Zillow CEO Spencer Rascoff just bought a home in Los Angeles’ Brentwood neighborhood for almost $20,000,000. The average income for a real estate agent, according to the Bureau of Labor Statistics, was $45,610 per year in 2015. Spencer Rascoff made $16,881,235 in executive compensation, which doesn’t include benefits like stock options, in 2015 according to Morningstar. Are you a real estate agent or broker? If so, let that sink in for a moment.
This is just another reminder that this guy, through Zillow, is taking your listing information and is selling it back to your competitors or, if you spend money advertising on Zillow, back to you. And if you work for a brokerage that syndicates its data to third party sites like Zillow then you are part of the problem. Your MLS, like MLS PIN here in Massachusetts, is probably complicit in this transfer of wealth because MLSs act as gatekeepers that have been sold the promise of additional visibility for their subscribers. Zillow is like a giant pharmaceutical company that continues to suck the life blood out of its real estate selling victims by promising its legal version of real estate heroin.
The New York Post ran a story on Tuesday, July 12th, 2016 entitled “Real estate CEO ironically overpays for his own home“. The funniest part of the article is that the guy paid over $1,000,000 more than its Zillow Zestimate and he also sold his previous property in Seattle for 40% less than its Zillow Zestimate. What a joke.
You know what? The guy doesn’t care. You know why? He’s rich. You know how? He made his money off the backs of willfully ignorant real estate agents and brokers like you. Bravo!
You’re supporting Zillow if you use any of the following services:
- Diverse Solutions
- Market Leader
Am I envious? Sure. I’m also envious of Anthony Bourdain but he’s not sucking money away from real estate agents and brokers. Am I crusading on behalf of the ignorant masses of real estate agents and brokers? Definitely. I feel like Moses wandering in the desert.
Stop allowing Zillow to drink your milkshakes…