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Rob and Greg are back with yet another spirited debate. This time they explore whether fiduciary duty extends to listing on Zillow. With Zillow’s current dominance, Rob argues that to provide maximum exposure for your seller client, listing on the platform is a must.
Rob and Greg get into the perception of Zillow as a threat as well as the issue of buyer agency. Listen and decide whether the responsibility to act in the client’s best interest means that a realtor is obligated to list on Zillow.
What’s Discussed:
The current dominance of Zillow
-Quarterly record Revenue of $227.6 million increased 34% year-over-year
-Full year 2016 record Revenue of $846.6 million, up 31% year-over-year
Rob’s argument that fiduciary duty requires listing on Zillow
-Must provide seller client with maximum exposure
-Only exception is when the client has other interests that take precedence (i.e.: privacy concerns)
-Brief your client and have them sign off if you do choose not to use the platform
The potential for lawsuits if agents don’t use Zillow
How the internet has changed the value proposition of the MLS from an advertising standpoint
Why the perception of Zillow as a threat is flawed
-Zillow is a vendor that relies on agents for its existence
-Their continued success depends on the model staying the same
The core complaints against Zillow
-Buyer agency
-Zestimates
-Access to information lessens realtor’s value
Resources:
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