With their ability to “control 60 percent of eyeballs,” Zillow and Trulia “are kind of like Boardwalk and Park Place with a big hotel on each,” Barbara Corcoran tells Stephanie Ruhle and Erik Schatzker, the hosts of Bloomberg TV’s “Market Makers.”

“In the end, what really happens to the brokerage communtiy, when (they land on) the guy who owns Boardwalk and Park Place? They get wiped out.”

Although Zillow and Trulia have the power to hike the rates they charge agents and brokers, they actually don’t want to wipe them out, Corcoran says.

“It’s a simpatico relationship,” says the former New York City broker-turned-TV personality. Zillow and Trulia “need the real estate broker to knock on the door, pitch the (seller), get the (listing) agreement signed, put it on the MLS, and the MLS giving it to Zulia.”

Ruhle and Schatzker can’t believe that Zillow and Trulia won’t eventually disrupt agents and brokers, or at least get them competing with each other by lowering their commissions, but Corcoran is adamant that the portals don’t threaten the traditional real estate business model.

“The broker who gets exclusive on a property, that’s still the way this game is played,” Corcoran says. Brokers can pop listings on all the websites, and “you still need someone to manage the egos and the negotiations.” Leave those things in the hands of homeowners, and “it doesn’t work out as well.” Source: bloomberg.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Prepare for this fall with top agents & brokers at Connect Now this Tuesday.GET YOUR TICKET×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription