Jason E. Gordon, Sr. Loan Officer, CMPS, CDLP, RCS-D, CDPE, CMHS (AmeriFirst Financial Inc, San Diego, CA)

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Rainmaker
1,220,257
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Redfin has never been a serious contender in Ventura or Los Angeles counties.  Right now my MLS tells me they have ZERO listings.  They've always been more of a buyer's agency than a listing agency anyways.  And since you need to "list to last" and I'm more focused on listings, I don't fear Redfin.

 

Right now, per my MLS, Purplebricks has 20 listings over Ventura and Los Angeles counties and about half of them are active, the rest are under contract.  Doesn't bother me at all.

 

Now Zillow, they're just a portal for now out here.  If agents stopped feeding them listings and paying them for poor quality leads, they'd be out of business before the end of the year.  They're far too spread out and have their hands in too many pies with the purchasing, rental management and lending sides.  Not to mention the labor law class action suits from their California employees.  With the market slowing some and a potential recession or worse on the horizon (especially if any of the left win the Presidency), I do not worry about zillow.  I don't expect them to see 2030.

 

 

All in all, Indiana Jones has a bigger fear of snakes than I do of any of those companies as competition.

Apr 14, 2019 10:34 AM
Rainmaker
689,412
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Accuracy of data and inside market knowledge that cannot be determined by an algorithm. Knowing the right people to solve problems.

Apr 14, 2019 09:29 AM
Rainmaker
2,435,497
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Learn how to rule in your own backyard....

Apr 14, 2019 09:46 AM
Rainmaker
5,310,020
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Know your local market better than any of the giants.

Apr 14, 2019 09:36 AM
Rainmaker
3,016,217
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I have not lost market share to these companies. Most of my business is repeat and referral and these buyers and sellers don't go to tech companies. They call me.

Apr 14, 2019 09:18 AM
Rainmaker
207,572
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

Give better service. Personal service.

Apr 14, 2019 10:17 AM
Rainmaker
4,357,633
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Jason,

Finding the unfair advantage each and everyone of us has in their arsenal.  This is just an excuse about Z and company.  The cream always rises to the top.  A

Apr 14, 2019 10:06 AM
Ambassador
3,231,413
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I don't believe it takes innovation, Jason. I believe it takes a caring, customer-service-centric agent who our clients know and trust, simply keeping in touch with them. We educate them on these eBuyer companies and they don't think of ever using the eBuyer product.

It's all up to us to educate our clients...and stay in touch with them.

Apr 14, 2019 01:42 PM
Rainmaker
1,578,926
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

As far as I'm concerned they are only taking market share from agents who are sitting at their desks waiting for potential clients to come to them Jason E. Gordon .

Apr 14, 2019 01:21 PM
Rainmaker
1,003,958
Corinne Guest
Corinne Guest, REALTOR® | Barrington Realty Company - Barrington, IL
Barrington Lifestyles

Redfin is not a tech company, they are a brokerage, they use tech to their advantage. PB not in my area and Zillow is a joke. None of these or others make me feel the need to do anything new. Just know your craft! Service, service, service, always.

Apr 14, 2019 12:16 PM
Rainmaker
2,773,155
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I am with Ryan Huggins - Thousand Oaks, CA 

Adding to that I just don't give them any attention as I do not see them as "competition" - nothing to "fight back" just keeping my focus on helping people. 

Apr 14, 2019 11:52 AM
Rainmaker
748,392
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Always offer better service, the personal touch etc. The marketplace is always changing and we have to adapt to it. I don't see these companies making a big difference yet

Apr 14, 2019 11:03 AM
Rainmaker
1,210,487
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Ditto, Candice A. Donofrio and Nina Hollander Be the LOCAL expert in your area.

Apr 14, 2019 09:49 AM
Rainmaker
449,434
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Not sweating the competition.  Just continue being known as the Go To Expert Realtor in my area. A good portion of my business is Referral!

Apr 14, 2019 06:41 PM
Ambassador
4,109,782
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I see them grabbing SEO share, but not market share, we have that wrapped up.

Apr 14, 2019 02:55 PM
Rainmaker
995,047
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

With their rock bottom low fees and gave back generously, it is hard to beat them with fees. But I feel my service quality is better. 

 

Apr 14, 2019 01:22 PM
Rainmaker
1,046,118
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Not an issue in my area.

Apr 14, 2019 09:34 AM
Rainmaker
700,006
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

I'm not sure there are called best practices or innovative methods, but thanks to them my business had actually grown and increased my market share. I refer them all prospects that I don't want. The ones that want a discount brokerages, too much on the sale price, and the undesirables. 

I also make them bid and buy prospect houses, where in those cases they are way overpaying for those properties as they now sit on the market unsold. That turns over my selling prospects into much faster and instant buying clients. If it was not of them buying those properties at higher than market price that now they can't sell, I would not have those buyers.

Apr 15, 2019 06:27 AM
Rainmaker
616,929
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

IMHO, the right human connection can never be replaced.  BUT... this is a great question that should remind us all to not get too comfortable.  ;0

Apr 14, 2019 03:15 PM
Rainmaker
3,202,774
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Personalized service and superior local knowledge!

