The compass seeks control. Zillow wants access. MLS is choosing sides. Agents and buyers are left holding the bag.
As the battle between Compass, MLS and Zillow continues in the press and in the courts, it’s hard to know who will ultimately be counted among the winners and who will be the losers. But what we do know is that agents and their clients must navigate a listing environment where the rules can change by the minute, and knowing how to execute a successful plan can be difficult.
This week, one of our members at Zillow wrote an opinion piece that attempts to dismantle a previous opinion piece from Team Compass.
In a widely read op-ed this week, Zillow Group chief economist Misha Fisher pushed back on an article by Compass’ Greg Haig that argued that homes should be sold like Ferraris, with a focus on exclusivity, scarcity and urgency. In the midst of the worst housing affordability crisis in a generation, Fisher refuted that claim, writing:
Ferrari’s sales pitch sounds clever until you remember that a house is not a luxury car. A home is a necessity, not a luxury, and is the biggest purchase most Americans will ever make.
Fisher further added that privately listed networks rely on information asymmetries, where “one party to a transaction has more information than the other party; [so] The outcome systematically favors those with more information, while those with less information end up paying more than they should. ”
In this case, the sense of urgency created by PLN and the resulting price premium “comes directly from uninformed buyers,” Fisher writes.
Once the dust settles, agents will need to continue serving their customers, no matter what the market is like. The portal you submit your leads to, the MLS you work with, and the intermediary that implements your rules can all look different. What are your plans if the industry infrastructure changes under you?
As always, Inman contributors bring you the latest real-world insights you need to understand the market and create your own plan of attack.
LaMacchia: Compass will “sue” MLS if listing dispute breaks out
As the battle between Compass and Giroux spills over into MLS, Anthony Lamacchia is drawing the line at the red line and threatening to sue if it reaches his market.
Read: Second major MLS announces suspension of Zillow listing feed
Zillow vs. MLS war exposes industry’s biggest weakness
Could it be that the compass is wrong? Is Zillow off base? it doesn’t matter. they are not villains. Coach Var Workman writes that there are old ideas and outdated assumptions.
Read: Jason Oppenheim: Compass’ real role is leverage, not listing
‘We’re collateral damage’ in Zillow vs. MRED battle: Chicago’s top broker
In this episode of Real Estate Insiders Unfiltered, MRED board member and top broker Tommy Choi uncovers what’s really going on in Chicago.
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