Because of your importance as a Premier Agent, I wanted you to be among the first to learn we have just announced that Zillow has entered into a definitive agreement to acquire Trulia. You can read the full press release here.
I’m really excited about this opportunity, but I am sure the news will lead to a number of questions. The most important thing I can stress is that this combination of companies sets the stage for us to offer even more real estate tools and services to empower consumers, and thus has the ability to drive even more business your way.
We expect to maintain both the Zillow and Trulia consumer brands, as both will continue to offer buyers and sellers access to vital information about homes and real estate, providing an important bridge to local agents such as yourself. Both companies will continue to develop and deliver advertising and software solutions that help real estate professionals grow their business.
This acquisition requires shareholder and regulatory approval, which might take several months. We will provide additional details as they become available. For now, it’s business as usual for both companies. Our daily focus and strong commitment to Zillow Premier Agents remain unchanged and of the utmost importance to our entire team.
Regards,
Spencer Rascoff
Zillow CEO
As a valued Trulia customer, I wanted to reach out personally to let you know that we have just announced that Trulia has entered into a definitive agreement to be acquired by Zillow. You can read the details in the complete press release here: ir.trulia.com.
This will be a new and exciting chapter for all of us. The combination of the two companies sets the stage for us to accelerate innovation and to provide more valuable tools and services to consumers and professionals.
Trulia and Zillow will continue to operate as separate and distinct brands once the transaction closes. We will continue to offer buyers, sellers, homeowners and renters access to vital information about homes and real estate for free and provide advertising and software that help you grow your business.
As additional details about the acquisition become available, we will make sure to let you know. For now, it’s business as usual at Trulia. Our focus and commitment to connecting you with consumers and helping you close more transactions remains the top priority of our entire team.
Regards,
Pete Flint
Trulia CEO
http://online.wsj.com/articles/zillow-to-buy-real-estate-rival-trulia-1406551333
Both companies offer users free access to data traditionally provided by agents and brokers’ multiple-listing services. A merger would create “the dominant force in the online real estate market,” with the potential to reach $721 million in revenue next year, Benchmark Research said in a note Monday morning before the deal was announced.
Mr. Rascoff said the combined company doesn’t plan become a brokerage, which some in the real-estate industry have feared. He also indicated it doesn’t have immediate plans to change its pricing.
” Trulia and Zillow will continue to operate as separate and distinct brands once the transaction closes.”
That part I believe. The rest? There’s no way they can resist the myriad ways to get apiece of the pie displacing traditional real estate functions. The fact that they refer to “retail customers” is the tell that they intend eveyone in the RE space to become a customer eventually.
Isn’t this just the beginning of the end of the MLS? Or more to the point, the creation of a nationwide and then worldwide consolidated MLS portal. Agents and brokers will just shift all their listings and advertising dollars to Godzillow and pay fees in a different way. You still need boots on the ground doing deals. Bye bye NSDCAR and the thousands like it nationwide. I am sure the NAR lobbyists will make out like bandits over the next year or two trying to beat it back, but Elvis has left the building.
I’d much prefer a new entrant interested in improving the RE experience rather than zillow looking to displace the existing situation.
Hi Jim – Spencer should be excited!! That $500 monthly fee you’re paying for a zip code is going up. But wait!! You can get a second one free by just paying shipping charges!! How naïve are some people? Spencer isn’t helping people to sell or buy a home – he’s prospecting real estate agents. Without realtor fees, his ship would sink. It’s only a matter of time before he swallows up a national real estate company and then starts nibbling away at your paycheck. He already has an agreement with a large broker in NYC. This is thinly disguised scheme to consolidate another fragmented industry (think travel agents). You use to criticize “pocket” listings as unfair and unethical but this is a selling point for Zillow and agents are following in herds because of the fear of losing business. Sad situation in that we are funding someone who is trying to destroy the industry. Spencer should be excited. He is going to be very, very rich. When I see him in action I am reminded of a politician making pre-election promises. Not really – I believe the politician more.
Good grief stormin, did you wake up on the wrong side of the bed?
He is destroying the industry because it is ripe to be destroyed while we sit and watch.
NAR says publicly that they don’t take a position on pocket listings, and two months later Zillow releases ‘Coming Soon’. Godzillow and others will keep nibbling away because we’re not doing anything to lead the way.
Either realtors need to take care of their business, or somebody else will.
Hey Jim – no I’m just my usual happy self. I try to stifle most of my comments but this guy hits my sore spot. You’re correct tho – if realtors don’t take care of their business someone else will. I just don’t agree that we should help others do it. I still love ya.