Apr 14, 2019 01:11 PM
Rainmaker
3,102,843
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Have to see what others recommend

Apr 14, 2019 11:53 AM
Rainmaker
4,909,774
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I don't think about them.... my eyes are straight forward and my only focus is how to make the phone ring as often as possible....

Apr 14, 2019 11:30 AM
Rainmaker
398,726
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Mostly don't help them - Zillow specifically - don't buy leads from them, don't pay to be a Premier Agent or pay them for anything else. The others are not a signficant factor in our market.

Apr 15, 2019 09:19 AM
Rainmaker
1,517,598
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Z uses our data like a leach. Z does not have market share. Redfin is here but their kickback business model is not doing well.

Apr 15, 2019 04:53 AM
Rainmaker
433,192
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

No "best practices" or "innovative methods" needed. just point out their weaknesses and lack of experience if it comes up, which isn't often.

Apr 14, 2019 03:23 PM
Rainmaker
729,445
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Local market knowledge plus intelligent service in the form of appropriate advice should do the trick.

Apr 14, 2019 10:58 AM
Rainmaker
1,482,701
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

I do not ''fight'' back. 

There is enough clients for everyone. Just do your job well and your happy clients will refer you and not an agent who pays Z and others thousands $ for  promotions.

Apr 15, 2019 09:52 AM
Rainmaker
1,529,334
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Better 'Hands-on Service' customized to our specific clients needs with an overabundance of patience

Apr 15, 2019 08:14 AM
Rainmaker
750,578
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

#1 Make agents aware that it is their association, broker and franchise that fuel the degradation of the real estate agent.  If these players did not empower these technology companies with agent created data, we would be having a different conversation.

#2. Create a tangible asset that is of value to the consumer. SERVICE if not that value. Much like the "full service' promise, the delivery is less that stellar in the eyes of most consumers.  If one were paying attention, the message of the companies is BETTER VALUE beginning wit Zdevils owners assertion that agents should be paid $2,500 per transaction.

#3. Use these platforms in a fashion not intended.

#4. Prepare for other agents to sing, "You can't do that!"

Apr 15, 2019 04:31 AM
Rainer
412,639
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

I don't let them worry me as of yet.  Just staying busy helping buyers and sellers in our area.

Apr 14, 2019 07:53 PM
Rainmaker
916,062
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Fishing upstream and specializing in areas where tech fears to tread!

Apr 15, 2019 08:04 PM
Rainer
1,135
Joshua Dooley
Coastal Realty Group - Saint George Island, FL
Forgotten Coast Luxury and Residential Specialist

I believe nothing can ever replace the power of being present. So much is artificial in our sphere, and when your not, that makes so much of a difference. The power and practice of being there, although old fashion, has become the cornerstone of my new business. 

Apr 15, 2019 12:58 PM
Rainmaker
1,822,467
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I keep them away from my credit cards

Apr 15, 2019 05:42 AM
Rainmaker
793,206
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

I am providing consumers choices though not in response to the new tech real estate companies. Many consumers don't see the value of the traditional real estate commission compensation model.  It is low risk to the seller and buyer, but high risk to the agent/broker. The seller has no skin in the game and can walk with little monetary impact.  Given the low risk, there must be a higher reward for the agent/broker, leading to consumer complaints about high costs.  I provide alternative solutions to meet a consumer's specific real estate needs.  And I get them to commit to skin in the game which lowers their costs.  For example, my real estate consulting option has them pay me based on milestones achieved during the sales process.  One of those milestones is signing the listing contract; they pay me a specific mount once they list. And they reduce their overall costs, maximizing their equity when doing so. Instead of having only two choices, FSBO or high-cost commission compensation, they can reduce their cost while getting all of the needed real estate services required. 

Apr 15, 2019 01:27 PM
Rainmaker
4,041,547
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Those sellers looking for a deal probably would not have called me in the first place.  My clients refer me to their friends/colleagues/family.   

Apr 29, 2019 12:24 PM
Rainmaker
470,579
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr. Loan Officer, CMPS, CDLP, RCS-D, CDPE, CMHS

Thanks for all of your comments Folks. In the event that any of you are curious why a Lender is posing this question, please allow me to elaborate...

  1. Unselfish Reason - some of my favorite human beings are Real Estate Agents. I don't want to see you lose market share to the point where your business is threatened with extinction (i.e. Travel Agents, etc)
  2. Selfish Reason - if we Lenders lose our Real Estate Agent comrades to these "Tech Companies" (who are armed with their own "in-house Lenders"), we can all be come extinct due to loss of significant market share. If there was ever a time for us all to unite and fight back, THIS IS THE TIME!

None of us can compete with the advertising budgets of a Zillow or Rocket Mortgage!  We all must find ways to articulate the true value we bring to our Clients if we are going to survive & thrive amidst this modern day market.

I appreciate all of your comments and hope you found this thread useful for your businesses!

Apr 16, 2019 12:10 PM
Rainmaker
80,142
Morgan Taylor
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Niche marketing and neighborhood expertise :) 

Apr 16, 2019 08:39 AM