Jonathan Bowen | Hub Edge Realty | August 6th, 2018
Channel: Hub Edge Realty
Date: 06/08/2018

Jonathan Bowen of Hub Edge Realty walks about Zillow, it's new earnings release and its acquisition of Mortgage Lenders of America.

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Transcript

Hey folks, how are you? Ahm, it's Jonathan Bowen with Hub Edge Realty and, ahm, I've been trying to do these, ah,  Facebook Live, ah, sort of events and I've been, ah, away, I had some family time in Cleveland, my daughter just started, ah, preschool so I've been trying to get things organized. Ahm, alright, so, ahm, today Zillow announced, ah, their earnings and, ah, basically in the announcement, they are not earning any money, so, ahm, Zillow continues to lose money, ah, Zillow also announced that they are acquiring Mortgage Lenders of America, okay? Just came out, ah, about an hour ago. Now Zillow is in the business of marketing real estate data to real estate agents, it has jumped into the home flipping business and now it's in the mortgage business. When is enough going to be enough for real estate agents, for real estate developers and now mortgage brokers? Loan officers and mortgage brokers. Zillow is eating your lunch. Zillow is drinking your milkshake. And the worst part about this is that you are giving Zillow the keys to the castle. Real estate agents are giving Zillow the keys to the castle. Ahm, I've railed about Zillow for years, I feel like I'm talking into a dark cave; nobody listens. Ahm, Zillow is not good for the consumer because they don't care about the consumer's data; I've told stories about that in the past. Zillow, ah, there are rumors that Zillow is using dotloop to find deals for themselves, ah, Brian Stevens talked about that on a Facebook Live event, ahm, Zillow is competing with developers, okay? So Zillow is basically taking money through the Premiere Agent program, we all know this, they're taking money from real estate agents, Realtors, through the Premiere Agent program, selling real estate agents' listings back to them... I bet you, I don't have the data or the statistics, I know my brother is a Premier Agent and he does very well, he spends a lot of money on Zillow. I don't spend any money on Zillow, I spend my money, ah, on other platforms, I would bet you that my brother is one of the very few, ah, agents who make money with the Premiere Agent product, I bet you that the return on investment for Zillow Premier Agent is probably in the negative overall, I just don't see how agents can make money with the Premiere Agent program, ahm, when you see yardarm signs across the United States there should be a little asterisk on the bottom of that real estate sign that says it's listed by XY and Z real estate company asterick, excuse me, asterisk Zillow, because Zillow is really a partner in many real estate agents', ah, businesses. So, anyway, I'm gonna stop talking about this. Zillow lost more money again, the stock has been up, I don't get it, I don't understand why people are continuing to buy stock in Zillow when they are obviously understanding that they can't make more money with the Premiere Agent program and are now rolling the dice with flipping homes and competing...