IS ZILLOW A SPOILER OR A POTENTIAL CHALLENGER?
In the recent Webinar conducted by Suzanne Janik, NAR's General Counsel, it was categorically stated that Vendors with which NAR Members were affiliated were covered under the current settlement agreement, with the exception of ZILLOW. I found that statement to be very interesting.
I asked myself the question, why would they single out ZILLOW? Afterall, it is as much a vendor as MARKET LEADER and the other players on the real estate scene. So I would like us to take a walk down the road of unlimited possibilities. Let's see where this can take us?
1. Scenario 1: What if ZILLOW actually owns CIVIX? The action of CIVIX could have been intended to weaken NAR politically and financially, to leave a vacuum in the leadership of the real estate industry, so that ZILLOW could strategically position itself as a major rival to NAR.
2. When ZILLOW came on the seen a few years ago, what was most noteworthy about their arrival, was what I call for the lack of a better word, their "pedigree." Their advanced algorithms, were unmatched. They were an upcoming "prime mover." As they settled in as one of the movers and shakers of the industry, they have managed to build a market share of their own. So the question is where do they go from here?
Will NAR be so bloodied up after this crisis, that there will be room for another standard bearer?
3. Are we heading for a time when Real Estate Agents will become employees instead of being Independent Contractors? Is ZILLOW open to such ideas...afterall, it provides a platform the today's realtors. Imagine the impact on the industry. Before you dismissed this as being far fetched, let me say that I have read that this model is used in Australia if I am not mistaken. If I recall correctly, at least one company in the US is currently using that business model.
4. In the final analysis, we cannot stop the winds of change. A few years from now there will still be billions of dollars in the real estate industry. There will still be movers and shakers, I just don't know what the configuration will be.
C. Lloyd McKenzie, MBA
Berkshire Hathaway HomeServices
New Mexico Properties/Allstar, REALTORS
6739 Academy Rd. NE SU 200
Albuquerque, New Mexico 87109
Areas Served: Albuquerque Metro/ Algodones/ Bernalillo/ Cedar Crest/ Corrales/ Edgewood/ Los Lunas/ Los Ranchos de Albuquerque/ Placitas/ Rio Rancho/ Sandia Park/ Tijeras