Recently, Minneapolis based Edina Realty pushed back against Trulia.com and Realtor.com. Edina’s CEO Bob Peltier decided that something was wrong with these aggregators scooping up listings from real estate companies to attract traffic or as the Internet world likes to say, “lots of eyeballs.” Once that traffic rolls in, the aggregators generate revenue in many ways, not the least of which is by selling advertising space.
At first, it may appear that Peltier’s gripe was with the integrity of the data in that there is no guarantee that the information consumers are seeing is accurate or up to date. Yet the real rub is that Trulia.com charges real estate agents fees to be able to “enhance” their listings. So therein lies the irony. Peltier, along with many other agents, feels no need for a middle man in that his company generates plenty of traffic best serving not only his agents, but more importantly his sellers.
Trulia.com fired back threatening that Edina’s sellers and agents would be put at a great disadvantage by losing the 17 million potential buyers that visit Trulia.com each month, but Peltier and Edina are holding tightly. Edina Realty also made a bold move away from print marketing altogether.
This is a battle worth paying attention to as the Internet plays a more significant in marketing to home buyers and sellers.
So what do you think? Do these aggregators really add value to Realtors and help them do more business or are they just taking advantage of the information that Realtors work hard to assemble!
I am in agreement with Edina. I work hard to generate my deals and my leads, and for Trulia and realtor.com to advertise my properties and then try to sell the fruits of my labor back to me (or to my competitors) is obnoxious at the very least. And in many instances are MLSes are complicit in this which I also find obnoxious as we are already paying for the privilege of being members. That being said it is the current reality of the situation and letting it bother you (too much) is kinda like titling at windmills. My policy is to not pay for these leads and generate leads on my own.
Jeff I agree that we can’t let it be a bother, rather we should embrace the knowledge and show the consumer how your info is more timely and accurate than the aggregators…after all we (Realtors/MLS) are the original source of the listings so why separate far away from the original source…big opportunity!
With newer SM tools coming on line and with good agency online marketing and use of these tools there will be less and less need for aggregators. I have not nor will not pay for leads unless I can pay for the lead post closing. Know of anyone offering their leads under this type of plan – I wonder why. Just get out there and Blog, add valuable content and work with Google tools and you will see results.
Agree with Edina why pay to see your work shared with a glimpse of a promise and to see competitors have the same access to my work doesn’t add up for me. There is a way to use the Internet and not so good.
John, I totally agree with the blogging which not only drives organic traffic but also sets you up as the expert in the prospects mind….good stuff and thx for commenting…