Zillow’s partnership with Century 21 and the Toronto Real Estate Board’s recent loss to the Supreme Court clearly show which way the wind is blowing with regard to real estate home sales data.
The Toronto Real Estate Board (TREB) is being forced to share data on buyer agent commission rates, prior listings, previous sold prices and transactions that haven’t closed.
Zillow’s entry into the Canadian marketplace is sure to raise some eyebrows in Canadian real estate circles. The juggernaut has data on 110 million homes south of the border. Our market is a drop in the bucket by comparison.
I’m not afraid of greater transparency in my business, in fact I embrace it. I’ve been running a no sign-in-required listings feed since my first days and I publish local monthly housing statistics too. Data certainly helps me do my job but doesn’t play a huge role in getting me business. A consumer armed with the same data I have will hire me for reasons that have nothing at all to do with pricing.
- Writing contracts
- The local real estate market
- The listing process
- The buying process
- Housing of all types
- Responsive to my clients’ needs
This is truly the information age and it’s no surprise that greater transparency is coming. The Supreme Court has sided with the Competition Bureau against TREB. Zillow is here now. The public will absolutely benefit and I’m fine with that. Change? Bring it on….