A long-running debate
Years ago, a real estate battle boiled over with Realtors and brokers educated on listing syndication arguing how data should or should not be shared with third party media sites. Since then, the debate over who should have what, how it should be presented, and who should get paid, has died down – until recently.
As more brokers either lose market share or become educated on listing syndication (or both), some are considering the option of pulling their listings from third party real estate sites, or from the MLS altogether, both of which have recently been achieved by a select few high profile brokerages, with several smaller groups with few listings pulling out with barely a notice.
Although the debate is not new, it has been reignited by select groups across the nation privately debating how their data is being handled. One of the models the industry has looked to is the Milwaukee brokerage, Shorewest, who pulled their listings from syndication last fall.
Shorewest pulls listings
WAV Group Partner, Victor Lund told AGBeat, “As you can see by the graph [below] – Shorewest is the #1 website in their market, and they do not syndicate – proving that brokers and agents do not need to syndicate to drive traffic and leads on their listings. In fact, this may argue that the opposite is true – if you do not syndicate, you provide consumers with an incentive to visit your broker or agent website to find the cheeze. In this case, the cheeze is listing accuracy, comprehensive listing inventory, and most of all, the service of a real estate professional.”
This now infamous graph has spread across Association committees and brokers’ desks like wild fire as Shorewest performs well in their market without their listings being featured in every real estate search site. The inherent problem is that alternative data contradicts this very chart that could lead some brokers to make business decisions for their companies (and their agents). Without getting into the validity or invalidity of each set of data and how it is measured, it is most important to note that any business making a decision about listing syndication should look at as many data sets as possible.
An alternative view
The graph above uses Experian Hitwise data, but comparing the numbers to comScore data presents an alternative picture. Just comparing the three most common real estate search sites with Shorewest in Milwaukee, WI in January presents an interesting picture:
Of note, neither measuring service takes mobile use into account. Although Trulia and Zillow could not determine their mobile use data in Milwaukee specifically, Curt Beardsley, Vice President of Customer and Industry Development at Move, Inc. told AGBeat that Realtor.com alone saw roughly 24,000 unique visitors in January through their mobile app, on top of the 89,000 unique visitors measured above.
Of the 89,000 unique visitors to Move sites, the company says 83,000 visited Realtor.com and asserts they are not losing market share. Realtor.com notes that Shorewest and Realtor.com have a “shared audience” of 17,000 people, according to comScore, meaning that 17,000 people visited both sites.
Picking winners and losers
Part of the story that many are not picking up on is that companies like Shorewest are within their right to pick winners and losers when it comes to syndication, for example, as of publication of this article, Shorewest is still syndicating their listings to Realtor.com, just not to Trulia or Zillow. Pulling listings is not always a black and white proposition.
The recent IDX battle in Austin makes it clear that there remains a great deal of market confusion not only over the differences between syndication and IDX, but of what rules reign where and what moves each brokerage is making regarding their data.
Many moving pieces of this puzzle
Despite many asserting that this is only a broker issue, there are many moving pieces regarding listing syndication, and each entity has a unique stake and agenda when it comes to data syndication. Realtors, brokers, and homeowners have far different objectives than third party real estate media sites who have different goals than MLSs, listing syndicators, association executives, association committees, and much different goals than the third party advisors and consultants to each of these entities that are in the thick of the debate. Although the comScore data compared to the Hitwise data is not a game changer for some, it should illuminate to the masses that using a single source to determine that opting out of listing syndication is best. It is notable that all three major search sites rely on comScore data for direct metrics.
In light of the fragmentation of the real estate data industry, the goal of all brokers deciding how to handle their data should be to do as much research as possible, and to understand not only how data works, but to obtain a real picture of what will happen if they pull listings from syndication – in some cases, a local site like Shorewest will perform well, in others, it will be crushed by the mega real estate sites. Seeing a single chart or hearing a single consultant speak on the topic can be inspiring, but should not be the sole reason for making a business-altering decision.
New company beats Amazon with next morning delivery?
(BUSINESS NEWS) Amazon has a new competitor in South Korea: Coupang, with faster shipping than Prime.
What if I told you Amazon Prime’s, 1-3 day guaranteed delivery time isn’t the fastest e-commerce service the world has to offer? You would think I’m lying right?
Coupang, one of the world’s fastest delivery services located in South Korea, allows you to order any item, anytime before midnight, promising that it will be at your doorstep by 7am! (I wasn’t lying!) With 70% of its employees living within a 10 minute radius of a Coupang center, 80% of residents residing in populated cities and 95% of it’s population owning a smartphone, South Korea has become the perfect e-commerce epicenter. Coupang employees over 10,000 people who together deliver 99.3% of all orders within 24 hours. Imagine it’s Tuesday night, you’re falling asleep and suddenly remember you forgot to get your wife a present for her 50th birthday tomorrow. You have two options: accept your fate of being put in the dog house for three long weeks, or quickly order a few great items off Coupang’s website that’ll be delivered BEFORE she even wakes up!
