Industry Relations EP007:  Greg Fischer Takes Us Back to the Future with NYC Brokers vs. Zillow

Industry Relations EP007

Greg Fischer Takes Us Back to the Future with NYC Brokers vs. Zillow

We’re feeling a little déjà vu at Industry Relations as controversy brews between Zillow and brokers in NYC. Everything old is new again with the launch of the premier agent feature on leading real estate marketplace StreetEasy. For the last ten years, agents across the country have dealt with syndication – and it seems New York real estate’s time has come.

Today’s guest, Greg Fischer, serves as principal broker at Fred Real Estate Group in Bend, Oregon, and author of the blog Next in Housing. His unique background also includes work in the tech industry with real estate software companies Move, Inc. in San Francisco and Doorsteps in New York City. This makes him uniquely qualified to discuss the bruhaha as NYC brokers decide whether to pay the Zillow tax or boycott it.

**Audio alert. Robertson's audio track has an echo effect that we couldn't get rid of in post. But Fischer and Rob audio (which handle the majority of the discussion) sounds great.***

What’s Discussed:

How NYC brokers reacted to the premier agent feature on StreetEasy

How StreetEasy GM Susan Daimler justified the change

• Home shoppers deserve the option to connect with agent who represents only them

The explicit language used by the StreetEasy product to suggest a buyer agent

Why NYC should seek the counsel of brokerages around the country who have dealt with syndication

How Manhattan real estate does business differently

• Listing agents are used to owning all buyer leads

REBNY’s request for an investigation into the legality of advertising an exclusive listing

The potential to create an MLS in NYC

• Change in compensation model
• Dominance of top ten listing brokers
• Legal ramifications of only sharing data feed with REBNY

The differences among IDX, VOW and StreetEasy’s premier agent

The danger of dual agency

Fischer’s take on leads generated via third-party websites

• Inquiries rarely lead to sales

The evolution of Zillow’s playbook on generating revenue

Why brokerages need to get savvy on how ad tech works

The value of agents as local experts

Compass CEO Robert Reffkin’s concession to Zillow

Resources:

Greg Fischer’s Premier Agent Blog Post

The Real Deal’s Premier Agent Article

The Real Deal’s Premier Agent Video

Vendor Alley Job Board

Connect with Greg Fischer:

Blog

Twitter