With a Gap This Big, It’s Sort of Hard Not to Say Something About It

First, the facts.

Windermere and Redfin just published a study showing that across 11 major U.S. cities, local broker sites such as Windermere.com, Redfin.com, and LongandFoster.com have about 20+% more agent-listed properties than two national portals, Zillow and Trulia.

The study found that broker sites display new listings 7 to 9 days faster, and that broker sites record sales faster too: almost 2 out of the 5 listings on Zillow and Trulia are actually no longer for sale, a problem with only 1 in 1,000 of the active listings on Redfin.

For the full report visit the Redfin Research Center.

Discussion

  • Shelley Rossi @Windermere

    Great post, Glenn, very well said. Especially the Olive Garden comparison. :-)

    • http://blog.redfin.com/ GlennKelman

      All you Shelley…

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  • Bob Silver

    Olive Garden analogy – ouch!

    • http://blog.redfin.com/ GlennKelman

      Olive Garden is a pretty good restaurant; my point wasn’t to be dismissive about that. We could have chosen McDonald’s, or just for the goofy sound of the name, The Cheesecake Factory. But I do think a local restaurant can deliver better food based on local ingredients than a well-known national chain, even one with decent noodles, like Oliver Garden.

  • Dave

    Did you also look at realtor.com? I would think its numbers would be a lot closer, except in markets where brokers have opted out of displaying their listings there for whatever reason.

  • http://www.facebook.com/jphilipfaranda J Philip Faranda

    I could find 11 cities where Redfin has 0 listings and Zillow has virtually the entire inventory.

    I was Redfin’s first-ever partner agent in New York. I am currently on Zillow’s agent advisory board. If I were Redfin, I would dispense with studies and surveys of any other real estate entity outside of my own company and focus 100% of my resources on better serving my clients and agents.

    • Jeff Brown

      With all due respect, Phillip, how does that address the results of the research? “I could find 11 cities where Redfin has 0 listings and Zillow has virtually the entire inventory.’ That’s slightly inaccurate, and frankly you don’t give Zillow enough credit. They probably have 130% of the entire inventory.

    • http://blog.redfin.com/ GlennKelman

      Philip, we have never claimed to serve, say, Minneapolis or Oklahoma City. The reason we surveyed several local brokerage websites is because we believe that for any local market, a broker website provides a significantly more complete view of all the homes for sale. Do you honestly think that is untrue? The point of this study was to show that, for the markets we serve, our website offers the best local real estate search. It is my job to make sure consumers know what we are good at, as well as what we’re not.

  • Drew L

    News at 11, company with mls access is the same as mls provider

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  • http://www.barnettassociates.net/ Toby Barnett

    There is a win for local broker sites, however, I doubt the general home searcher will ever realize portal sites have a quality control issue. More than not, upon following up with a portal site lead I hear “Why its on [insert company here] if its not for sale?”. Then after some explaining it appears they feel I’m trying game them out of the inquired home.

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  • Ellen

    Interesting info. And this isn’t just about Redfin having the ‘right stuff’…it’s about the problem that syndicated services have with presenting complete information in a timely matter. A brokerage associated with an MLS is always going to have the best and most current information. Trulia and Zillow are services; not licensed professionals. The ‘Public’ should expect the most comprehensive and timely inventory from the licensed professionals. Syndicated services are reliant on more layers. As far as who has the best tools…my vote goes to whoever advocates for their clients and has the clients’ best interest at heart from beginning to end-and beyond. Period.

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  • http://www.joyfax.com/ Annylu

    Thanks, This is a good article

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