Just what we need. Another giant squeezing money out of us. It's bad enough that they take our data and lie about real property values, but now they could become the 2nd largest real estate related company in the country. What do we think, boys and girls?
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Our teams Zillow Stats for those of you who say all those buyers on Zillow are just "lookers"
All these stats are from February-June
Total leads: 98 (Leads we tracked, we probably can triple this for total calls)
Total Closed Leads: 15
Total GCI: $64,894
Total Ad Spend: $9,056
Total Profit: $55,838
You have to know how to convert the leads from lookers to buyers. That is why most agents fail at Zillow, they can not convert lookers into buyers.
I think that, even including our Realtor(R) association, we stupidly allow others to profit from the greatest thing we own, our data. We could shut all these people down tomorrow if we did one simple thing: Form a conglomerate by agents and for agents. We all own the company, get a piece of the action based on the listings we place in the system, sell the data to others and profit accordingly. It's really our own MLS for profit to us.
In our state Zillow is rather useless because we are a non-disclosure state. Our sold values are not posted anywhere but the MLS and they do not feed to Zillow so Zillow evidently makes this up.
But there has been something fishy going on with Trulia and MarketLeader. I've been a long time MarketLeader user and I really like that platform. Things started getting strange after Trulia purchased MarketLeader. Now, it starts to make sense.
Take our data back....
Hi CeCe - They do not squeeze any money out of this old geezer, but they will lots of others.
I get so few referrals - really they are just lookers - from the big three, that I really don't care either way.
Practically all lookers have not secured financing, they are just playing the "ask agents questions" game and waste their time.
Story from Inman this morning - Zillow claims 81,000,000 lookers a month - Only 5,000,000 homes sold each year. So, maybe out of 81,000,000 there are only 410,000 real true to goodness buyers, if every buyer looks at Zillow. When divided by Trulia and Realtor.com that breaks down to a tiny number indeed. Need'em? Nope! I don't care if they merge or go BK, will not be one penny out of my pocket anyway.
Besides, the SEC probably will not allow it.