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Old 04-16-2018, 10:17 AM
 
Location: Columbia, SC
8,851 posts, read 17,447,111 times
Reputation: 6212

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Quote:
Originally Posted by Thundarr457 View Post
Zillow is part of the internet revolution in home buying. First of all, it saves prospective homeowners a ton of time. You can see the listing, the neighborhood, see pix of the house and not have to rely on descriptions which may or not be accurate. In the old days you were totally depended on an agent. They told you about a property based on your wants and needs. You could drive by, but not go in, without them (which is still the case). When I bought my WNY house in 2006, I got the "pink sheets" for the latest listings did a drive by to see if it looked like a possibility and wasted a lot of time. With no pix you had to hope you liked it. I finally found a house but a lot of it was due to my diligence and staying on top of things, living in and being familiar with the area. Out of towners would not have that luxury. Fast forward 10 years and it was much easier. We were moving to a state we knew very little about (Florida) which is quite large and the options are limitless. Zillow made things a lot easier. Agents would send me listings which I could peruse and having Zillow to cross check time on market, surrounding properties, what it last sold for (flip or not) and a birds-eye view were invaluable. Is Zillow perfect? No, but its a great resource. Its great to look at what the neighboring houses went for and you can see if you are buying the worst house in a great neighborhood or visa versa. It will never replace Agents or should it. Agents are great for shepherding you through the labyrinth of home buying and getting you into the listings you found. It also makes it easier to do a FSBO. It will change the RE business like it has others.
1-Zillow didn't revolutionize anything, but they did a better job of compiling data from various sources without actually creating any of the content (including photos). Then they promoted their site better than the competitors.
2-Zillow - accurate?
3-Zillow doesn't carry pepper spray.
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Old 04-16-2018, 10:22 AM
 
Location: Columbia, SC
8,851 posts, read 17,447,111 times
Reputation: 6212
Quote:
Originally Posted by RosemaryT View Post
Realtor.com is a mess. I don't know who set up that website, but the Realtors™ should get their money back. LOL.
Funny thing is the site isn't owned by Realtors or NAR. It's owned by Move, Inc. (Rupert Murdoch) Last I heard there was a class action lawsuit being brought against R dot com for selling fake leads.
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Old 04-16-2018, 11:13 AM
 
5,171 posts, read 1,548,698 times
Reputation: 4983
Yes, certainly.

But Redfin is actually the ones changing the game, and putting an end to this ridiculous Realtor(TM) cartel and their exorbitant fees.

Other countries don't have this nonsense. Its about time the US stopped getting fleeced by these middlemen. The process of selling or buying a home shouldn't ever be some fixed percentage of the transaction in the first place...the work done obviously has value, but it also has no relationship, mathematical or otherwise, to the transaction price of the property.

Redfin is at least changing the game by revealing this truth. They're still propagating the commission model but eventually that too will crumble.
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Old 04-16-2018, 11:25 AM
 
Location: Columbia, SC
8,851 posts, read 17,447,111 times
Reputation: 6212
Quote:
Originally Posted by phantompilot View Post
Yes, certainly.

But Redfin is actually the ones changing the game, and putting an end to this ridiculous Realtor(TM) cartel and their exorbitant fees.

Other countries don't have this nonsense. Its about time the US stopped getting fleeced by these middlemen. The process of selling or buying a home shouldn't ever be some fixed percentage of the transaction in the first place...the work done obviously has value, but it also has no relationship, mathematical or otherwise, to the transaction price of the property.

Redfin is at least changing the game by revealing this truth. They're still propagating the commission model but eventually that too will crumble.
Actually Redfin is the one that keeps changing. If I'm not mistaken since they opened they've both reduced the rebate and raised commission?

I assure there is no "cartel" in real estate. I challenge you to find an industry with more internal competition that real estate.
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Old 04-16-2018, 11:44 AM
 
Location: Salem, OR
13,745 posts, read 31,570,576 times
Reputation: 12105
Quote:
Originally Posted by phantompilot View Post
Yes, certainly.

But Redfin is actually the ones changing the game, and putting an end to this ridiculous Realtor(TM) cartel and their exorbitant fees.

Other countries don't have this nonsense. Its about time the US stopped getting fleeced by these middlemen. The process of selling or buying a home shouldn't ever be some fixed percentage of the transaction in the first place...the work done obviously has value, but it also has no relationship, mathematical or otherwise, to the transaction price of the property.

