For those of you who thought Zillow’s beta test of its “Instant Offer” program was a temporary dip into the real estate brokerage world, think again. Zillow has just expanded Instant Offer to the Phoenix market, which means Zillow is now selling homes in 3 major markets where a buyer can essentially use Zillow as the listing agent. Free of charge. Why is Zillow doing this? The answer is probably multi-pronged, but at the end of the day, it undoubtedly comes down to money. The vast expanse and opportunity for Zillow is clearly selling Real Estate. The question they need to answer is “how do we transition into a brokerage and not piss-off the real estate community during the transition. At least that’s what I’d be asking myself if I were running Zillow. In any event, check out the video, share your thoughts, and share/tag/subscribe for future updates.
What complete nonsense.
The day Zillow purchased Dotloop, I knew Zillow wants to become a real estate broker.
Jay – it’s only nonsense to you because you are a salaried employee of Zillow.
Even if the claim, “assault”, is a little over the top, you know that perception matters more than reality.
Would you say it is “nonsense” from a perception standpoint?
Would you say it’s “nonsense” from the perspective of those not intricately employed and versed on the inner heart and workings of Zillow?
Would you say that it is “nonesense” from the perspective of someone who spends 10’s of thousands of dollars attempting to source leads from Zillow with less than a hearty conversions ratio?
This is the questions you should ask when reading the sentimate of those in the industry that are watching a wall street corporation strategically and carefully infiltrate a space with the sole goal of becoming irreplaceable in the stream of the real estate sales process for agent/brokers not only with respect to “lead impressions” but also transaction management, Listings, etc..
I suggest as evangelist you come up with a better response protocol from this point forward otherwise perhaps it’s time to hang it up.
So says a Zillow employee.
Here is an interesting question for a company like Zillow. If your product is access and information for home buyers, then why is that product not valuable enough to the consumer to pay for it? At the end of the day, it’s not, which is why they have to turn to agents to produce a revenue stream. But they know this is a shaky business model in terms of sustainability. See, unlike sites in other industries (think Travelocity, etc.) Zillow is not bridging the gap between the ultimate people who stand to benefit from their service and the public, at least not yet. They are bridging the gap between agents (a middle man if you will) and the home buying public.
To really be sustainable and not dependent on the real estate community to feed their product (access and information) they need to start becoming the direct intermediary between home buyers and home sellers. It’s as simple as that. But given the nature of real estate, even that is probably still not enough because then that makes them similar to just a FSBO site. Trust me, brokerage services will very much be a big part of the end game.
Everyone needs to sign and support http://www.StopZillow.com!
It always amazes me to what lengths people will go to generate traffic and become ‘popular’ online, especially when it involves perpetuating misinformation and scare tactics just to increase views…
I agree! Who would that be? Clearly, you’re not talking about his video. If so, rather than make sweeping statements, tell me how my video’s wrong? 87% of agents agree with me, are they all wrong? If so, Zillow needs to work on their communication. I’ve offered my platform to Zillow anytime, any day. I have no ax to grind with Zillow, but when I see a dog I’m not going to call it a cat.
The easiest way to deal with this is to have the MLS stop sharing info with third party sites. An MLS is a membership organization and could certainly restrict how its’ data is used. Some would argue this hurts consumers but the reality is our value lies in our experience and negotiation, it’s too bad consumers don’t see that the commission is one of the last things that matters.
I totally agree that we need to stop sharing our info. I have to pay MLS dues and other board dues so this is just totally absurd that we just give out our information free!!!!
I’ve said it before in other posts, CUT ZILLOW OFF!!! NO MORE LISTINGS, NO MORE MONEY!! Every Real Estate Agent and Broker Owner as well as the Corporate Franchisers (RE/MAX, CB, C21, Sotheby’s, KW and the many more, NEED to get a backbone and STOP feeding Zillow. NAR who we feed million’s of dollars to each year won’t support us, so we’re on our own. Support http://www.StopZillow.com. Let’s take control.
Now look at this from the consumers point of view. I love zillow! I sold two homes on Zillow. $620k and $410k. I also rented one property (4 times) in the last eight years using the zillow site. The problem I had with realtors 1) They saw my FSBO and wanted the Zillow listing because “they had a buyer” I offered 3%. I never heard back. Sorry, but most are lazy 2) Realtor fees are too high . In my case “don’t use a realtor” and get a Free $50,000 car Zillow is the future and my only complaint is that they don’t have listings for commercial properties (yet)
Where do you think Zillow gets all their listings. off the backs of hard working agents, They are getting shut off from my listings. If all realtors did this Zillow wouldn’t survive a month
My question for you then Dennis is would you be willing to pay Zillow for that service? You most likely love it because it is a free service for you, but I can assure you it is not free. It is free to you because it is subsidized by Realtors. This speaks to my previous point. If Zillow’s “product” is connecting buyers and sellers, then why aren’t buyers and sellers willing to pay for it?
There is an alternative to Zillow. As a real estate agent in New york I came across of a new and wonderful real estate portal who will probably replace zillow in the future. https://homeiz.com/
Zillow acts like they are the realtors friend by selling Zip Codes and offering leads to realtors in Zip Codes that agents buy..then turn around and try and compete with us..Bottom line is sellers get what they pay for which is an unknowlegable, incompetent. lister in Zillow…Nothing replaces an experienced realtor.. ..Many have tried and many have failed..
Unfortunately, the logic of this video and any reaction to “fight” Zillow or even Redfin (which we all know is hated probably just as much as Zillow by any non-Redfin agent) will NOT matter. This is all part of the imminent technological takeover of the entire real estate industry from agent – to mortgage LO – to title company. It’s here, it’s now, and it is going to proliferate whether we like it or not. Akin to the obsession of society with soft drinks, even though it’s unhealthy for them (and most know it), they continue to drink them. We can educate all we want about why robotics & computer algorithms cannot possibly replace the service & experience we all have, but consumers are programmed now to operate in a Post-Amazon world and they want this technology. ..they love it. Sorry for the Doom and Gloom, but I think this is just the reality of it guys.
Well, Brian, nice new web site you have here. As to Zillow, your better bet would be how to advise us to get a piece of the IPO when it is available. Buying $10,000 of the stock will be a game changer and you can have my Broker’s licenses back and I will move to a beach. Stopping Zillow is a ridiculous idea they are already a bull in the china shop. Once they become a Real Estate Sales Company the will have to join every National Realtor Association and every one of there Realtors will have to pay dues also . You see you can play keyboard warrior only for so long then you have to get up and go look at the house and for that job you need a Realtor. So yes they will be a listing giant but not so much on the showing side as it is work. They will become a National Real Estate Company like RedFin however – look at RedFin now they are very similar to a traditional Real Estate Company. The free market will fix Zillow , only certain type of homes and buyers will fit their business model and Realtors will not go out of business only Brokers that are in Zillow’s Shadow. Millennials will love Zillow like boomers loved Century21 and ReMax.
Stop feeding listings to Zillow, Trulia etc and starve them out. I have always thought that it was foolish to feed our listings anywhere! Then the consumer will only have access to wonderful agents who will help them along as they purchase or sell a home. This is worse than those other $795 lisiting, out of state firms. Remember the days when we all received “the book”, well we certainly didn’t share that, so why should we share our listings with a company, who notoriously screwes up housing values with their stupid “Zestimates” and now want to force us out of jobs altogether.
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