While the profits are ludicrous, it takes a lot of skill to know when to buy into the real estate market. https://www.linkedin.com/pulse/battle-save-real-estate-greg-hague reported a recent battle Hague was rallying against the real estate website Zillow.com The website www.businessfacilities.com states that the business of buying and selling real estate is one of the riskiest but someone like Greg Hague, it feels natural. Hague started a chain of realty firms across the US and managed to open 121 offices in just six years. This maverick didn’t stop there though – Canada, Puerto Rico and even Australia have been given the Real Estate Maverick treatment.
Zillow.com is an online portal that allows customers to search, sell and buy property. Both individuals and realty agents can use the site’s free signup to list their property. Not only has Zillow shown immense growth in 2017, but has used ad revenue to purchase competitors, all without still showing a profit. Zillow is currently facing a lot of pressure from stockholders to increase profits. However, it is an entirely different aspect of Zillow that has Hague grabbing this bull by its horns. Using the Instant Offers page, homeowners can receive money from Zillow’s investors to have their house flipped. Zillow focuses these offers on homeowners who are under the pressure of selling so that it can snag higher than average profits without running into the local realtors.
Hague claims that local real estate businesses were the first to back Zillow when it first started its inventory. Now the same system has taken the ball out of the local realtors’ court and has listed properties for free, effectively cutting off business. Hague calls this backstabbing the local businesses, who had done so much for the company through the years, while still raking in profits with significantly larger service fees and equity.
Hague says he is looking at the problem from an altruistic view rather than solely as a realtor. Not only that, selling a house or having it flipped without advice from a local realtor is a decision which could set back hundreds and thousands of dollars. He claims that Zillow is grabbing the equity that belongs to the local realtors and homeowners are playing right into the uncaring hands of Zillow’s investors. Hague believes the only way to settle this is with a 100,000-signature petition that will force Zillow to roll back the Instant Offers deal.
As of now, the petition has managed to collect 16,000+ signatures from the day of its announcement, and the website views cross 100K each day. Once the signatures have been collected, Hague says he will personally go to National Association of Realtors or NAR for short and make a formal plea for the removal of the program, not only for realtors everywhere but also for the citizens of America. He states that barring this, Zillow will face excommunication from realtors across the country who will begin to use other listing sites for their needs.