Technology

Testing Zillow’s ‘Coming Soon’ while the MLS sleeps

Insights from Pacific Union International CEO Mark McLaughlin

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Zillow's new "Coming Soon" feature has been the talk of the industry for over a month now. Some like it, some don't, and some -- most notably MLSs -- have been caught asleep at the switch. While other companies in our industry may react to this disruptive move with fear and resistance, Pacific Union's approach is practical. We have chosen to test Zillow’s program and determine whether we can leverage it to our clients’ advantage. According to Zillow’s own data, its website and apps now attract 81 million monthly unique users, and traffic has grown by 50 percent since January. Surely, there are plenty of looky-loos in that big number (after all, there are only about 5 million homes sold each year in the USA), but "Coming soon" gives brokerages like Pacific Union a unique opportunity to get a clearer read on Zillow's audience. But more importantly, premarketing properties in this way offers our real estate professionals, their sellers and even buyers several benefits. ...