Why You Should Keep Your Data Safe from Zillow
In The News: Recently, the Federal Trade Commission (FTC) was alerted by two members of Congress about possible antitrust infractions related to Zillow’s acquisition of ShowingTime, one of the most popular software programs for booking and scheduling house tours. The letter shared concerns of possible detriment to the real estate industry and housing market because of this acquisition.
Zillow acquired ShowingTime in February of this year. Once they announced the purchase, agents around the country immediately began raising concerns. Zillow’s transition from tech company to broker has been slow and stealthy. Just last year, Zillow began purchasing its own properties in Jacksonville, before spreading out to other U.S. cities.
ShowingTime, which is used by almost one million agents across North America, is now, effectively, owned by a broker trying to compete with other agents. Zillow currently uses ShowingTime for their Premier Agent Program, which employs agents to work with buyers and sellers on behalf of the company. Though Zillow has promised to keep the software open to all agents, there are significant privacy concerns that can’t be ignored.
As of today, Zillow has made 17 acquisitions. Its affiliated companies include Trulia, StreetEasy, and HotPads. With their combined companies, Zillow controls 75% of the online real estate market. As they continue to purchase more competitors and acquire data on other agents, they monopolize the industry and eliminate the competition that is essential for a healthy market. This is not the first legal issue Zillow has encountered this year. Back in March, REX sued Zillow and its affiliate company, Trulia, for deceiving viewers on their site and segregating data. Their non-NAR search tab, which is separated from the rest of the listings on their site, makes it more difficult for smaller agents and brokers to compete, argued REX.
3 Ways to Stay Competitive Against Zillow
1. Provide Personalized, Dedicated Experience
As a major corporation, Zillow can’t provide all of their clients a selling or buying experience tailored personally to them. But as a small-business owner, you can! The best way to stay competitive against Zillow is to remind clients why working with an independent agent is better than a massive conglomerate. Make sure your clients, past and present, are acknowledged and celebrated. Send personalized notes a few times a year or connect with clients through phone calls. Celebrate their birthdays, anniversaries, and any other major life events. Personalized service will help you stand out from competitors.
2. Be a Local Expert
As a large company, it’s difficult for Zillow to keep tabs on everything happening within every market in the country. But as a small-business owner, you can be a local expert, and use this expertise to attract new clients. Figure out the best ways to market a home in your specific neighborhood or area. If it’s a rural area, yard signs may not be the most effective way to connect with potential buyers. If there are social media groups or events that attract a lot of local consumers, advertise there. Prove to your customers that you offer the best service in your specific market.
3. Share Your Data with a Company that Cares
Listing3D is a start-up real estate company created specifically for technologically oriented, future-thinking agents to connect and collaborate. We provide all the tools necessary for a successful agent to manage their customers, meet like minded agents, and effectively share digital listings.
Listing3D Exclusives connects agents through an agent-referral program, making it easier than ever to meet real estate professionals and help one another build their businesses. Network members have access to over 10,000 high-quality 3D tours from around the country, which can be accessed at any time. Listing3D also has its own CRM, specifically designed to empower agents with the tools necessary to build their company. Accessible data analytics, pre-made marketing packages, and social media advertising right from your CRM are just a few of the unique features that make our program unique.
Overwhelmed by digital marketing and looking for some help? Listing3D has got you covered. With our exclusive marketing packages, we use the most up-to-date technology to advertise your work to the biggest and best audience. Our packages include immersive virtual tours (created using 3D cameras), teaser videos of the property, 3D Flyers with scannable QR codes, and a landing webpage with all your contact information, helping future clients easily contact you. With your talent and our technology, we’ll advertise your listings far and wide to help you sell your properties faster and more efficiently.
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