Zillow Update: FSBO Listings Included in Search Results
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Zillow, the real estate juggernaut, has made a seismic shift by including FSBO listings in search results automatically. Historically, Zillow has been accused of favoring real estate agents over independent sellers, limiting the visibility of FSBO listings. By prominently featuring a "contact agent" button on listings, Zillow has been accused of steering buyers towards agents. Moreover, Zillow has been selling FSBO sellers' information to agents for solicitation, further stacking the deck against independent sellers. This move is a game-changer, potentially leveling the playing field for FSBO listings and giving them equal visibility to agent listings.
The revenue-driven motives behind Zillow's actions become apparent when considering that a significant portion of their annual revenue comes from selling ads to real estate agents. Despite legal challenges, such as Rex suing Zillow over unfair treatment of FSBO listings, Zillow has emerged victorious, maintaining its practices. While only a small percentage of homes are currently sold independently, this shift in Zillow's search filters could potentially lead to a surge in FSBO listings. The new feature, which automatically includes FSBO listings in search results, is a step towards democratizing the real estate market and empowering independent sellers.
Prop Wire, a platform akin to a distressed property-focused Zillow, offers free nationwide property searches, catering to those interested in acquiring properties at a discount. The different display of FSBO listings across various markets on Zillow, such as in Phoenix, showcases the platform's evolving approach to FSBO listings. Despite the continued relevance of real estate agents, this change by Zillow is poised to shake up the market and potentially increase the prevalence of FSBO sales. Whether this move will lead to a significant shift in the real estate landscape remains to be seen, but it undoubtedly opens up new opportunities for independent sellers looking to navigate the real estate market without traditional agents.
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Positive feedback and appreciation for the information shared by Jerry
Interest in a follow-up video on selling a property without an agent
Discussion on Zillow's business decisions and potential impact on wholesalers
Mention of Zillow's past reliability for comps
Mention of changes in Zillow's listings for FSBOs
Questioning the cost and funding of Zillow's free service
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Mention of new rules for telemarketers and agents regarding obtaining consent for selling listings
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