Despite the headline, the Berkshire Eagle recently published a fairly balanced article about Zillow’s new ‘Coming Soon’ feature. While the headline read “Zillow a Haven for Early-Bird Sales”, the stories within showed how that isn’t really happening. Realtors need to have a conversation with their seller’s about this emerging trend, especially when seller’s think that there is only an upside!
Back in June, Sue and I both wrote articles on this emerging practice..
While you have a duty to do what is best for your seller client, please arm yourself with factual information on the reality of selling a home without full market exposure. In some cases this strategy can work, but in many cases it backfires and can undermine your business in the process. In the short term, agents might pick up a few buyer sales that do not have to be co-brokered through the MLS. The downside is long term… The diminishment of a system (MLS) established to offer and accept compensation. Maybe your sale nets you both sides of a comng soon transaction, but be aware that down the road, all of the co-brokerage sales could also disappear to this practice.
Consider finally that you need to understand the industry dynamics and changes. Zillow is capturing consumers at every turn – buyer interest was easy to get, with lots of data and information we wouldn’t provide (tax records, sales history, map locations of listings, etc…