Where Real Estate Gets Its Dirt

Did Zillow just “raise the bar” in real estate?

Our long national nightmare is over. After all the debates, The D.A.N.G.E.R. Report, and industry hand wringing over how to raise the level of professionalism of REALTORS across the country, Zillow just went ahead a did it.

From Inman News:

‘Best of Zillow’ Premier Agent platform to unlock new consumer data

“Customers will be asked to rate interactions based on responsiveness, communication style, knowledge and expertise, customer priority, trust and customer needs.

Premier Agent customers will receive customer experience reports based on the aggregated data and tools to gauge their performance with consumers. Zillow will be providing training for agents focused on the behaviors that drive customer satisfaction as well as suggestions to help them improve.

“We’re counting on you to be as obsessed with superior customer experiences as we are,” Schwartz wrote in a blog post introducing the changes. “In return, we promise you this: we’re going to give you the greatest platform to make it happen. And we’ll keep pushing to get it right so you can deliver exceptional experiences.”

No details on how this will work. My guess is just like when I finish a ride on Uber, I have to rate my driver before I can do anything else.

And it looks like Zillow is putting their money where their mouth is, Here’s Greg Schwartz, president of media and marketplaces at Zillow Group, again…

“For agents who aren’t performing up to customers standards — Zillow will no longer be interested in taking their money. The company wants to be able to tell every consumer who comes to the site that the agent they select will deliver a high-quality experience.”

Read that quote again. “Zillow will no longer be interested in taking their money”.

Can you imagine NAR, Realogy, KW, RE/MAX or any independent brokerage making the same statement?

I also love this quote from a blog announcing the changes titled “Why Customer Happiness Holds the Key to Your Future – and Ours”

Buying and selling a home remains one of life’s most stressful transactions. Great agents supply great customer experiences. Demand for great customer experiences is growing.”

“Demand for great customer experiences is growing.”

This is exactly right, and what a lot of people are missing about the recent iBuyer trend. Call it the “convenience economy” or whatever, people want great service and they want it now.

Act accordingly.

Zillow gets a broker license and buys a mortgage company

From Inman News…

Zillow gets broker’s license in Arizona, but has ‘no plans’ to represent homebuyers and sellers

Zillow is getting a broker’s license in Arizona, but it has no plans to begin hiring real estate agents anytime soon, and it will continue to rely on other brokerages to represent it as it wades further into homebuying and selling transactions, according to Errol Samuelson, the chief industry development officer at Zillow Group.

Samuelson made the comments in an interview with Inman on Monday, regarding Zillow’s just-announced acquisition of Mortgage Lenders of America, a mortgage lender that will help Zillow expand beyond its initial informational and home search purposes and provide home searchers with more services to convert them into homebuyers, directly on Zillow’s popular namesake website.

I wasn’t sure if there was going to be a massive freakout over this piece of news or not. You never know with Zillow. But so far it looks like a nothing sandwich.

From the two articles on Inman News I only see a total of 7 comments, one of them from the above article and 6 on another article focusing on the mortgage company acquisition.

Maybe they didn’t need to replace Jay Thompson?

Zillow responds, calls Upstream “protectionist”

The shit is hitting the fan with the DOJ/FTC comments

Andrea Brambila, writing for Inman News

Zillow Strikes Back, Bashing Upstream and CAR in public regulator comments

“Zillow noted there are various barriers to listing data access that the company deemed “protectionist.”

“Some large brokerages refuse to provide all their listings to Zillow. If sellers understood that their fiduciaries were restricting data from appearing on the largest real estate site in the U.S., they would likely be upset. Initiatives like Upstream make the potential for such behavior more feasible and commonplace,” the company said.”

I agree. No matter the responses from Upstream, it’s always been about control of listing data. When Craig Cheatham, announced at the CMLS Conference in 2013 that “You’ve got 10 days!”, the sentiment wasn’t “You have 10 days, before we eliminate the need for double entry!”. It was, “You have 10 days before we start yanking our data!”

Get off my lawn!!

When I see Gary Keller on stage trying to school Brad Inman, or brokers yelling at new companies complaining about their business models, you can deduce only one thing. They are scared shitless. They ought to be. The new entrants don’t give two shits about the old guard.

You think the hyperbole and lies are at an all-time high? I couldn’t agree with you more. Why? Well, I think it starts from the top. But hey, the economy, right?

But, I digress.

You are seeing this everywhere. Zillow vs. Opendoor. Corelogic vs. Remine. Traditional brokers vs. Compass, and anyone else who got a check from a V.C. The times they are a changing.

Arguing over percentage points, or throwing a bunch of props around on stage, is not going to change things. Things are going get bloody. Guarantee it.

My advice to the old guard, get over yourself. You gotta to find new ways to win. So quit complaining and get to work. I mean, how bad could it be?

Bridge Interactive announces updated features in new “Parity Plus” API

Bridge Interactive announces updates to modern real estate API

“ParityPlus is a significant release because it combines what many MLSs value about the older industry standard, RETS – customization, most notably – with the speed, familiarity and scalability of a modern Web API. The net effect will be to increase the ease with which real estate data is distributed, secured, shared and built upon.

For MLSs, that means Bridge API now will enable them to build custom data feeds and more tightly define what information is conveyed to specific data recipients. It will also add functionality that gives them more control and fewer limitations.

