FTC Sues Zillow and Redfin

 

FTC Sues Zillow and Redfin
Lawsuit accuses Zillow of deceiving home buyers
REO of the Week 
Apple Home of the Week  
Mountain View Home of the Week 
FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist
Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist



  

Got a lot to cover. Let's get moving here.
Lawsuits galore. Zillow is being punched and kicked, and dragged through the mud. I kind of feel bad for it because, you know, they used to be like Mr. America, the king of the campus, and now everybody's kind of like kicking him and dragging him through the dirt. I get it. He was a little cocky, he was a little arrogant, but he also disrupted the industry, which I like. Even though I'm in that industry and it kind of hurts us as a whole in the industry. To me, disruption is great. I think it's the forward advancement of technology and how we're going to live as human beings.

The Impact of Technology on Real Estate

There's all this talk about how AI is going to disrupt, and nobody's ever gonna work. And some people are saying we have to go to a guaranteed income. I don't know. The point is, we do this every decade or so, and there are new technologies that disrupt, and with AI, just like the radio is still around, it's not as useful anymore, but it's still around.

Fewer people will be on the radio as time goes on. Because I prefer podcasts. I prefer going to my podcast and listening to that versus listening to some news channel or whatever. 

The Decline of Print Media

It is the same thing with print. I was a print guy for many years, and I hung on for many years. And when I say I was a print guy, I sold advertising in magazines, in the technical journals for the test and measurement world, electronic products, and all these different little magazines all over the place. And it was print and online, and we did all this. The
The heads of state can never get their head around grasping the internet and using it. Some guys I competed against did that well, 

We do it all for you, and all that combined with this is just part of the leverage. This is a value add. You're gonna have to pay for the printing and the whatever, but we're just doing this because we need to substantiate postage and print and paper and all that other stuff. Well, nowadays, print is dead.

Pick up a technical journal. I don't care what industry you're in. I can guarantee you it's paper-thin. There's no need for it. There's no ROI. There's no generation. 

Zillow's Business Model Explained

So anyway, going back to this, Zillow's great because. It became the de facto standard for consumers to go and use because of the user interface.

I struggle with my MLS. My MLS is not consumer-friendly. I get it. I totally understand it. Other companies have consumer-friendly websites, Compass and Century 21 and Redfin, and Real, and all these other places, and then you get the makeup of that whole audience.

Well, I use my website. I'm just an agent. I'm on top of 1.2 to 1.5 million agents out there that have a website, right? So Zillow was great for that. It was just a no-brainer. Same with Redfin, right? Shame on them if they did this. I am not the kind of person who will throw them under the bus and call them guilty right away; I just don't do that.

I want them to go through the legal process. If this is true, shame on them. If not, then they want another lawsuit. An Oregon resident alleges Zillow practices violate Washington state consumer protection law and federal real estate law. Let's go deeper into this. Zillow is well aware of the potential for ill-gotten gains in this space, and it's sought to play fair. Let me open this up so you can read it.

Seattle-based Zillow, in a statement, said it will defend against the claims. Okay, so when real people's basic need for housing is on the table. Here's the thing about Zillow, right? And if you don't know, here's the truth, and I don't care if you use 'em or not, but here's the way they work.

Their revenue model is to give to you as a consumer. Absolutely. If you want to call and learn more about that listing, that means you're a buyer. And it used to be that one buyer would click that link, see this house. You would get a call from four or five agents. Hey, 

I wanna show you a house. That's evolved into multiple iterations, and today, what it is. Zillow takes 40% of the buyer's commission. They don't tell you that upfront. Maybe they do now because of the lawsuits, but they didn't. If I made $10,000, they would take four, and my broker would get six, and then I would get split off of that. Multiple agents have signed on for this. I never did because I didn't like the business model. I'm not saying it's horrible. I'm saying that this is just not a way for me to go into business. I just don't want to have another split with another entity, and I would rather have personal relationships with my clients versus a transactional relationship.

I'm not selling against it. I think this is a fantastic model. I think it's smart the way they do it. They made billions of dollars doing this, right? The problem here, what they're alleging, just to wrap it up, to put a bow on it. They have artificially, the claim really sets down that they artificially increase the commission, saying that if you work with me, if I'm a buyer's agent, transactionally working with you, cause of Zillow, I know I have to make as much money as I can, so I'm going to charge you 3%.

Period. That's negotiable. You can negotiate with it, and then you start off at three, and then, you know, the claim is, well, we'll get the seller to pay for it, and then sometimes it happens, right?

I don't charge 3%. There you go. 







FTC Lawsuit Against Zillow and Redfin
FTC Sues Zillow and Redfin over illegal agreement to suppress rental advertising. Not only did Zillow help the residential sales market, but they also do new homes. They also do bank homes. They also do the rental market. I can tell you straight up, our MLS is horrible for rentals.

People come to me and say, Do you work on rentals? No, I don't. I don't have that. You go to Craigslist, you go to rent.com. You go to apartment.com, which Redfin Zilla owns, and they. Give you a great user experience. Same thing with Redfin.

Zillow and Redfin made a deal that Redfin would pull back from the ILS, which is a rental MLS. Because our MLS sucks at it. Zillow does a great job of doing this. Gives you, as a consumer, a great experiencechock-fulll of information, and allows you to be educated about what's going on, and you, as a consumer, can go in and look at a house before you ever set foot in it.

Do a 360 tour. You can do all this stuff. Yeah, we do that all. That's all part of our marketing. But Zillow uses that and allows you to decide, Is this house priced correctly? Is it overpriced? Is it underpriced? Is it a good value? Where should this really be? And that kind of stuff. And it shows you where it is.

Does the same thing with the rentals, too. But Redfin and Zillow have agreed that Zillow will take over the rental market. And now that FTC is having a problem with, and that's what this is all about. The FTC alleges that the unlawful agreement will likely lead to higher prices and worse terms for multi-family units. This is anti-competitive. Right, reduce incentives for Zillow and Redfin to compete for renters through investment and attracting visitors. So what's gonna happen is Zillow and Redfin are gonna merge through this, and then that'll go away.





Just my thoughts. I mean, what the hell do I know? I'm just a real estate agent. Sorry, brok, that matters. If you haven't downloaded this inspection checklist now, do it now because it's a honey-do list for you, but ultimately, that's what it is. 

Then we can have a conversation about, Hey, should I put a new kitchen in? Should I put air conditioning in? Should I do a new roof? Should I fix my pool? Yes. But you know that you're not gonna get the ROI out of it unless you get some utility out. So that's the thing. You figure out what you want to fix, and we can have a conversation.




Real Estate Market Update
40 days on market have slowed down just a little bit. 90 days on market have slowed down a little bit, and bank-owned owns are meh. They're not doing anything crazy. pendings aren't doing anything, so we're just kind of in a doldrums right now. We did see a slight tick up enclosed in pendings for Santa Clara County, but in San Jose, it went down.
 
Property of the Week

90-day home of the week rings, tof. Rank store avenue, not my listing. 1.75, three bedroom, two bath. It's a detached single-family home. And this is what it looks like, hopefully. Oh yeah. That's awesome that you don't put the first picture of the front there. Curb appeal means nothing to me.
Hey, this is actually not a bad buy. You have a two-car garage. It's detached, but there is an HOA, it's 250 bucks a month, and it's in Mountain View. The problem is, it's been on the market for 133 days. Why? Maybe it's overpriced. Maybe it was in the contract. Maybe it just needs some updating for that price.

I don't know. What do you think? Let me know what you think. 

Distressed Property Highlight
And then this is the distressed or bank-owned property of the week. This is bank-owned; it's Arch Street in Redwood City. Seven bedrooms, four full and one half baths.

3,200 square feet was built this year, and it's right here in Redwood City. Here's the bonus. 68 days on market. Somebody took this as an investment, and they're losing their ass on it. I think it's nice. I don't, I hate, I'm not a fan of this plastic floor, just, I don't like it. LVP, luxury, plank Vinyl, that's what it's called, Lang. It's just another way of calling fricking vinyl. I don't like it. First thing I would do is tear that out and put wood floors in it. This is a brand new home. It's very spacious, very big., They have the floor plans and all that. You can do that for free with the apps you have as an agent, but you don't know that this is an A DU. Which is nice. That's why it's seven bedrooms. It's kind of a good deal. Go in there and write crazy offers. See if they take it. 


That's it for now. Thanks for watching.






🔴 Insurance Adjuster What You Should Know https://youtu.be/8IWgof1qvnc

🔴 Renters losing MORE than Rent! (Bay Area Median Home Prices) https://youtu.be/VwLrwX2YuHo?t=41

🔴 MoonBeans Coffee https://www.youtube.com/watch?v=OmHpGXVu5sQ&feature=youtu.be

Videos edited by Vydeoease.com Use Exemption code VEASY

Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-479-2427

FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia

If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents!

🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg



#BedlamWhereChaosResides, What should a realtor do to sell your house,What should you not do when selling a house,Why is home not selling,Is it better to sell as is or fix up,Home much money is lost when selling a house,Is it bas to sell a house as is,Where should I sell my house for money is 2021,Is money from the sale of a house considered income,Do you get all the money when you sell your house,Do you have to buy another home to active capital gains,What happens when you sell a house and make a profit,Can I sell my house and keep the money ,What month is the best to sell a house,How much money do I keep when I sell my house,How to I avoid paying taxes when I sell my house,How do I sell my house in 5 days,Whats the quickest way to sell a house,How can I sell my house quickly ,Is it better to sell my house or rent it out,How do I sell my house in 30 days,What does teh seller have to pay when selling a house,How p[ays closing costs on for sale by owner ,Who pays the title company at closing,Who pays for appraisal buyer or seller,How do I calculate my closing costs as a seller,Can a realtor lie about other offers,Do sellers always pick the highest offer,Can ou sue a real estate agent for lying,How do you make sure your offer is accepted,Can buyer talk to seller directly,What do you say when you reach out to a realtor,Do you tip your realtor,Why do realtors now want buyers and sellers to meet,Do I have to pay my realtor if I decide not to sell,Can you work with multiple realtors,Can you fire your real estate agent,Are realtors rich,Should I interview multiple realtors,Are you obligated to a real estate agent,What should I do to my house before selling ,What sells a house fast,What brings more value to a house,What features sell a house,What to do if a house is not selling,Do vacant homes sell faster,What are the worst months to sell a house,Which month is best to sell a house,Is 2021 a good year to sell a house,What adds most value to a home,How can I increase my chances of selling my house,What makes a house harder to sell,What brings down property value,What are houses not selling 2021,What adds teh most value to a house,What is the most common reason a property fails to sell,What should you not fix when selling a house,What adds teh most value to a house,Does Zillow pay fair prices for homes,How to I sell my house that need repairs,Do sellers have to fix everything on home inspection,Can you sell your own property as a real estate agents,Does a realtor make money on a for sale by owner,Can I use a real estate attorney instead of an agent,Can I be my own buyers agent,Do real estate agents make more than lawyers,Do realtors get paid if a house doesn’t sell,Do agents get paid for open house,Can I ask my realtor to take a lower commission,How much does a real estate agent make monthly,Which real estate agent has the lowest commission,Can I represent myself as a real estate agent,Do brokers make more than real estate agents,Can you bypass a real estate agent,Can I represent myself in buying a house,Can you buy a house yourself,Do Realtors get commission on for sale by owner,Is it better sell your house by owner or realtor,How do you negotiated for sale by owner,Is it hard to sell a house without a realtor,Can you ask a realtor to take a lower commission,What home improvements add the most value,What should you not fix when selling a house,What color carpet is best for selling a house,Which home renovations are your best investments,Which home improvements pay off,What is the best way to renovate a house,What is the most expensive part of a kitch remodel,What home improvements do not add value,Is a 4 bedroom house worth more than a 3 bedroom house,Do home improvements increase value,What features sell a house,What order do you renovate a house,What renovations are worth doing,Is it better to renovate or move,Is it cheaper to renovate or build new,How much does it cost to fully renovate a house ,What should I renovate first,What makes property value increase ,What negatively affects home appraisal,Do home appraisers look in cabinets,Do appraisers look in showers,What matters in a home appraisal,How can I maximize my home appraisal,Is land a good investment 2020,Is buying land a building a house cheaper,Is it better to buy land first,How to I buy money with no money,Is land a bad investment,Does age of house affect value,Are 100 year old houses safe,What is the average age of a house,What age is a house considered old,How do I price my house,How is property value determined,What are the 5 methods of valuation,How do I determine fair market value of my home,How does a bank value a house,Why is my tax assessment so high,What brings down,calhoun.savingmoneyonhomes.com


95035,95123,95020,95127,95014,95051,95111,94087,95112,95125,95023,95122,95037,94550,95116,95124,95136,94086,95148,95008,94303,95050,95132,95120,95129,94040,95121,95128,95126,95118,95131,95070,94043,95134,95032,95117,95133,94306,94089,95054,94085,94024,95135,95110,95138,94022,94301,94305,94041,95030,95130,94090,95119,95033,95102,94310,95139,95046,95171,94028,95142,95114,95113,94304,94308,95140,94035,95141,95053,95101,95137,95002,95196,95009,95011,95013,95015,95021,95026,95031,95036,95038,95042,95044,95157,95156,95159,95158,95161,95160,95170,95164,95172,95190,95173,95192,95191,95194,95193,94302,94309,95052,95056,95055,95071,95106,95103,95109,95108,95115,95151,95150,95153,95152,95155,95154,94023,94039,94042,94088,94080,94015,94014,94303,94403,94025,94066,94010,94061,94044,94404,94063,94401,94070,94062,94002,94402,94030,94019,94405,94409,94065,94407,94408,94098,95006,94071,94027,94099,94012,94031,94003,94067,94028,94005,94029,94037,94406,94096,94060,94020,94045,94038,94059,94021,94074,94128,94013,94307,94011,94016,94018,94017,94497,94026,94064,94083,94125,94544,94536,94538,94587,94541,94501,94568,94539,94601,94550,94577,94560,94546,94551,94605,94566,94611,94588,94621,94578,94606,94555,94545,94608,94602,94610,94603,94580,94704,94607,94619,94609,95391,94579,94703,94625,94552,94706,94643,94618,94702,94502,94612,94542,94705,94708,94707,94709,94710,94720,94627,94586,94514,95140,94615,94557,94604,94613,94537,94540,94543,94614,94617,94620,94622,94624,94623,94649,94660,94659,94662,94661,94701,94666,94712,95076,95060,95062,95003,95066,95064,95073,95033,95065,95010,95006,95018,95005,95019,95017,95001,95007,95041,95061,95063,95067,95077,


Santa Rosa Real Estate,Petaluma Real Estate,Rohnert Park Real Estate,Sonoma Real Estate,Sebastopol Real Estate,Windsor Real Estate,Healdsburg Real Estate,Cloverdale Real Estate,Cotati Real Estate,Calistoga Real Estate,Forestville Real Estate,Guerneville Real Estate,Penngrove Real Estate,Glen Ellen Real Estate,Geyserville Real Estate,Occidental Real Estate,Kenwood Real Estate,Cazadero Real Estate,Fulton Real Estate,Monte Rio Real Estate,Bodega Bay Real Estate,Stewarts Point Real Estate,Jenner Real Estate,The Sea Ranch Real Estate,Bodega Real Estate,Graton Real Estate,Annapolis Real Estate,Valley Ford Real Estate,Duncans Mills Real Estate,Camp Meeker Real Estate,Concord Real Estate,Richmond Real Estate,Antioch Real Estate,Pittsburg Real Estate,Walnut Creek Real Estate,San Ramon Real Estate,Brentwood Real Estate,Danville Real Estate,Martinez Real Estate,San Pablo Real Estate,Oakley Real Estate,Pleasant Hill Real Estate,Lafayette Real Estate,El Cerrito Real Estate,Hercules Real Estate,Orinda Real Estate,Pinole Real Estate,Moraga Real Estate,Alamo Real Estate,Clayton Real Estate,El Sobrante Real Estate,Discovery Bay Real Estate,Rodeo Real Estate,Kensington Real Estate,Byron Real Estate,Crockett Real Estate,Bethel Island Real Estate,Diablo Real Estate,Canyon Real Estate,Port Costa Real Estate,Napa Real Estate,American Canyon Real Estate,Saint Helena Real Estate,Calistoga Real Estate,Angwin Real Estate,Yountville Real Estate,Pope Valley Real Estate,Deer Park Real Estate,Napa Real Estate,American Canyon Real Estate,Saint Helena Real Estate,Calistoga Real Estate,Angwin Real Estate,Yountville Real Estate,Pope Valley Real Estate,Deer Park Real Estate,Oakland Real Estate,Fremont Real Estate,Hayward Real Estate,Berkeley Real Estate,San Leandro Real Estate,Livermore Real Estate,Pleasanton Real Estate,Alameda Real Estate,Union City Real Estate,Dublin Real Estate,Castro Valley Real Estate,Newark Real Estate,San Lorenzo Real Estate,Albany Real Estate,Emeryville Real Estate,hayward real estate,Piedmont Real Estate,Byron Real Estate,Sunol Real Estate,Canyon Real Estate,Farwell Real Estate,Brookshire Real Estate,Concord Real Estate,Richmond Real Estate,Antioch Real Estate,Pittsburg Real Estate,Walnut Creek Real Estate,San Ramon Real Estate,Brentwood Real Estate,Danville Real Estate,Martinez Real Estate,San Pablo Real Estate,Oakley Real Estate,Pleasant Hill Real Estate,Lafayette Real Estate,El Cerrito Real Estate,Hercules Real Estate,Orinda Real Estate,Pinole Real Estate,Moraga Real Estate,Alamo Real Estate,Clayton Real Estate,El Sobrante Real Estate,Discovery Bay Real Estate,Rodeo Real Estate,Kensington Real Estate,Byron Real Estate,Crockett Real Estate,Bethel Island Real Estate,Diablo Real Estate,Canyon Real Estate,Port Costa Real Estate,Petaluma Real Estate,San Rafael Real Estate,Novato Real Estate,Mill Valley Real Estate,San Anselmo Real Estate,Sausalito Real Estate,Corte Madera Real Estate,Tiburon Real Estate,Fairfax Real Estate,Kentfield Real Estate,Larkspur Real Estate,Ross Real Estate,Belvedere Real Estate,Bolinas Real Estate,Nicasio Real Estate,Point Reyes Station Real Estate,Dillon Beach Real Estate,Woodacre Real Estate,Lagunitas Real Estate,Inverness Real Estate,San Quentin Real Estate,Tomales Real Estate,Marshall Real Estate,Olema Real Estate,Stinson Beach Real Estate,San Geronimo Real Estate,Blakes Landing Real Estate,Salinas Real Estate,Watsonville Real Estate,Seaside Real Estate,Monterey Real Estate,Soledad Real Estate,Marina Real Estate,Greenfield Real Estate,King City Real Estate,Carmel-by-the-Sea Real Estate,Pacific Grove Real Estate,Gonzales Real Estate,Castroville Real Estate,Carmel Valley Real Estate,Aromas Real Estate,Moss Landing Real Estate,Del Monte Forest Real Estate,Big Sur Real Estate,Del Rey Oaks Real Estate,Bradley Real Estate,Chualar Real Estate,Sand City Real Estate,Jolon Real Estate,San Simeon Real Estate,San Ardo Real Estate,Lockwood Real Estate,San Lucas Real Estate,Hollister Real Estate,San Juan Bautista Real Estate,Aromas Real Estate,Paicines Real Estate,Tres Pinos Real Estate,San Francisco Real Estate,San Mateo Real Estate,Daly City Real Estate,Redwood City Real Estate,South San Francisco Real Estate,San Bruno Real Estate,Menlo Park Real Estate,Pacifica Real Estate,Foster City Real Estate,Burlingame Real Estate,San Carlos Real Estate,Belmont Real Estate,East Palo Alto Real Estate,Millbrae Real Estate,Half Moon Bay Real Estate,Hillsborough Real Estate,Woodside Real Estate,Atherton Real Estate,Portola Valley Real Estate,Brisbane Real Estate,Emerald Lake Hills Real Estate,Moss Beach Real Estate,Colma Real Estate,Pescadero Real Estate,La Honda Real Estate,Montara Real Estate,San Gregorio Real Estate,Loma Mar Real Estate,San Jose Real Estate,Sunnyvale Real Estate,Santa Clara Real Estate,Livermore Real Estate,Mountain View Real Estate,Milpitas Real Estate,Palo Alto Real Estate,Gilroy Real Estate,Cupertino Real Estate,Morgan Hill Real Estate,Campbell Real Estate,Los Gatos Real Estate,Los Altos Real Estate,Saratoga Real Estate,Stanford Real Estate,Los Altos Hills Real Estate,San Martin Real Estate,Monte Sereno Real Estate,Lexington Hills Real Estate,Mount Hamilton Rea

Comments

Post a Comment