It is my understanding that Zillow is only going to broker the properties that Zillow buys and sells from its own portfolio.
Consider this: As a member of NAR, Zillow may now be a stakeholder of NAR. Also consider..."If you can't beat them, join them." Zillow is joining. Does that mean NAR won :-)
Once Zillow belongs to an MLS, it will be bound by the MLS rules. It will be interesting to see how this adaptation progresses. Will Zillow grow its brokerage aspirations? Maybe, but with a successful Premier Agent program, why would it need to when it already earns 30% of the gross commissions for the leads it generates?
Also, and I believe this is important, Zillow is viewed by the public as a neutral site. If it became a broker, it might “tarnish” its brand and thus keep Zillow from taking on the “National Brokerage” model.
If Zillow wants to tackle the brokerage side, it might (speculation) set up a new company, Zillow Realty, and drive the traffic from the neutral site to the Zillow brokerage site, when the consumer is ready for the “hand off.”
It may be time for brokers and agents to learn about and possibly begin to consider deploying VOW solutions.
Code of Ethics: Agents and brokers must be careful about what they now say about Zillow as Zillow is now a competitor. Antitrust awareness and COE awareness is essential knowledge for practitioners at this time.
Antitrust: Always a major concern of the Industry, especially now with major class action law suits in different jurisdictions, threatening to end MLS as we know it. Talk of pulling listings and boycotting takes on a whole new look, and potential consequences.
To Local, state, and National Associations...I would welcome the Zillow broker reps who join the local board and MLS and try to get to know their objectives. I would bet that if Zillow joins MLSs and Associations, that it has a plan of execution and the resources ready to accomplish the task.
"The lion is coming over the hill, and REALTORS are like a bunch of Chihuahuas arguing over the bone." Bill Chee, NAR President 1993. Locations Realty
"We have met the enemy, and he is us." Pogo
