REALTOR® Magazine Online Edition, Daily Real Estate News May 13, 2008
Cooperative agreements between multiple listing services and Web sites like Zillow.com, Terabitz.com, ZipRealty.com and Redfin.com are becoming more common, giving home buyers unprecedented access to property information.
A greater online presence reflects practitioners’ increasing comfort with the Web, observers agree. “This industry is steeped in tradition, so the evolution has been gradual. But I think it’s definitely snowballing now,” says Jorrit Van der Meulen, a Zillow vice president.
The inclusion of bank-owned properties on independent sites has increased the sale of these kinds of homes, says Glenn Kelman, CEO of Redfin. He estimates that foreclosure-related transactions have in recent months accounted for 40 percent of sales in some markets.
“It’s a natural evolution of competition and what consumers want,” says C. Robert Hale III, chief executive of the Houston Association of REALTORS®, which operates the area’s MLS. “The consumer wants to see everything.”
Source: The New York Times, Bob Tedeschi (05/12/2008)
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