Weekly Radar #346: Strengthening The Fortress, Grab Your Popcorn For The Costar-Zillow Showdown, Proptech Index Down 0.01%
In this Weekly Radar, we cover:
- Zillow blocking exclusives to boost listing exposure with eXp in support is a massive flex of its traffic dominance--and the right thing to do for consumers.
- CoStar attacks Zillow’s policy as anti-agent, pushing Homes.com as a fairer alternative, but Zillow’s unmatched traffic still rules.
- Crow Holdings’ Old Parkland Campus is a meticulously designed office environment that combines historic preservation with architectural detail to create an attractive workplace setting.
- The GEM Proptech Index decreased just 0.01% from the previous week.
As always, links surrounded by the ❇️ emoji indicate exclusive GEM Diamond content. If you would like to have access to all links, please consider GEM Diamond membership.
Latest from Geek Estate Blog:
Geek Estate Team
Nathan Miller
Drew Meyers
Transmission Recap:
This week, Drew Meyers asked the question, what if dropping an LLM and conversational prompt on top of a traditional search UI isn’t the solution at all. Before that, Drew explored whether the next major MLS tech disruption isn’t a desktop/mobile experience, but one that eliminates the need for a traditional interface at all.
BIZ INTEL
PROPTECH INDEX WEEKLY
By: Community Relations
Consisting of 28 stocks, the GEM Proptech Index had a combined market cap of $220.795B, remaining unchanged from the previous week, decreasing just .01%.
REAL ESTATE
STRENGTHENING THE FORTRESS
By: Drew Meyers
A listing marketed to any buyer should be marketed to every buyer.
That's the motto of Zillow’s new listing access standards. What that means for agents and sellers in practice: "If a listing is marketed directly to consumers without being listed on the MLS and made widely available where buyers search for homes, it will not be published on Zillow. These new standards will go into effect on Zillow and Trulia in May 2025." The move effectively forces the time period of ❇️NAR's Delayed Marketing Exempt Listings❇️ to be 24 hours.
A direct shot across the bow of Compass, which has been doing everything they can to push its BS-rational for exclusives. eXp, the number one brokerage by sides, is joining Zillow in the quest to not let America's system be dismantled to pad the agent count and stock price of Compass. It's no secret ❇️I'm no fan of Compass' litigation strategy/tactics❇️.
Buyers have always been Zillow's north star. You know, the people who bring all the money to the table. Without buyers, no one in real estate makes any money. It's clear, Zillow is making a bet: that sellers want to maximize dollars--and that they are smart enough to realize putting their listing in front of the most possible buyers is the way.
There's simply no counter to the sellers asking, "Why isn't my listing on Zillow?" Agents answering along the lines of "Well....even though getting your listing marketed on the portal with the most buyers is free, we think selling it within our private network is the better option" will find themselves losing those listings. And, in another profession.
Enforcement will certainly be a challenge. Sure, some agents will try to get around the policy by hiding the address in their marketing. But, at the end of the day, the threat of having a listing banned from Zillow will be too great.
This is the flex of all flexes, and I can't help but love it. It will take years for anyone to catch Zillow in audience size--even with billions in marketing spend. Zillow's stronghold is alive and well. And, at the end of the day, this is simply the right thing to do for the consumer.
Other takes:
- Robert Hahn: Zillow Lays Down the Law: Will it Work? (subscription required)
- Mike DelPrete: Zillow Strikes Back Against Exclusive Inventory
GRAB YOUR POPCORN FOR THE COSTAR-ZILLOW SHOWDOWN
By: Drew Meyers