Industry News

Zillow’s listing offering meets metered optimism

Industry reaction to Zillow news

Zillow.com's entry into the for-sale property search market met with metered optimism from industry participants who say that the announcement follows a trend in providing more online information to consumers. The new features at Zillow are "a natural migration pattern," said Ed Krafchow, president of Prudential CA/NV/TX Realty, and represent a changing industry that is becoming increasingly open. "I believe that in the future the market will be much further open to the public, and that doesn't preclude Realtors from being involved in transactions -- they may be much more important, at the end of the day." Krafchow noted that his company's Web site features links to Zillow valuation tools. "We actively use it and cooperate with it," he said. The new for-sale property features at Zillow should not pose any kind of impediment for the industry, he said. "It's an entrepreneurial world. Wherever the customer feels best served they're going to go to that." The job of the industry is to cater...