Another thing that was not reported in the Inman News article is Mr Perriello’s comments on the Broker Public Portal (BPP). Again Mr. Perriello’s comments were very concise. His main concerns (and I’m paraphrasing) was that the amount of money the current portals spend (Zillow Group, Realtor.com, etc.) is so large that the BPP could never hope to compete with them and that valuable time and money would be wasted on such a folly.
Are brokers tilting at windmills with Upstream?
From Inman News:
“At a private conference this week in Houston, Realogy Franchise Group CEO Alex Perriello questioned Upstream’s value proposition and whether the bifurcation of listing distribution could stifle innovation and add unnecessary costs because not all brokers and MLSs will participate.”
I listened to Mr. Perriello’s comments and concerns and I have to say they were very well thought out. I’m hoping (but doubt) the audio or transcript would be made available. I’ve also heard, from some, that Upstream doesn’t need the support of Franchisors to succeed. Which is true. But when many industry leaders start doubting whether Upstream could be properly executed, you have to take time to pause and reflect. This could get very embarrassing for the industry.
