Goodbye Realtor, Hello Zillow
One of the beauties of a competitive economy is existence of a “natural” process of elimination of inefficient businesses and prospering of efficient ones. The Internet has expedited the pace of disintermediation and we all agree that elimination of travel agent is a good thing (the travel agents that do remain actually create real value for their clients).
While inefficiencies exist in all parts of the economy, some of the glaring areas are realtors, car dealers, and insurance brokers. The existence of these businesses hurts everyone in the chain (except themselves). If we can successfully eliminate them, we will see lower prices across the board. Indeed, there will be some short-term pain but eventually everyone will benefit.
In this article, let me specifically focus on the realtors. I bought my first house without the help of an attorney or a realtor (and I am no attorney or realtor) and hundreds of thousands of Americans each year sell or buy a home without a realtor. However, according to the New York Times, rather than getting ready for the new realities, the real estate agents are simply fighting companies like Zillow, Redfin, ZipRealty, and BuySideInc. or refusing the cooperate with buyers/sellers.
We all know what happens when you refuse to change, and instead, want to stop the change. I can’t wait when I can sell my home on eBay. So join me in driving useless realtors out of business.
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