All-in-One, or All-for-What? (Transmission #323)
In the real estate portal arms race, everyone’s chasing the same prize: owning the entire consumer journey. From a consumer’s first dream of home ownership to eventually financing, closing, and even servicing it, portals want to own the entire transaction.
Zillow’s bundled ecosystem of listings aims to become a “superapp” offering mortgage, title, and homeownership services in one central spot.
Rocket acquired Redfin to tackle the same vision.
Last week, Lower acquired Movoto/OJO Labs with the same “end-to-end homeownership platform” opportunity in mind. Adam Wiener, a Lower exec and former Redfin leader, calls it an “end-to-end ecosystem that creates clients for life.”
As a consumer, I’m left wondering: What does that even mean?
Curious? Additional examples.
Proptech's Leader has Been Crashing Our Couch the Whole Time // Stock in Down Payments // Banking Real Estate in the Clouds
Anyone who’s ever had value proposition conversations with me knows “all-in-one” is a phrase I avoid like the plague. When I hear it, I think: a company that doesn’t know what it’s doing … more vague marketing garbage … unfocused product that does nothing well. No technology company can be best-in-class at everything. Please, don’t try.
I’m not the only one asking these questions. Robert Hahn dedicated an entire podcast to this topic (subscription required), asking what—if anything—the consumer actually gains from these “end-to-end” plays. They’re not more convenient or cheaper. And Jesse Garcia points out that even the best tech can't bridge the gap “until the industry embraces interoperability, transparency, and shared access to data.”
Until that happens, these “we do everything” plays will end up in the same graveyard as the dozens of failed attempts before them.
Real estate’s not alone in this pursuit.
AIRBNB’S PLAY
This isn’t just a real estate problem. It’s what happens when any platform grows big enough to think it can be all things to all people.
In an attempt for Airbnb to broaden beyond travel, its 2025 summer release centers around services. Think massages, chefs, photographers, spa treatments, and personal training. These services are relevant to both travelers and locals.