If you ask Wiktionary, to swim upstream means ‘to opt for a difficult course of action when a simpler alternative is available.’ And if you ask Rob and Greg, real estate’s Upstream venture is a prime example of doing things the hard way.
Today Rob and Greg discuss the MLS response to the brokerage community’s push for data sharing and the probability of Upstream’s success. They also cover other hot topics in real estate technology news, including Zillow’s new Millennial consumer brand announcement, the extraordinary capital raised by Placester, and Realogy’s recent changes in management.
Listen in as Greg explains how to think about the ‘real estate ecosystem,’ and Rob outlines the inevitable development of a new brokerage model.
What’s Discussed:
Zillow’s recent announcement regarding its launch of new consumer brand
Why Zillow is likely adding RealEstate.com as a search portal
The real estate industry’s ‘Millennial worship’
-Half of new home buyers under 36
The stereotypes associated with Millennials vs. the reality
What a site designed for Millennials might look like
The staggering capital being poured into the industry
-Placester raised $50M in March, bringing its total to $100M
Placester’s recognition of the aspirational nature of real estate
-Willingness to take any agent
Why Zillow focuses on ‘super agents’ and teams
Placester’s role in the ‘real estate ecosystem’
Realogy’s recent changes in management
How technology undermines the idea of a ‘real estate ecosystem’
The necessity for transformation of the current brokerage model
The mammoth undertaking that is Upstream
The feasibility of Upstream clearing all the hurdles it faces
How MLSs have responded to the brokerage community’s call for consolidation
Rob’s suggestion to add representatives from the broker community to the CMLS Board
Resources:
“Zillow Group to Launch New Consumer Brand” on RISMedia
“Placester Continues Growth with $50 Million Capital Raise” in HousingWire Magazine
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