Breaking news about Zillow becoming a national brokerage causes fear in the real estate industry. Zillow Homes, what we know:
– Zillow is sending their ibuyer listings to their inhouse brokerages.
– Zillow has clear aspirations to become a national brokerage.
– Zillow Homes agents will be employees, salary.
– Zillow is your competitor not your partner.
– You are not Zillows customer. Consumers are. Who will this effect the most?
– Agents with low skill on how to compete not just with Zillow but everyone. – Agents not associated with a broker who has an ibuyer. Ibuyers create a lot of potential seller interest. Most motivated sellers. In a hot sellers market…where there is a lot of equity sellers are willing to pay for convenience. (If equity drops you won’t see people having the ability to sell for less than full retail or they are underwater.) 9 out of 10 (or higher) sellers reject ibuyer offers. Most are 75-80% of retail or LESS after inspection. Those become SELLER leads. The real opportunity here is with SELLER leads.
– Agents who only know how to buy leads.
– Brokerages who don’t have their own ibuyer, national portal, licensed in all 50 states…and are truly focused on being a tech company for the sake of serving agents who serve the public.
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