[ExI] real estate

[spike at rainier66.com]

Perhaps someone here who knows from real estate can comment.

 

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.

 

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.  

 

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.

 

Do we have real estate hipsters among us who wish to comment?

 

spike

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