GEARED TOWARD MILLENNIALS! Searching for a property? Virtually or in real time. Seek accuracy.
Many homebuyers and sellers use online home search engines like Zillow, Trulia or Redfin to search for homes or make quickie searches to determine the value of their homes. There have been shake-ups in the home search engine marketplace namely when, In 2015 Zillow purchased Trulia and the domain RealEstate.com, which currently redirects to Trulia.com.
Expect a May launch of RealEstate.com, Zillow Groups newest product which is targeting millennial homebuyers since this demographic often shops for homes using technology and more likely to find their agent online, as the largest (42%) home buying segment of total buyers in the market. Inman.com personnel released this hush-hush announcement through info sourced from MLS execs who were speaking on condition of anonymity when they attended Zillow Group's MLS forum last week.
Here's The Scoop!
- TOTAL COST OF OWNERSHIP: their new analytics tool, is taking a cue from TLCengine, a 3 year old real estate start-up offering a predictive analytics-powered affordability calculator that provides a home's "True Lifestyle Cost" and allows consumers to search based on that TLC.
- PHOTO ACCESS - Access photos without leaving search results and receive the same listings database feed as Zillow and Trulia.
Jeremy Wacksman, Chief Marketing Officer at Zillow Group, in a statement last month said, “We know from our own research they are driving the housing market as half of homebuyers in the U.S. are under 36 years old. This represents a huge opportunity for agents to connect with this growing audience of buyers.” Zillow and Trulia make their money through sales to real estate agents through their Premier Agent program.
They are an MLS based search engine platform used by 83,000 agents and brokers namely: NorthstarMLS, MyFlorida Regional MLS, the Lafayette Regional Association of Realtors and MLSOK, with 2 new clients coming on board pending an announcement next month.
TLCengine owner, Krishna Malyala was, “Shocked, flabbergasted, honored" to learn of Zillow Group's plans from the same executives who attended the forum. "We as a small company forced a [multi]billion-dollar company to change their product to match what we’re doing,” he added.
TLCengine’s patent-pending technology factors more than 100 variables into its True Lifestyle Cost, including mortgage payments, property taxes, child care, commute costs, home and auto insurance, and utilities. He believes Zillow Group may incorporate some of these variables, such as utilities, but probably would not incorporate commute costs or the ability to search for listings by commute. “We break it down into five different lifestyles: singles, couples, couples with young kids, couples with older kids, empty-nesters,” he said.
Malyala sees TLC as a “decision engine” that will help consumers make better financial decisions when they’re ready to take the plunge.
It will be interesting to see the new RealEstate.com platform with it's increased analytics that are so similar to TLCengine's product. We want to stay informed about internet home search engines like Zillow, Trulia and Redfin while they compete with up-to-the-moment MLS search engines for the Millennial's marketshare.
SEARCH SMART and ACCURATELY
To keep ahead of the competition, stay Informed yet search accurately for up-to-date reporting through the MLS based search Realtor.com. Reach out, sooner than later, for the personalized service of your live local Broker or Realtor to receive on and off-market listings, in-person home and market valuation for your home listing along with referrals, accurate living costs, local neighborhood and lifestyle recommendations and information for your search in real time and in the real world and collaborate for a successful result!
For 35+ years, Patty Rogers - Abio Properties, has been previewing and matching stylish homes to satisfied Bay area homebuyers and breaking sales records with her listings. She is known for finding and selling unique homes with a "Modicum of Charm". For next level real estate representation, connect with Patty for your home listing or purchase.