Redfin is at least changing the game by revealing this truth. They're still propagating the commission model but eventually that too will crumble.
There really isn't a cartel and you can already hire agents that charge hourly rates to sell homes. I know because I am one and have done so for 15 years. The really amazing thing is that consumers say they want to reduce fees, but I offer hourly to all of my listing clients and 95% of them choose to pay significantly more for the all or nothing commission model. It's true.

It is really hard for consumers to pay for hourly services since they are billed every 30 days. They actually prefer to pay more, and that is the reason why commission stay high. When offered the choice, consumers overwhelmingly agree to pay more.

Two years ago I had 5 clients pay me hourly and last year it was zero. What isn't going to happen, which is what consumers really want, is for agents to do an all or nothing commission model at a lower rate. I don't see that happening any time soon because every company that has done it has gone out of business. Even Redfin, won't do their model in lower-priced markets because they can't make enough money. Math always wins.
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Old 04-16-2018, 12:24 PM
 
6,128 posts, read 3,275,059 times
Reputation: 8348
Of course it has.

Zillow/Redfin/etc has shifted a lot of the work of finding a place over to the consumer in the process. How much time does the average buyer spend looking for a place themselves online now rather than giving a realtor some criteria and having them drive them around? Commissions are starting to fall as a result of such digital competition with the norm around here anyway now being in the 2% range rather than 3.

These sites are orders of magnitude better at searching and filtering listings than for example the coldwell banker site our agent directed us to use.
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Old 04-16-2018, 12:48 PM
 
Location: Rochester, WA
3,832 posts, read 2,056,232 times
Reputation: 10577
I'm not sure giving the client the ability to browse all the listings has reduced the need for a good buyer's agent.

Obviously the agent is still needed for access... but beyond that, particularly with first time buyers on the low end of the spectrum, they need a lot of help sorting through all the foreclosures and rehabs that won't qualify for financing or are more than they should try to take on with their budget and cash flow. Other farm or higher end properties too... there's a learning curve indeed to sorting through listings online. And there's other infomation that I can see that is not readily available in public searches. Things like "needs new septic" or "property line dispute with neighbor will be resolved before closing" <--- they hope!

I weed through all the ones that won't work for them when I send them my saved searches, and most of our clients like the new matrix interface we use. It has a map and all the public information out there. Sometimes they send me listings from elsewhere and I explain why I filtered that one out. Sometimes they find a few good ones first that I didn't. Usually this means they're searching outside the parameters they told me, but that's fine. I'm a fan of being flexible! I encourage them to browse to their heart's content... but Zillow is just too often wrong. I'd rather they use most ANYTHING else.
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Old 04-16-2018, 01:14 PM
 
Location: Honolulu, HI
4,610 posts, read 1,149,317 times
Reputation: 6579
Zillow didn’t revolutionize anything, it’s highly inaccurate and there were many listing sites before it. All they did was package it and deliver it better than competitiors. Same as Facebook, they took the idea of MySpace and made it better.

But Redfin/Realtor/Trulia etc are still ok alternative sites as Zillow doesn’t always have updated listings.
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Old 04-16-2018, 03:44 PM
 
Location: Blue Ridge Mntns., NC
10,232 posts, read 14,092,355 times
Reputation: 8760
Quote:
Originally Posted by joee5 View Post
I browse Zillow almost daily. Not looking to buy or sell right now. But I like to view other parts of the country home buying worth versus here in NJ for when our final move down to Delaware comes
Then give more thought to searching on www.Realtor.com. It doesn't cost you anything, and will give you up to date information every 24 hrs. and updates as soon as they are sent by agents and MLS. It doesn't cost you anything to look.
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Old 04-16-2018, 03:45 PM
 
Location: Blue Ridge Mntns., NC
10,232 posts, read 14,092,355 times
Reputation: 8760
Quote:
Originally Posted by JONOV View Post
Zillow is simply the "Best Website" in the real estate industry.

Not that I didn't say it's the best Real Estate website, because it isn't.

Zillow isn't even the first website. There were others before it. It is simply, at this time, the Coca-Cola to Realtor.com and Redfin.Com's Pepsi.


Yup ... w/o the fizz.
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