Like Amazon, Coupang allows its customers to create a profile, store desired products in a list, and check out using your saved payment method. Half of South Korea’s total population of 51.6 million has installed Coupang’s app with a surge of people trying Coupang for the first time during stay at home orders due to the Coronavirus pandemic. The company struggled to meet fulfillment demands, especially those including PPE, household cleaning products, and children’s necessities. While many companies are struggling to stay afloat, Coupang is quickly adapting to meet consumer demands. In March, the company opened a new logistics center to expand its overnight/same day delivery services and is currently working to reach an even broader population.
Believe it or not, right before Coupang received a $2 Billion investment from SoftBanks, its founder, Kim Bom debated walking away from it all. Bom founded the company in 2010, receiving the investment in 2018 and is expected to pursue an IPO by the end of 2020. So for all of you entrepreneurs wondering if you should give up on that decade long dream…DON’T. Coupang went from selling a few hundred items each day to 3.3 million. Now that’s what you call entrepreneurism!
Google plans to pay publishers for content (a little too late)?
(BUSINESS NEWS) Google will finally pay publishers for news, but only a few, and they have to meet Google standards.
I mean…could you get any greedier Google? (Chandler Bings voice).
After years and years of pressure and complaints from publishers that Google’s search feed doesn’t properly recognize them or the news they work so hard to report, Google has finally announced that they will begin to pay publishers for content. But only some.
WHAT A LOAD OF BS.
According to the News Media Alliance, Google profited 4.7 BILLION in 2019 as a search engine for the news industry. So now, not only is Google fleecing its content providers and the writers who are working to create material for them, but it’s quite likely that Google’s algorithm is pushing paid news to the top of its search feed. What does this mean for users? It means that for one, you will see what they want you to see, but most importantly, it means that Google HAS the money to pay its publishers but chooses not too!
Google’s announcement to start paying publishers excludes all publishers outside Brazil, Germany, and Australia. Even within the countries that Google closed a deal with, there are many that do not meet its “high quality content” requirement for a paid position. The problem with all this nonsense is that we stopped letting the news come from others like us, and instead, according to the U.S News Media Alliance, the news is entirely owned by a handful of companies. You may have 635 channels on your TV, but if you google…or maybe you should duck duck go it, you’ll find that all those channels lead back to one huge organization.
SO WHAT THE HELL IS GOING ON?
Google has definitely been pressured to make some big changes, and while paying publishers is a good first step in the right direction, is it enough to make up for years of damage?
International start up turns LinkedIn profiles into resumes
(BUSINESS NEWS) Rezi is an AI driven app that can turn LinkedIn profiles into resumes within minutes. Save time and optimize your chances of getting noticed.
If you have already put work into creating your LinkedIn profile, you can parlay that into a resume with a plug-in download and a few clicks thanks to the AI-powered resume builder, Rezi. The company started as a weekend project in 2015 by CEO and Founder, Jacob Jacquet, to address the challenges his recently-graduated friends were having with writing hirable resumes.
According to the Rezi website, the company began by studying resumes and how they interacted with Applicant Tracking Systems (ATS), which companies use to manage online applications. Rezi wanted to educate job seekers on ATS while developing resources to create optimized resumes. This effort began as a resume template offered on a WordPress site. Once it hit Reddit with an explanation of the success of the resume, it quickly gained traction. Rezi then decided to focus on the South Korean job seeker market and became the most recognizable global startup in Seoul, according to the Rezi website.
The company’s next step was to go the direction of software as a service (SaaS) and support job seekers who wanted to make a resume in minutes. Rezi now offers a free plug-in version where users can transform their LinkedIn profile into a resume.
They also offer AI keyword targeting which helps users write resumes tailored to the job description for which they are applying by giving you keywords to include from a pasted job description that would best accommodate ATS filters. In addition to resume keywords, Rezi can also identify formatting errors such as missing bullet points, buzzwords, and useful content. Flexible formatting tools allow users to customize resume aesthetics such as font size, line height, and zoom level right within the app. The Rezi Score tool will then give instant feedback to guide resume formatting.
They also offer professional resume writers to edit resumes and provide suggestions and tips to improve content. One of the most unique features of this offering is that Rezi offers a private, updated, and sharable link to your resume. Users can get started for free but monthly plans range from $3-$9 and quarterly plans from $8-$89.
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