Glenn Kelman stirs the pot at DOJ.... (agents, Realtor, listing)
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"She said consumers on both sides of a real estate transaction want to be represented by agents. “That being said, consumers are doing a lot more of the work themselves up front,” Philips said. “There’s heavy competition in the marketplace to represent those consumers.”
“Could I envision a model in which we let agents bid for seller listings?” she said. “Maybe.”
"She said consumers on both sides of a real estate transaction want to be represented by agents. “That being said, consumers are doing a lot more of the work themselves up front,” Philips said. “There’s heavy competition in the marketplace to represent those consumers.”
“Could I envision a model in which we let agents bid for seller listings?” she said. “Maybe.”
if you watched it - I did - that's an interesting shortening of her statement. She followed the above immediately with "but that's not something we've even thought of yet." uhhhh....sure!
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Originally Posted by BoBromhal
if you watched it - I did - that's an interesting shortening of her statement. She followed the above immediately with "but that's not something we've even thought of yet." uhhhh....sure!
Kathleen Philips, Zillow’s chief legal officer, spoke before Kelman’s remarks. But she said it would be impossible to eliminate consumer confusion.
Of course she would say this! Eliminating agents advertising on other agent's listings (a/k/a the source of consumer confusion) would absolutely eliminate the problem. Know what else it would eliminate? Around 95% of Zillow's revenue. This is like asking a Saudi prince if we should reduce our dependence on oil.
Also, in regard to this . . .
According to Kelman, agents in markets like Boston and San Francisco have been known to withhold listings from the local MLS because they’re convinced the listings will be distributed to third-party websites that don’t feature their names prominently.
This absolutely happens in the Boston area. It's a HUGE issue in the rental segment of the industry where I would estimate at least 70% of rental listings in the area do not get entered into MLS. In the sales segment of the industry, it's a less common but not entirely unusual practice. The less scrupulous agents don't care about their clients. They just want to find ways to increase the odds that they'll get both sides of the transaction.
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Originally Posted by MikePRU
My favorite was this:
Kathleen Philips, Zillow’s chief legal officer, spoke before Kelman’s remarks. But she said it would be impossible to eliminate consumer confusion.
Of course she would say this! Eliminating agents advertising on other agent's listings (a/k/a the source of consumer confusion) would absolutely eliminate the problem. Know what else it would eliminate? Around 95% of Zillow's revenue. This is like asking a Saudi prince if we should reduce our dependence on oil.
Also, in regard to this . . .
According to Kelman, agents in markets like Boston and San Francisco have been known to withhold listings from the local MLS because they’re convinced the listings will be distributed to third-party websites that don’t feature their names prominently.
This absolutely happens in the Boston area. It's a HUGE issue in the rental segment of the industry where I would estimate at least 70% of rental listings in the area do not get entered into MLS. In the sales segment of the industry, it's a less common but not entirely unusual practice. The less scrupulous agents don't care about their clients. They just want to find ways to increase the odds that they'll get both sides of the transaction.
The Keller Williams-Zillow Blind Ad deal is a true market leader in consumer confusion for profit.
online. They say some sort of transcript/summary/replay(?) will be at the ftc.gov site.
I think Inman published something about it 2 weeeks ago, so I put it on my calendar. I had other stuff the rest of the day, but got to see most of that panel of CalMLS, Realtor.com, FTC, Kelman, and Zillow legal counsel.
Kathleen Philips, Zillow’s chief legal officer, spoke before Kelman’s remarks. But she said it would be impossible to eliminate consumer confusion.
Of course she would say this! Eliminating agents advertising on other agent's listings (a/k/a the source of consumer confusion) would absolutely eliminate the problem. Know what else it would eliminate? Around 95% of Zillow's revenue. This is like asking a Saudi prince if we should reduce our dependence on oil.
Also, in regard to this . . .
According to Kelman, agents in markets like Boston and San Francisco have been known to withhold listings from the local MLS because they’re convinced the listings will be distributed to third-party websites that don’t feature their names prominently.
This absolutely happens in the Boston area. It's a HUGE issue in the rental segment of the industry where I would estimate at least 70% of rental listings in the area do not get entered into MLS. In the sales segment of the industry, it's a less common but not entirely unusual practice. The less scrupulous agents don't care about their clients. They just want to find ways to increase the odds that they'll get both sides of the transaction.
Withheld, "pocket listings", and Coming Soon could use some significant effort to make sure the consumer - Seller - is truly properly informed. And additional state or local-level regulation.
I've seen Withheld listings for 20 years. There really are the rare sellers who say "I don't want a sign and I don't want it on MLS. Your company and agents, and the competitors you know that sell houses like mine should be able to get it done."
There's also the Withheld "we don't want to be on MLS just yet because we don't want to move for 5 months. But if you find someone willing to wait, then we're willing to show and sell." Of course, most often this home eventually hits MLS after 3 months.
Pocket Listings ... I've never had a Seller tell me, nor heard of any Seller that told their agent: "I don't care if no one else knows about it, brings a buyer or what you do. You can market this to your own network and represent us both." Now.... I have certainly had folks noncommittally (no written agreement) give me a "Make me Move" proposition.
Coming Soon is just abused by a few folks in our market, with neither written clarity in the form nor specific-enough rules.
All the sites are misleading to customers whom think the featured agent is the listing agent that knows something about the property.
IN reality it is an agent that pays a fee, or that agent works for the site the home is featured on and it not clear to the consumer, that they are a third party that probably knows little to nothing about the home. Out of thousands of home,no agent can know details of them all, but the listing agent do of course.
Agent can have their clients exclude listing from the IDX, agent have been sold down the river by the MLS as they have sold the agents data to third parties like Zillow and others, and most are not even brokers.
If an seller authorized their agent they hire to advertise on Zillow Group and StreetEasy without the IDX feed that is their business.
It's agents trying to get away from the misleading data buyers are seeing with faces of people next to homes totally unrelated to the listing. There should be a disclaimer when they click that home that the buyer understands the person is the picture is not the listing agent, and probably does not have direct details of the home.
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Originally Posted by forzalugano
All the sites are misleading to customers whom think the featured agent is the listing agent that knows something about the property.
IN reality it is an agent that pays a fee, or that agent works for the site the home is featured on and it not clear to the consumer, that they are a third party that probably knows little to nothing about the home. Out of thousands of home,no agent can know details of them all, but the listing agent do of course.
Agent can have their clients exclude listing from the IDX, agent have been sold down the river by the MLS as they have sold the agents data to third parties like Zillow and others, and most are not even brokers.
If an seller authorized their agent they hire to advertise on Zillow Group and StreetEasy without the IDX feed that is their business.
It's agents trying to get away from the misleading data buyers are seeing with faces of people next to homes totally unrelated to the listing. There should be a disclaimer when they click that home that the buyer understands the person is the picture is not the listing agent, and probably does not have direct details of the home.
I would support this.
A quick popup that fades without the visitor clicking.
For pop appraisals on 3rd party and agent sites, I would support a popup disclaimer that would have to be scrolled and clicked by consumers for viewing every individual pop appraisal.
Last edited by MikeJaquish; 06-08-2018 at 04:25 AM..
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