An open, affordable and user-focused experience, something the real estate has never seen before, is an idea that is ready to disrupt broker-focused giants with a scaled adoption across the United States, an Open Real Estate Marketplace. This option is now a necessity.
Ive been claiming that Zillow Offers suffers from 99% fail rate with 200 homes sold in 2018 out of 20,000 requests. Today, Curt Beardsley with Zillow Group corrected me: in 2018, 700 homes were sold using the program out of 40,000 requests. The failure rate is actually lower, set at 98%.
Bait and switch means to claim one thing and to deliver something else. Zillow deliberately operates and promotes this program in order to sell the 98% failed requests into referral fees. This calculated act converts approximately 1% to the consumers’ entire home value into useless fees, $20 Billion in revenue.
Opendoor Brokerage began to offer the same scheme just recently as well, doing a 180 turn on its value proposition. What Innovation? Show me a single consumer who, fully aware, will knowingly subject themselves to these kickbacks.
#disrupt #baitandswitch #kickbacks #paytoplay #brokermentality #realestate #proptech