The impact of Zillow on the real estate industry has journalists and real estate investors debating on it’s significance. Information is important for prospective buyers and ZIllow fills a need that many had not anticipated. On the day of launch Zillow received over 300,000 visits to their website causing the servers to overload and crash. The need for specialists and real estate professionals to access information on houses is a now a thing of the past.
The real estate industry isn’t immune to the growing force of the internet. In order to change with the times real estate agents need to embrace change and use it to their advantage. Greater than 50% of all real estate agents manage their own personal website. Greater than 90% of real estate agents use email to communicate with their clients or conduct business.
Zillow can give users detailed information that may be hard to find using traditional methods. The tools given by Zillow are useful, one even gives the option of doing your own home appraisal. There is even price change information as well as possible taxes paid on the property.
Zillow provides users with maps and GPS locations on every house listed in a prospective buyers area. Timelines and “sort by” features give users of Zillow full control over the type of house and specific area they want to see. Zillow can provide a wealth of information from square footage, to lot size, and every important detail you may need to know. The most important feature to Zillows success is convenience. With websites like Zillow making the search for new homes so convenient it’s no wonder they’ve become a huge success.
Will Zillow one day dominate the real estate market, or will real estate agents and brokers evolve in an ever changing business model. Real estate agents and brokers are beginning to see sites like Zillow become increasingly popular and worry that they aren’t in control anymore. Some feel the creation of sites like Zillow are the fault of brokers and real estate agents not providing the information clients needed.
Sites like Zillow are an example of how the internet can change an industry and innovation is important for remaining on top. Professionals in this new information age need to stay competitive by providing clients with all the tools and information necessary or they will be left behind. In this age of information, websites and companies like Zillow serve as examples to other industries trying to develop new tools for innovation.
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