Zillow, Realtor.com and Inman debate session
At this years California Association of Realtors EXPO the President of Zillow.com, the President of Realtor.com, and publisher of Inman News came together for a debate. Some excerpts:
Zillow.com president Lloyd Frink: "Zillow believes that the nature of the relationship between Realtors and their clients is probably going to change. As opposed to Realtors being the gatekeepers of information, they're much more likely to be giving expert advice on what the information means. Zillow.com is the 4th largest website, and the Zestimate is really just a starting point for figuring out how much a home is worth. The average margin of error is 7.2%. We're very dependent on the support of Realtors and real estate brokers to make our site successful."
Realtor.com president Allan Dalton: "The notion of suggesting to people that they can find out what their home is worth without a Realtor offends me. Zillow.com and the internet has consumers. Realtors have clients. The real estate agent will always be an intregal part of the sales process"
Inman News publisher Bradley Inman: The internet created transparency....with all the information available it's created a rational market, which has created more buyers, which is good for everyone. Every year the percentage of people using the web to search for properties and/or a Realtor has increased, and will continue to do so.
My two cents: Your property's value is determined by how much a capable buyer is willing to pay, period. A good Realtor can use data to help set seller expectation. I use Zillow.com, Realtor.com Showcase, site-specific URL's, as well as a bunch of other means to market and find capable buyers. According to Zillow, 54% of buyers visit Zillow as part of their home-buying process.
Zillow.com president Lloyd Frink: "Zillow believes that the nature of the relationship between Realtors and their clients is probably going to change. As opposed to Realtors being the gatekeepers of information, they're much more likely to be giving expert advice on what the information means. Zillow.com is the 4th largest website, and the Zestimate is really just a starting point for figuring out how much a home is worth. The average margin of error is 7.2%. We're very dependent on the support of Realtors and real estate brokers to make our site successful."
Realtor.com president Allan Dalton: "The notion of suggesting to people that they can find out what their home is worth without a Realtor offends me. Zillow.com and the internet has consumers. Realtors have clients. The real estate agent will always be an intregal part of the sales process"
Inman News publisher Bradley Inman: The internet created transparency....with all the information available it's created a rational market, which has created more buyers, which is good for everyone. Every year the percentage of people using the web to search for properties and/or a Realtor has increased, and will continue to do so.
My two cents: Your property's value is determined by how much a capable buyer is willing to pay, period. A good Realtor can use data to help set seller expectation. I use Zillow.com, Realtor.com Showcase, site-specific URL's, as well as a bunch of other means to market and find capable buyers. According to Zillow, 54% of buyers visit Zillow as part of their home-buying process.
posted by Mike Bell at
8:01 PM
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