The real estate industry needs an efficient, electronic market much like the stock market, and companies like eBay, Zillow, the Blackstone Group and Realogy should join forces to create it. That’s according to Ross Gerber, the CEO of investment advisory firm Gerber Kawasaki, in Forbes.
He describes the homebuying process as “maddening,” “painful,” and consistently wasteful of people’s time, money and energy.
“From the very first open house to the often contentious bidding process to the mountain of paperwork that is typically associated with each closing sale, it’s difficult to think of a market that operates more inefficiently. The source of the problem is simple: a lack of an electronic, efficient market,” Gerber wrote.
“Although creating a truly electronic real estate market has many challenges, if the major players in the market get together and create this exchange it would revolutionize a truly inefficient market.”