tag:blogger.com,1999:blog-33399132.post115668539090932991..comments2024-03-04T08:09:21.453-08:00Comments on Richard's Real Estate and Urban Economics Blog: Zillow RulesRichard Greenhttp://www.blogger.com/profile/02161226214739034402noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-33399132.post-34216470110410450242009-10-02T00:02:45.652-07:002009-10-02T00:02:45.652-07:00Great explanations and thanks for the info
Real E...Great explanations and thanks for the info<br /><br /><a href="http://www.rexprofessional.com/" rel="external dofollow" rel="nofollow">Real Estate Professional</a>Unknownhttps://www.blogger.com/profile/04117107199350466173noreply@blogger.comtag:blogger.com,1999:blog-33399132.post-1156781483027215332006-08-28T09:11:00.000-07:002006-08-28T09:11:00.000-07:00Richard, Your blog is great and very insightful. I...Richard, <BR/><BR/>Your blog is great and very insightful. I agree with you that ZILLOW is a great tool that equalizes what I believe to be the "non-scientific" processes realtors, and home owners undergo when pricing their homes for sale. From my experience, I wonder if most home buyers still believe the 'realtor' provides and enormous value-added service to the process of selling their home. Granted, a realtor still lists a home on the MLS and might engage in 1 or 2 open houses. However, in my opinion, tools like ZILLOW, ZipRealty.com and others have minimized the actual value a realtor brings to the equation. If you think about it, an average home in the DC/VA/MD sells for $500,000, using the traditional 3% commission earned by a realtor, this means this entity (realtor, broker etc) would earn $15000 per sale.. In the market that we have been experiencing in the past 5-7 years this price is VERY conservative, and therefore the earnings of realtors has proved to be quite lucrative. As such, many many individuals have flocked to the industry creating gluttony of realtors. (this is similar to what occurred in the late 90s with the dot.com panacea. Everyone suddenly was in e-business, and then when the deluge of the dot.com bubble burst everyone was massacred.) Will this happen in Real Estate I wonder. But one thing is for sure, Zillow.com and other such tools will make it harder and harder for non value-added realtors to continue playing the game. (Disclaimer: I don't personally have anything against realtors, this is just a commentary.)Entre_Pilarhttps://www.blogger.com/profile/05196344070915868933noreply@blogger.com