It was about a month ago that N.A.R. came out publicly and said that they don’t have a position on pocket listings.
Boom – Zillow jumps at the opportunity, and now here we are:
It won’t change the world in one day, but it’s the next step of many for Zillow in their quest to take over the real estate world as we know it.
Agents are complaining, but Zillow won’t back down like Redfin did. They are perfectly positioned on the outside, and don’t have to cater to agents. Heck, they are dictating to agents how the business will transpire from now on.
Last July, I asked Spencer if Zillow intends to be a national MLS – see his response at the 5:40-min mark:
What does it mean for the future?
We’re heading for single agency, and nothing is going to stop it. The one-agent model is not in the buyer’s or seller’s best interest, but Zillow doesn’t care about that – they only want eyeballs on their website. They will spin the pocket listings as a good thing, and stay just high enough above the fray that they won’t be involved in how it works on the street. It will be up to the agents to determine the ethics, and we know how that will turn out.
Will there be any consumer uprising? No, they won’t know the difference, and will believe it when Zillow declares pocket listings as a solution to paying those outrageous 6% fees.
Will agents object? Nope.
You haven’t yet, and now it’s too late.
There are 1,052,143 dues-paying members in the National Association of Realtors. How many of you have gotten involved in the industry? How many have contributed by at least creating a blog? How many have even commented on a blog?
Realtors have idly stood by and allowed realtor.com to get steamrolled by Zillow and Trulia. How much longer will it be before Zillow is offering real estate specialists to assist consumers with buying and selling? I’m guessing they will do it by the end of the year.
Agents – you have yourself to blame. You refuse to get involved, you won’t stand up and object about the shady business practices happening all around you, and you hope somebody else takes care of Zillow so you can close just enough sales to get by for another year.
Hear this: Zillow is running you out of the business.
You probably got into the business during the Live and Let Live era, but that was long ago. Now it is dog eat dog, and Zillow
will be is eating realtors for lunch.
The sales volume is going to stay low, and there isn’t enough business for everyone. Before you waste $59 on another box of business cards, instead, don’t bother – just quit instead. Refer your clients to me and I’ll send you a little referral fee.
It’s inevitable – isn’t it?