At the very least this seems to catch Bridge (Zillow) up with other industry offerings, most notably of CoreLogic and FBS. But they have also few other cool options. I’m told there are new features in the API specifically meant to help with data replication.

About that Zillow rep….

Interesting story on Inman News today.

Zillow sales exec fired after telling Premier Agent customer to ‘take up yoga’

“A Zillow advertising representative was abruptly fired Monday after sending an email on July 4 suggesting that a dissatisfied Premier Agent customer “take up yoga, and breathe a bit,” in response to his request to cancel his membership with the Zillow advertising and lead-generation program.

First off, who amongst hasn’t been there? Amirite?

“In an statement to Inman, Robinson took responsibility for her actions and apologized to Traynor.

“My email stemmed from frustration and was highly out of line,” she said. “I completely accept all responsibility for my wrong doing and am very remorseful and apologetic for acting from emotion and a place of disappointment. [Tony] is a very good agent and only deserves the best. He is on the right, and I was very much in the wrong. I have learned a big lesson and regret it was at Tony’s expense.”

I gotta say some of the comments on this article are crazy. But I think Jessica showed nothing but class in the way she handled the situation. I would hire Jessica in a heartbeat.

Industry Relations: Backing Up the Zestimate with a Zillow Instant Offer Check

Critics of Zillow bash the accuracy of the Zestimate, but the fact is that a home’s worth hinges on what the market is willing to pay. And with the advent of Instant Offers, Zillow is backing up the Zestimate with a check. Consider the fact that Zillow has a platform to help themselves sell homes quickly and it is easy to see how Instant Offers is a game-changer with the potential to create a ‘market-maker system’ of real estate.

Rob and Greg are back to discuss the recent GeekWire piece on Zillow’s first home purchase in Chandler, AZ. They comment on the irony of the agent’s intention to lean on Zillow for branding as well as the company’s original business model as an auction site. Rob explains the concept of an insta-flip and how it benefits Premier Agents, and Greg offers his take on the one thing that is still missing from the Instant Offers model.

Rob and Greg speak to Zillow’s data around the number of shoppers in a particular zip code and the target market for the Instant Offers model. They address the potential profit Zillow might generate from Instant Offers, the listing lead flow the program will generate, and the possibility of discounted as-is purchases on the platform. Listen in to understand how Instant Offers is likely to foster competition in the space and learn how Zillow continues to change the game of real estate.

What’s Discussed:

Zillow’s first home purchase in Chandler, AZ

The agent’s intention to lean on Zillow for branding

Greg’s questions around double-ending and fees

How Zillow is creating a ‘market-maker system’ of real estate

-Provides mechanism to help sell fast

-Every home could have bid, ask price

Zillow’s original business model as an auction site

The concept of an insta-flip and how it benefits Premier Agents

Greg’s take on what’s still missing from the Instant Offers model

How Zillow’s Instant Offers further validates Opendoor

The target seller for Zillow’s Instant Offers model

How Instant Offers differs from We Buy Ugly Houses

The listing lead flow Zillow will generate through the program

What traditional brokers should do in light of Instant Offers

The potential for a discounted as-is purchase through Zillow

Rob’s insight on the possibility of Zillow offering seller financing

How Instant Offers is likely to foster competition in the space

Resources:

‘An Inside Look at Zillow’s First Home Purchase’ on GeekWire

‘Opendoor is a Bigger Deal Than Zillow’ in Inman

 

Our Sponsors:

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Connect with Rob and Greg:

Rob’s Website

Greg’s Website

 

 

“Owned by Zillow”

An inside look at Zillow’s first home purchase: How the real estate media giant will buy and sell houses

“Then it’s time for open houses and showings. Real estate agent George Laughton, whose firm Laughton Team is Zillow’s launch partner in Phoenix, said he expects to lean on the company for branding — Zillow balloons and fliers at the open house, for example — because he thinks having the name on everything will be a benefit. Otherwise, this first-of-its-kind sale has been business as usual for Laughton.

“We’re doing the normal type of marketing we would do, posting it as coming soon on Zillow, so nothing too out of the ordinary from what we would normally do,” Laughton said.”

Zillow balloons.

“In the long term we hope to be able to bring this to as many consumers as we can. Every homeowner should ideally be able to have not just a Zestimate, but have a Zestimate and have a cash offer and an agent and know what their choices are,” Wacksman said.

Wow. Just wow.

Compass, Inc. hires Industry Relations rep

Bill Fowler recently resigned from Zillow to become Compass Inc.’s Sr. Director of Industry Relations. Bill had previously held positions at dotloop and Solid Earth, Inc. Congrats Bill!

John Mosey recognized for work at BPP


St. Paul real estate veteran plays key role in development of Homesnap

The site is the real estate industry’s answer to the countless third-party property listing sites that have become influential in the sale of homes. Years in the making, a key player in its inception and launch is St. Paul-based John Mosey, longtime president of Twin Cities-based Northstar MLS.

“There was this grand notion that the industry could tap its resources to go head to head with the Zillows, Trulias and Realtor.coms of our world,” Mosey said.”

Zillow Group couldn’t have asked for a better picture of John for their dartboard. Of course he’s a much smaller target now. ????

Photo credit [Minneapolis Star Tribune]

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