6 Comments so far

1. Jeff Corbett on August 1, 2006 7:28 am

   “And it was at that point that Glenn made what I think was one of the most interesting comments of the conference: most of the innovation in the real estate industry right now is about liberating data (e.g., Zillow, Trulia, Propsmart, etc)…”

   Transparency in what was proprietary and veiled information coupled with the proper technology to bridge consumer access has become the new business model for the antiquated real estate service industries.
   Kudos to Zillow, Redfin, Trulia, Propsmart and theXbroker for being able to promote consumer advocacy using this information age business model!

   Jeff

2. Nick Pang on August 1, 2006 5:08 pm

   with home values readily accessible (mobile, web), real estate investments & foreclosures will be the next area for innovation. how about a real-time return-on-investment index for each investment property using Zindex and other info? you can almost automate buy/sell decisions
   just a thought…

3. Name on August 1, 2006 11:22 pm

   Shouldn’t the natural extension be putting the buyers and sellers directly into contact with each other?

4. Derek Rey on August 2, 2006 7:32 am

   Innovation is taking place as we speak (at least i hope). The liberation of data is bypassing a somewhat esoteric system that gave value to brokers regardless of actual service. Just having the inventory was enough value for someone to use an agent. Real estate will always be service industry but I dont see the full service brokerage model staying intact. Sell and buy side agents will become a dichotomy due to the different skill set requirements and I expect to see the commodity approach (RedFin) over and over on the buyside. The sellside is different. Tremendous intellectual property stored within the mind of the realtor will always be valuable and by combing this capital with competent marketing skills, there will always be significant value.

   All in all, the changes in the industry will be positive. A cleansing of incompentcy will take place due to bull to bear market movements in addition to percieved consumer value. The discounts plays will continue, but a strong negotiator/advisor will always be in high demand in this industry.

   **appologies for spelling, blackberry no bueno**

5. Greg Tracy on August 2, 2006 1:26 pm

   “Shouldn’t the natural extension be putting the buyers and sellers directly into contact with each other?”

   Yes-

   This is what BlueRoof.com does. When someone makes an offer online that offer goes directly to the owner (if the property is FSBO) and then the owner responds and the response is sent directly back to the buyer. Once acceptance occurs, the offer is sent to a BlueRoof agent who helps coordinate the paperwork.

   With innovation new processes will continue to allow greater ease and access for the consumer.

6. Spencer on August 3, 2006 4:19 pm

   Wow, a lot of great comments and some interesting business ideas. I wonder if the VCs are watching…