Following in the steps of gargantuan goliath Google, Zillow is rising to the top of real estate trends for 2016. With a staggering 63% market share of the online and mobile real estate audience, the search for “Zillow” now surpasses the term “real estate” in Google searches.
Redefining its identity
Fresh out of a $130 million settlement with Move.com, Zillow is resolving its legal troubles, its past divisive reputation being smoothed over by management moves. With Amy Bohutinsky at the helm as COO and Kathleen Philips as CFO, the previous “boys club” has been broken up with new faces stepping forward to shine. Errol Samuelson, dubbed “the Buddha of real estate” and Zillow’s chief of industry relations, is smoothing the way.
Now quietly rising to the top of real estate trends for 2016, Zillow appears to be driven by a desire to become a top producing hybrid brokerage, though it is flying under the radar, quietly reducing its advertiser count and shifting its focus to quality agents. With the company’s 90,000 advertisers, however, there’s not much difference between it and a franchise or a brokerage – save semantics.
What’s in a word?
Charging brokers an “advertising” fee versus the typical franchise fee, Zillow is in the process of building up a gigantic team of independent brokers alongside teams of agents who silently represent Zillow, paying the company monthly fees that are higher than those of the typical franchise. This effectively cuts out low-spending agents who often wash out in favor of higher spending agents who are far better for Zillow’s long-term profitability and reduced selling costs. Many are left to wonder what’s on the horizon for this real estate marketing monolith.
What’s next for your real estate career? Chart your path with the latest real estate trends for 2016 and the award-winning services of Properties Online today.