<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=us-ascii"><meta name=Generator content="Microsoft Word 15 (filtered medium)"><style><!--
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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72" style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Perhaps someone here who knows from real estate can comment.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>We have seen how Amazon.com revolutionized retailing. The job changed dramatically when anyone can browse the web, find a deal, order or go locally and buy. The consumer was handed control over a process the retailers once mostly controlled.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Consider real estate. With the arrival of Zillow.com, now the consumer can look around at what is available, what has sold for how much and when, all very easily. Previous to Zillow, the real estate agent was paid for facilitating a deal, so the agent was at an advantage by controlling information carefully. Now the consumer is empowered by having access to a lot of useful information. Real estate agents uniformly despise Zillow, for it has taken much of the profit out of the business (they are forced to charge a smaller commission on what is a now a much smaller job) while simultaneously in a sense making the job more difficult. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Facilitating a deal when both parties control more information is more difficult in a way, for it takes away the agent’s advantage over both the buyer and seller. The job itself is smaller for it requires less driving clients around to show them properties they can discover on their own are unsuitable. So it pays less while becoming harder. So… real estate agents hate Zillow.com.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Do we have real estate hipsters among us who wish to comment?<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>spike<o:p></o:p></p></div></body></html>