Brokers and MLS executives across America woke up this morning to stories in the local paper touting Zillow as a source of market intelligence. The headline was probably something like "1 in ___ homes underwater."
If you haven't noticed, the company has been increasingly positioning itself as a source of market intelligence in the national media. They're giving DataQuick a run for its money and the appearances on CNBC will keep coming.
But they are also drilling down to specific markets, providing county level data reporters are gobbling up.
If I were a broker of MLS executive, I'd be asking one question:
"How has it come to be that a venture funded startup in Seattle became a trusted source of market intelligence in my market while I've been here for decades?"
Then I'd go about straightening that out.
Trust me, it can be done.
– Brian Boero
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A mist of difference
Freaking...
Way to stick it to the machine. Thanks for the refreshing attitude that challenges us to challenge the news we're hearing. Nothing can replace the human side of knowing a market.
@Matt
You are right about the "feet on the street" perspective. I am not sticking it to Zillow. In fact, I admire the facility with which they have become a market authority. My point is that brokers and MLS organizations a.) Have created the vacuum into which Zillow has walked, b.) Have the knowledge and tools to change that — provided they act.
Barbara Corcoran, over 30 years ago, started sending the newspapers The Corcoran Report and became an expert in NY co-op apartment sales. She didn't necessarily have any more information than anyone else, but she sent it out there first and established herself as an expert in her field. She discussed this and other strategies in her book "USE WHAT YOU'VE GOT, AND OTHER BUSINESS LESSONS I LEARNED FROM MY MOM". Silly title, great book and good lessons for any business.
Thanks for pointing this out, Marlow. The Corcoran Report — and darn near everything Barbara Corcoran did to build her company — offers a great example.