Real Estate News & Commentary

Birth of a National MLS? Meet Zillow . . .

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Tim Maitski of the Atlanta Report predicts that internet powerhouse Zillow might creep into the national scene to become a replacement for the MLS (Multiple Listing Service) operated by the National Association of Realtors (NAR). According to Maitski: Zillow has the potential to be the standard national MLS system open and free to anyone and [...] View the full article: Birth of a National MLS? Meet Zillow . . . on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

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Joshua Dorkin is a serial entrepreneur, investor, podcaster, publisher, educator, and co-author of How to Invest in Real Estate. He started BiggerPockets to help democratize the real estate investing landscape for himself and others, aiming to make it accessible for everyone, regardless of income or education. Today, BiggerPockets is the premier real estate investing website online with over one million members and reaching over 70 million people with the message of financial freedom through real estate investing. Joshua, along with his wife and three daughters, make their home in Denver, Colorado, and spend any time they can traveling, exploring, and adventuring. Read more about Joshua’s story in 5280 and Inc.com.

    Teresa Boardman
    Replied almost 13 years ago
    Is real estate a local business or a national business?
    jf.sellsius
    Replied almost 13 years ago
    We ask the same question Teresa. We think it may be both. Realtor.com traffic indicates that national may work to attract buyers. But local (MLS) also works as a reference for local agents. Buyers may not be aware of how to access the local MLS so they go to realtor.com. Another issue with zillow: the really inaccurate zestimate REQUIRED to sit next to an owner’s list price. Bad call. Give owners, or their agents, the option to hide the zestimate. A really bad zestimate is an obstacle to marketing and may cause a buyer to bypass your listing. Shouldn’t an owner or agent have the right to object to inaccurate information on their lisitng or which may affect it? Other than that issue, zillow has given value by providing a free venue to list.
    Joshua Dorkin
    Replied almost 13 years ago
    I agree that it may be both as well. Regardless, Jeff you’re dead on with the Zestimates being a problem as well for Zillow if they remain next to the sales listing price. Zillow is going to have to make a decision at some point. Are they a MLS or are they a “price estimate” tool. These two are not consistent with one another in their present form. There are many more issues that arise here. Is there a conflict of interest between being a listing platform and “appraisal” (I hate to say that b/c it is not one) tool? I think so.
    Joshua Dorkin
    Replied almost 13 years ago
    I agree that it may be both as well. Regardless, Jeff you’re dead on with the Zestimates being a problem as well for Zillow if they remain next to the sales listing price. Zillow is going to have to make a decision at some point. Are they a MLS or are they a “price estimate” tool. These two are not consistent with one another in their present form. There are many more issues that arise here. Is there a conflict of interest between being a listing platform and “appraisal” (I hate to say that b/c it is not one) tool? I think so.
    jf.sellsius
    Replied almost 13 years ago
    Wholeheartedly agree with you Joshua. An of opinion of value is not the same as factual information. Yet watch all the people throwing around the transparency buzzword as justification for the zestimate. Who controls the listing? Seems zillow want to have a say that it’s opinion of value should be on your listing, even if it’s wrong. That’s sure to sit well with everyone.
    jf.sellsius
    Replied almost 13 years ago
    Wholeheartedly agree with you Joshua. An of opinion of value is not the same as factual information. Yet watch all the people throwing around the transparency buzzword as justification for the zestimate. Who controls the listing? Seems zillow want to have a say that it’s opinion of value should be on your listing, even if it’s wrong. That’s sure to sit well with everyone.
    Vince Talerico
    Replied almost 13 years ago
    I’ve been reading all day long for the past few days regarding the ZillowMonster! The Zestimator is off, placed in the wrong location, and uploading property photo’s are next to impossible…at least in my previous attempts to add my listings to Zillow.com. As a few others have stated, the Zillow needs some updating, either way, they are progressing nicely. Listings are being added in my market by the hour and if Zillow could offer agents/realtors some type of benefits (besides “free listing exposure”); I think they could capitalize on their goals of providing consumers with the information they usually have to submit contact info for.
    Joshua Dorkin
    Replied almost 13 years ago
    Jeff – You’re dead on. Like I said before, in order for the system to work, the “Zillow MLS” needs to be seperated from their Zestimates. Why would someone want to list their property on a site for $X if it is going to say right next to it that the property is worth something else? On top of that, there is a very good chance that that “valuation” is completely wrong. Makes no sense.
    Joshua Dorkin
    Replied almost 13 years ago
    Jeff – You’re dead on. Like I said before, in order for the system to work, the “Zillow MLS” needs to be seperated from their Zestimates. Why would someone want to list their property on a site for $X if it is going to say right next to it that the property is worth something else? On top of that, there is a very good chance that that “valuation” is completely wrong. Makes no sense.
    Joshua Dorkin
    Replied almost 13 years ago
    Jeff – You’re dead on. Like I said before, in order for the system to work, the “Zillow MLS” needs to be seperated from their Zestimates. Why would someone want to list their property on a site for $X if it is going to say right next to it that the property is worth something else? On top of that, there is a very good chance that that “valuation” is completely wrong. Makes no sense.
    Jeremy
    Replied almost 13 years ago
    There a lot of things that can go wrong with Make Me Move, but for real estate investors, this is definitely a good feature. Let’s say you own 10 different rental properties, why not set Make Me Move prices on all of them and let the right buyer come along. Since you aren’t putting the property formally up for sale, you’re a lot less likely to upset your tenants.
    Jeremy
    Replied almost 13 years ago
    There a lot of things that can go wrong with Make Me Move, but for real estate investors, this is definitely a good feature. Let’s say you own 10 different rental properties, why not set Make Me Move prices on all of them and let the right buyer come along. Since you aren’t putting the property formally up for sale, you’re a lot less likely to upset your tenants. Reply Report comment
    Brendan King
    Replied almost 13 years ago
    Zillow might have the ability to be a National MLS with respect to public advertising of listings. However, is this really what a National MLS is? MLS’s are created by real estate professionals for real estate professionals. Should their be an national MLS – you bet. I would love for you to take a look and read what I mean. Check out my blog post here at http://point2agent.wordpress.com/2006/12/25/60/ Best, Brendan
    Brendan King
    Replied almost 13 years ago
    Zillow might have the ability to be a National MLS with respect to public advertising of listings. However, is this really what a National MLS is? MLS’s are created by real estate professionals for real estate professionals. Should their be an national MLS – you bet. I would love for you to take a look and read what I mean. Check out my blog post here at http://point2agent.wordpress.com/2006/12/25/60/ Best, Brendan