In a move that sent ripples through the real estate industry, Zillow® Group and Redfin announced a strategic partnership last week.
The Zillow and Redfin partnership aims to bridge the gap between home builders and buyers, expanding builders’ reach and giving consumers greater access to newly constructed homes. And while the potential benefits for builders and homebuyers are clear, it leaves real estate agents wondering about their place in the equation.
When the news broke, real estate agents wasted no time in sharing their varying reactions. From intrigue to concern to anger, agents are speaking out. Let’s take a look at what they have to say.
I can see the upside…
A small percentage of agents spoke of the potential benefits of the partnership—particularly the potential of increased inventory. If the collaboration between Zillow and Redfin really does bring more new construction inventory to the market, it could help alleviate the current housing supply crunch. But as of now, that’s a big if.
This won’t change much
Others can’t imagine how the new partnership will fundamentally alter the industry. Between builders being unwilling to pay referral fees to consumers needing an advocate to builders already putting their listings on the MLS, they ask what exactly is going to change.
Another hurdle for real estate agents
Several agents discussed the potential challenges and uncertainties that the partnership could bring to the industry. A shift towards a monopoly and the possibility of diminishing the importance of human touch in real estate transactions are prevalent concerns.
What’s NAR doing about this?
A common theme in the comments was directed toward the National Association of Realtors® (NAR), with several questioning the association’s priorities.
