The basic premise that drives the real-estate-selling industry is that agents ‘cooperate’ with each other, which is code for ‘I’ll share my listings with you, and you share your listings with me’. We have a written agreement, and subscribe to the strict code of ethics, of course.
But these days, there just aren’t enough sales to go around.
These has always been an undercurrent of pocket listings and off-market deals. But when the president of one of the largest brokerages in California gets quoted in the L.A. Times like this, it makes you think the whole system is unraveling.
Especially with the promise of vetting the properties, what does he mean? Just the hot buys? The easy sales to keep in-house for the new agents to sell? (upon whom the house makes max $$)
The sellers suffer from less exposure, and buyers have fewer choices. But hey, at least the real-estate-selling business will survive, in some form.
Will 2018 be the year they roll out ZillowPrime®?
Will 2018 be the year they roll out ZillowPrime®?
Might as well, the gloves are off now.
From INews:
Segal, who described Pacific Union’s L.A. launch as a “truly historic move,” told Inman that the company is looking at new off-market listing opportunities.
“We’re exploring innovative ways to further market our properties before they go into the MLS. With our network of 900 plus real estate professionals across 20 offices in Los Angeles alone, 1,700 professionals throughout California … we have an opportunity to create an off-market platform that matches buyers and sellers faster,” Segal said.
“We’re already using our private social enterprise network ‘The Loop’ and many of our professionals actively pre-market properties via the company website, but there’s an opportunity to do more and create something that the marketplace hasn’t seen yet.”
Real estate sales as you knew it? Kiss it goodbye.