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Zillow CEO: startups trying to disrupt real estate commissions will fail (2012)

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Re: Zillow CEO: startups trying to disrupt real estate commissions will fail (2012)

#2

Post by ilamont »

That's a bold statement. Still, the NAR has data that suggests realtors are more likely to be involved in transactions than 18 years ago:

87% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.

Source: National Association of Realtors (https://www.nar.realtor/research-and-statistics/quick-real-e...)

... But I'm curious if the definition of "broker" includes online marketplaces or other digital services.

It's true that realtors (and other players, including real estate lawyers) do have expertise that can help buyers and sellers deal with the unique issues that come up with each home, not to mention the mandated paperwork. Streamlining those requirements may be extremely difficult.

However, I think realtors have a demographic tidal wave about to hit them, consisting of first-time young home buyers and some slightly older home sellers who are used to doing things online and want nothing to do with realtor-mediated transactions ... or will scoff at the ridiculously high fees charged by brokers.

Re: Zillow CEO: startups trying to disrupt real estate commissions will fail (2012)

#4

Post by hkmurakami »

ilamont wrote: post #2

That's a bold statement. Still, the NAR has data that suggests realtors are more likely to be involved in transactions than 18 years ago: 87% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001. Source: National Association of Realtors ( https://www.nar.realtor/research-and-statistics/quick-real-e... ) ... But I'm curious if the definition o…

Both redfin and Opendoor go through licensed brokers in each state so is agree with what you posit.

Re: Zillow CEO: startups trying to disrupt real estate commissions will fail (2012)

#5

Post by shdh »

ilamont wrote: post #2

That's a bold statement. Still, the NAR has data that suggests realtors are more likely to be involved in transactions than 18 years ago: 87% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001. Source: National Association of Realtors ( https://www.nar.realtor/research-and-statistics/quick-real-e... ) ... But I'm curious if the definition o…

>I also think realtors have a demographic tidal wave about to hit them, consisting of first-time young home buyers and some slightly older home sellers who are used to online transactions and want nothing to do with realtor-mediated transactions.

What platform will facilitate these transactions?

Re: Zillow CEO: startups trying to disrupt real estate commissions will fail (2012)

#7

Post by whitepoplar »

hkmurakami wrote: post #4
ilamont wrote: post #2

That's a bold statement. Still, the NAR has data that suggests realtors are more likely to be involved in transactions than 18 years ago: 87% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001. Source: National Association of Realtors ( https://www.nar.realtor/research-and-statistics/quick-real-e... ) ... But I'm curious if the definition o…

Both redfin and Opendoor go through licensed brokers in each state so is agree with what you posit.

I thought Opendoor are themselves agents/brokers, no?
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