Realtor group fighting data drain to public via Zillow and others

With the advent of real estate technology data mega firms like Zillow.com, the National Association of Realtors are fighting to keep their member base from losing complete control of information that the public can obtain without the assistance of real estate agents.   Valuation information has been the closely held data tool that Realtors used to keep consumers coming to them.

Zillow.com reported that their real estate centric website has attracted 8.3 million visitors a month this year, up 62% over last year.

From the Wall Street Journal:  “Realtors, Wary of Zillow, Build their own data tool”

“Realtors are fighting back against the idea that consumers might be able to use the Internet to bypass them.

The National Association of Realtors announced Monday a plan to give more data to real estate agents eager to show they can still provide valuable information at a time when more and more home shoppers rely on the Internet to bone up on the market.”

Home valuation is an important tool in the “tool box” that real estate agents provide to consumers seeking their expertise, but it is not the only service or service providers that are involved is a sale.   Real estate transaction sales are complicated transactions with numerous complexities starting from the unique needs of the principals in the transaction to other professions such as lenders to title insuranceand escrow, each with their own operational skills to assist in closing transactions for consumers.