To Zestimate or not to Zestimate? Has this become one of NAR’s worst nightmares?
Have listing syndication websites gone too far? Did the overstep and anger more real estate professionals? Are the platforms really taking advantage of the real estate industry with bogus information and grossly inflated “preferred zip code” pricing, in order to capture that million dollar lead? Listing Syndication Platforms vs. Realtors is a real battle! If you believe Zillow, Trulia, or Realtor.com are losing momentum, perhaps you should to re-evaluate facts, articles, and Quarterly earnings about the Villains created by real estate and marketing professionals for their peers.
How did Zillow, Trulia, and Realtor.com become so powerful?
Realtor.com, Zillow, & Trulia vs. Realtors. Over the years, real estate professionals all over the nation, participated and actively funded listing syndication platforms. (* Disclaimer: Please understand I pass no judgement here). Why? Simple, money, money, and more money! Remember, the real estate business is a pond full of well dressed sharks, to make a decent living one must learn, invest, and follow the yellow brick road with hopes of leading toward success and financial freedom. Remember folks, for every action there is a consequence, unfortunately, sometime life lessons have a hefty price tag. The massive profit gains made quarterly by the genius platforms, have helped them organize, dedicate, and sell data to Realtors as fast as they receive inquiries. Let’s not forget the well implemented hiring budget that allowed them to hire a very strategic, tenacious closing sales team.
The power of Zillow calling!
Zillow sales representative are extremely persistent, do an internet search and you will find hilarious memes mocking their efforts in closing their deals with never-ending calls and emails. Why are the sale representatives hungry to sell with guerilla marketing tactic? Simple, the executives of listing syndication platforms understand how the common realtor daily schedule operates, with phones continually ringing, why not include the “sales pitch in the midst of the calls? That’s a genius way to close a deal, by consistently applying purchasing pressure to real estate professionals, and voila’, the platforms build an empire! The power of persuasion leads Realtors into locking advertising specials in the inquired zip code. Big Kudos to all of you Zillow reps, you are GOOD!!
Below, you will find a list of ways to stop receiving their daily calls/texts:
- Change profession, not guaranteed;
- Perhaps, you could change you number? Unlikely, considering ALL your marketing materials and signs display your number;
- Maybe you died? Very funny, but where you able to lock your desired “zip”?
The law of demand
Let’s go back to the principles of microeconomics again, referring back to the law of demand. How can the law of demand impact the lead syndication? Simple, similar to the housing market, lead generation is also a bidding war, who will land that awesome Calabasas listing? Who will bring the right buyer to the Malibu property? How about that beautiful equestrian property hitting the market soon? Who will have first dibs? Online lead generation is comparable to that process, first come first serve.
The law if demand states that, “conditional on all else being equal, as the price of a good increases (↑), quantity demanded decreases (↓); conversely, as the price of a good decreases (↓), quantity demanded increases (↑)”.
Real estate professionals continue to funnel earnings in listing syndication platforms with a shared goal of landing multi million dollar listings. Money makes money, right? Yes, of course! While this being true for realtors exposure and branding, this is also true for Zillow, Trulia, and Realtor.com. The platforms continue growing stronger each day rwould not be as powerful as they are today Real estate agents and brokers continue to invest more money into listing syndication, but what they don’t realize is their hard earned money is helping the platforms grow, branch out into unregulated online real estate advertising brokerages, the difference? To start, they have far more purchasing power than any other traditional brokerage out there! Ouch! Feeling the burn!!!!
The benefit Realtors bring to listing syndication platforms
We all know Zestimates aren’t’ accurate, availability isn’t reliable, but over the years information has greatly improved.
I must handed to Zillow, they have advanced by “verifying” your license status by linking directly to the MLS and Tax Assessor, — feel free to please insert clapping hands here — Realtors are paying board fees to enter property information in the MLS, and by linking to listing syndication platforms for visibility, they are essentially working for free! How? Realtors have become a free data entry source for these double-ending platforms they are actually complaining about, seems ironic don’t you think? Listing Syndication Platforms vs. Realtors is shaking up real estate groups and the internet. Why would anyone do this? It’s about the hamster wheel of greed! More listings equate to more money, that’s why realtors prefer to advertise on their site. Oh, what a sad realization.
Why is NAR stepping in and what will happen?
Listing Syndication Platforms vs. Realtors, time to finally address this battle and regulate it. My thoughts? The NAR will step in to regulate platforms for privacy, compliance, and mandatory CE credits, and let’s not forget about the annual, or semi-annual mandatory membership dues. In conclusion, listing syndication platforms attempt to behave, act, and preform like virtual brokerages; however, their disregard for accuracy to real estate guidelines is worrisome. Who is accountable for incorrect information syndicated on Realtor.com, Zillow, and Trulia? Shouldn’t platforms following real estate rules and regulations with accountability becomes a necessity. This is why NAR must intervene and regulate them somehow. What are your thoughts?
Questions? I AM YOUR REALTOR!
Building good, trusting relationships is imperative in any business, especially in real estate. Like minded individuals will attract like minded people, this is why I encourage all of you, my clients, and anyone searching to buy or sell their home, to take careful consideration before trusting anyone with your personal information. Feel free to call or text me at (310) 295-8807 or email me at firstname.lastname@example.org with questions or comments. I am your REALTOR and I am here to assist ALL your real estate needs!
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