Zillow’s New Policy: No More Selectively Marketed Listings
In a move aimed at ensuring fairness and transparency in the real estate market, Zillow, the leading real estate marketplace, has announced a new policy banning listings that are initially selectively marketed to the public before they appear on the site. This policy is a response to the growing concern over the practice of some real estate agents and brokers of “pocket listing” properties, keeping them off the Multiple Listing Service (MLS) and other public platforms until they have secured a buyer through their own networks.
Implications for Consumers
For consumers, this policy means that they will have access to a more comprehensive and up-to-date inventory of properties for sale. By eliminating the practice of selectively marketing listings, Zillow aims to level the playing field and give all potential buyers an equal opportunity to view and make offers on properties. This is particularly beneficial for buyers who may not have the same level of access to off-market listings or who prefer to use online platforms for their home search.
Impact on the Real Estate Industry
The new policy is likely to have a significant impact on the real estate industry, particularly for agents and brokers who rely heavily on pocket listings to generate business. Some industry experts predict that this could lead to a shift in marketing strategies, with more emphasis placed on using public platforms like Zillow to market listings and build a client base. Others argue that the policy could push some agents and brokers to leave the MLS and create their own private listing services, further fragmenting the market and making it more difficult for consumers to access comprehensive information.
Other Online Sources
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According to an article in The Wall Street Journal, the new policy is expected to affect around 10% of listings on Zillow, which could translate to thousands of properties being made available to a wider audience.
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In a statement, Zillow’s CEO, Rich Barton, said that the policy is part of the company’s ongoing efforts to “create a more open, transparent marketplace for homebuyers and sellers.”
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Real estate industry experts predict that the policy could lead to increased competition among agents and brokers, as they scramble to adapt to the new market conditions.
Conclusion
Zillow’s new policy banning selectively marketed listings is a significant step towards creating a more transparent and level playing field in the real estate industry. By giving all potential buyers equal access to comprehensive and up-to-date information on properties for sale, Zillow is helping to ensure that the home buying process is fair and efficient. While the policy is likely to have a significant impact on the industry, particularly for agents and brokers who rely heavily on pocket listings, it ultimately benefits consumers by giving them a more complete and accurate view of the market. As the real estate landscape continues to evolve, it will be interesting to see how agents, brokers, and other industry players adapt to this new policy and the changing market conditions.
Stay tuned for more updates and insights on the latest trends and developments in the world of real estate.
