Industry Relations EP007
Greg Fischer Takes Us Back to the Future with NYC Brokers vs. Zillow
We’re feeling a little déjà vu at Industry Relations as controversy brews between Zillow and brokers in NYC. Everything old is new again with the launch of the premier agent feature on leading real estate marketplace StreetEasy. For the last ten years, agents across the country have dealt with syndication – and it seems New York real estate’s time has come.
Today’s guest, Greg Fischer, serves as principal broker at Fred Real Estate Group in Bend, Oregon, and author of the blog Next in Housing. His unique background also includes work in the tech industry with real estate software companies Move, Inc. in San Francisco and Doorsteps in New York City. This makes him uniquely qualified to discuss the bruhaha as NYC brokers decide whether to pay the Zillow tax or boycott it.
**Audio alert. Robertson's audio track has an echo effect that we couldn't get rid of in post. But Fischer and Rob audio (which handle the majority of the discussion) sounds great.***
How NYC brokers reacted to the premier agent feature on StreetEasy
How StreetEasy GM Susan Daimler justified the change
The explicit language used by the StreetEasy product to suggest a buyer agent
Why NYC should seek the counsel of brokerages around the country who have dealt with syndication
How Manhattan real estate does business differently
REBNY’s request for an investigation into the legality of advertising an exclusive listing
The potential to create an MLS in NYC
The differences among IDX, VOW and StreetEasy’s premier agent
The danger of dual agency
Fischer’s take on leads generated via third-party websites
The evolution of Zillow’s playbook on generating revenue
Why brokerages need to get savvy on how ad tech works
The value of agents as local experts
Compass CEO Robert Reffkin’s concession to Zillow
Connect with Greg Fischer:
This is an odd one. Rob and Greg are back, and this time they are debating an unusual strategy real estate coaches and trainers might employ to establish credibility – using the techniques of the pickup artist community.
In researching the dating habits and family formation of millennials (for work – no, really!), Rob happened upon a company called Real Social Dynamics, the world’s largest dating coaching company. Among their promotional materials are YouTube videos called ‘infields’ in which their coaches demonstrate the company’s techniques for attracting women in real situations at parties and nightclubs.
This got Rob to thinking, “Why don’t we do that in real estate?” On this episode of the podcast, Rob and Greg explore the feasibility of real estate trainers generating similar footage to market their services.
How infield footage lends credibility to the trainer
The legality and ethics of filming interactions with clients
How Hear It Direct sought to give professionals an understanding of the consumer point of view
Why data (# of transactions) may not be enough to establish a coach’s authority
The significance of training as a key value proposition for every association
The aspects of an agent’s work that could benefit from infields
Connect with Rob and Greg:
Rob and Greg are back with yet another spirited debate. This time they explore whether fiduciary duty extends to listing on Zillow. With Zillow’s current dominance, Rob argues that to provide maximum exposure for your seller client, listing on the platform is a must.
Rob and Greg get into the perception of Zillow as a threat as well as the issue of buyer agency. Listen and decide whether the responsibility to act in the client’s best interest means that a realtor is obligated to list on Zillow.
The current dominance of Zillow
Rob’s argument that fiduciary duty requires listing on Zillow
The potential for lawsuits if agents don’t use Zillow
How the internet has changed the value proposition of the MLS from an advertising standpoint
Why the perception of Zillow as a threat is flawed
The core complaints against Zillow
Connect with Rob and Greg: