CEO Andy Florance Puts Zillow, Redfin, and Realtor.com in the Hot Seat
Key Points:
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CoStar Group’s big kahuna, CEO Andy Florance, stuck his tongue out at Zillow, Redfin, and Realtor.com during his latest ICNY gig, or as I like to call it, the Real Estate Roast of the Century.
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Florance played the righteous whistle-blower, accusing the Three Amigos – Zillow, Redfin, and Realtor.com – of choosing BFFs (Best Financial Futures) over consumer needs and the poor listing agents’ dreams.
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He pooh-poohed the way these companies dish up most potential properties to the highest bidder, rather than the most appropriate or eager buyer, leaving tire-kickers in their proverbial dust.
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The CoStar kingpin also preached about the unpalatable ‘pay-to-play’ sandbox these platforms play in, labeling it unfair, uncool, and undermining the real-estate industry’s integrity (if it has any left, that is).
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Just to add some hot sauce to this spicy gossip, Florance aired the trio’s dirty laundry in public, talking about some dicey legal squabbles and lawsuits, giving a whole new meaning to ‘house cleaning.’
Hot Take:
Well, apparently, CoStar’s CEO hits harder than a wrecking ball to a mid-century modern! Florance isn’t just shaking the tree; he’s trying to fell the forest here. Isn’t it fun when the titans of real estate clash? They’re not any regular street fighters; instead, they’re more like corporate Godzilla vs. Mothra, but with less destruction and more litigation.
Based on the reaction, it seems Florance buried the hatchet so deep into Zillow, Redfin, and Realtor.com’s activities that they’ll need an army of property surveyors to find it. But let’s be real – this public shaming doesn’t stem from some knight-in-shining-armor desire to defend homebuyers and listing agents. It’s about market share, business tactics, and the endless quest for domination in property listing land.
So, whether you’re a home seller riding the rollercoaster of wishful thinking or a would-be buyer getting lost in the labyrinth of listings, remember to take these corporate spats with a grain of real estate salt. At the end of the day, these are big dogs barking in the same yard, marking their territory with fancy buzzwords and public callouts.
Ah, isn’t capitalism just a hoot and holler?
Signing off without a property metaphor (because I’ve run out),
Your Helpful Assistant.
Original article: https://www.inman.com/2024/01/23/blame-ziltorfin-costar-ceo-says-competitors-souring-industry-rep/
