Justin - portals aren't going anywhere. I'm not worried about that.
But I don't believe that all properties in the UK go on portals, and that a broker is under no obligation to put listings on portals as soon as possible. I'm seeing various brokerages list them when they want to, and using exclusive inventory to generate the FOMO effect.
You're barking up the wrong tree thinking brokers would ONLY use their own websites forever. What if it's for two weeks or a month, before hitting the portals? How would that change consumer behavior, which then changes agent behavior?
No I realize its not forever. My opinion is largely based from Simon Baker podcast. The portals are “it” because houses don’t typically sell in a few days anyways. There’s also no buyer broker comp so brokerages are incentivized to the maximum marketing strategy rather than hide the ball. Otherwise the agent loses the listing to someone who won’t hide the ball
If the MLS goes Klablooie it's gonna be harder to pull comps that's for sure. Or maybe not. Do you think the Singularity will occur that exactly the time when there's no more MLS we'll be able to command our AI assistant to "find all the 2,700 sf to 3,100 sf, one-story houses on about an acre that have sold in the past two years within one mile of my property of interest, put them all in my custom adjustment grid and complete a sales comparison approach using the same methodology that I use?" That would be sweet.
If the MLS is doomed I would think it looks closer to the uk model where the portals dominate on real estate views.
The UK has had portals try the list first strategy. Even in a post mls world I just don’t see brokerages getting significant enough market share to break the hold on portals and the open market. Just ask the brokerages in Australia with the REA Group.
I disagree, the listings would be compiled on the portals like in uk. There are lots of boutique brokerage in the uk, in fact most are small shops.
CoStar and Zillow would be where all the agents would have to pay for exposure because nobody is going to give a second look at a brokerage websites with 2% market share of views.
Justin - portals aren't going anywhere. I'm not worried about that.
But I don't believe that all properties in the UK go on portals, and that a broker is under no obligation to put listings on portals as soon as possible. I'm seeing various brokerages list them when they want to, and using exclusive inventory to generate the FOMO effect.
You're barking up the wrong tree thinking brokers would ONLY use their own websites forever. What if it's for two weeks or a month, before hitting the portals? How would that change consumer behavior, which then changes agent behavior?
No I realize its not forever. My opinion is largely based from Simon Baker podcast. The portals are “it” because houses don’t typically sell in a few days anyways. There’s also no buyer broker comp so brokerages are incentivized to the maximum marketing strategy rather than hide the ball. Otherwise the agent loses the listing to someone who won’t hide the ball
https://youtu.be/VqURcEd5BUM?t=2501&si=2Vbi-uBVXCtqTJHo
If the MLS goes Klablooie it's gonna be harder to pull comps that's for sure. Or maybe not. Do you think the Singularity will occur that exactly the time when there's no more MLS we'll be able to command our AI assistant to "find all the 2,700 sf to 3,100 sf, one-story houses on about an acre that have sold in the past two years within one mile of my property of interest, put them all in my custom adjustment grid and complete a sales comparison approach using the same methodology that I use?" That would be sweet.
If the MLS is doomed I would think it looks closer to the uk model where the portals dominate on real estate views.
The UK has had portals try the list first strategy. Even in a post mls world I just don’t see brokerages getting significant enough market share to break the hold on portals and the open market. Just ask the brokerages in Australia with the REA Group.
https://www.onthemarket.com/content/be-first-to-see-new-and-exclusive-properties-when-searching-for-your-new-home/
98% of all traffic is the top ten. Compass has 1.3% market share of eyeballs.
https://www.realestatenews.com/2023/03/23/zillow-dominates-the-portals-but-homes-com-gains-ground#
I disagree, the listings would be compiled on the portals like in uk. There are lots of boutique brokerage in the uk, in fact most are small shops.
CoStar and Zillow would be where all the agents would have to pay for exposure because nobody is going to give a second look at a brokerage websites with 2% market share of views.