We’re feeling a little déjà vu at Industry Relations as controversy brews between Zillow and brokers in NYC. Everything old is new again with the launch of the premier agent feature on leading real estate marketplace StreetEasy. For the last ten years, agents across the country have dealt with syndication – and it seems New York real estate’s time has come.
Today’s guest, Greg Fischer, serves as principal broker at Fred Real Estate Group in Bend, Oregon, and author of the blog Next in Housing. His unique background also includes work in the tech industry with real estate software companies Move, Inc. in San Francisco and Doorsteps in New York City. This makes him uniquely qualified to discuss the bruhaha as NYC brokers decide whether to pay the Zillow tax or boycott it.
**Audio alert. Robertson’s audio track has an echo effect that we couldn’t get rid of in post. But Fischer and Rob audio (which handle the majority of the discussion) sounds great.***
What’s Discussed:
How NYC brokers reacted to the premier agent feature on StreetEasy
How StreetEasy GM Susan Daimler justified the change
-Home shoppers deserve the option to connect with agent who represents only them
The explicit language used by the StreetEasy product to suggest a buyer agent
Why NYC should seek the counsel of brokerages around the country who have dealt with syndication
How Manhattan real estate does business differently
-Listing agents are used to owning all buyer leads
REBNY’s request for an investigation into the legality of advertising an exclusive listing
The potential to create an MLS in NYC
-Change in compensation model
-Dominance of top ten listing brokers
-Legal ramifications of only sharing data feed with REBNY
The differences among IDX, VOW and StreetEasy’s premier agent
The danger of dual agency
Fischer’s take on leads generated via third-party websites
-Inquiries rarely lead to sales
The evolution of Zillow’s playbook on generating revenue
Why brokerages need to get savvy on how ad tech works
The value of agents as local experts
Compass CEO Robert Reffkin’s concession to Zillow
Resources:
Greg Fischer’s Premier Agent Blog Post
The Real Deal’s Premier Agent Article
The Real Deal’s Premier Agent Video
Connect with Greg Fischer:
