I have been reading about Zillow Instant Offers, and it never occurred to me to see it as an immediate threat to my business. Homebuyers and sellers have always had the option to buy or sell without the involvement of a real estate agent, but most call the agent anyway. Not only do most homebuyers and sellers work with real estate agents, many of them work with the ones who charge the most or who are total jerks but drive nice cars. Some buyers and sellers even agree to dual agency, which probably isn’t in their best interest. In addition to paying commissions, some consumers fork over an extra $400 to $700 to cover fees charged by some real estate companies. Even in a strong seller’s market, I see For sale by owner (FSBO) homes on Zillow that have been on the market for 60 to 90 days or more. Similar homes listed on the MLS sell in less than a month. Some of my best clients have been people who listed their home on Zillow as FSBO. Some Realtor associations and real es...
- New real estate technology often upsets members of the industry, but all it really does is redistribute wealth and jobs, so real estate professionals shouldn’t worry about becoming obsolete.
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