or so homes are sold each year in the US. Not all who sell are in need of use of services by those types of buyers. Some are and will do so, many others will not.
Zillow, Realtor associations and the MLS are all in collusion with one another. They have been for awhile now. Realtor associations and the MLS services are not your friend. They have a strangle hold over brokerages and an even tighter strangle hold over agents. But the tide is slowly turning. Brokerages and agents are starting to see the big picture of what is going on and changing their business models to be similar to what commercial real estate and business brokerages have been doing for years. And as a result the MLS and Realtor associations are under threat of extinction. As for me, I look forward to that day.
Zillow’s property evaluations are also questionable. so they can put a higher value on their own property, many people will probably believe their price is accurate, plus not pay any realtor commissions and bingo…a big win for them.
I remember when Crown Books and Walden Books were approached by Amazon to sell their surplus books. Crown expressed concern that Amazon was getting into the book business. How are Crown and Walden doing?
3 mins into your video, still don’t your point or anything of substance
Realtors unite and save yourself before it is too late. Insist that your MLSs kill the feeds to Zillow. The Zillow Monster can’t survive without a constant diet of our hard-earned data. Without our data obtained with our blood, sweat and tears, the Z-Monster will die of starvation.
It amazes me that so many real estate agents continue to give Zillow their listings and pay Zillow for leads from their own listings! Same goes for mortgage lenders paying Zillow for leads when Zillow is now in the lending business.
And how about all those reviews agents and loan officers directed their clients to write on Zillow?
Your email address will not be published. Required fields are marked *