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Brokerage, Consumer News, Residential Real Estate, Misc

November 12, 2018

Paradigms and Paradigm Shifts

When Zillow first arrived on the scene, I flew to Seattle and had lunch with Lloyd Frink. Here was John and my take on Zillow in the "early Zillow Days:"

Saul and John's note to Tom Scaglione's Post on the Old RealTalk:

"You are right Tom, this is BIG news, and it is the beginning of what could have major implications for a lot of people who list and sell real estate for a living. John and I have been talking about this for a few days. Lots of questions come to mind not a lot of answers.

We should begin by reviewing the concept of Paradigms and Paradigm Shifts. A paradigm is a set of rules, the way things are done. There is a football paradigm in the US (100-yard field) and a football paradigm in Canada (110-yard field). A paradigm sets up the rules, and then we all operate within a given paradigm.

A paradigm shift is a "fundamental change" to the way something is done.

Key Point: When a paradigm shifts, everyone goes back to zero your past success guarantees nothing when a paradigm shift and in fact, your past success can act as a filter and block you from success within the new paradigm.

The Internet and listings on the Internet was the beginning of a paradigm shift in the real estate industry as the ability to assimilate, manipulate, and disseminate information went digital. That shift will accelerate over the next few years for many measurable and visible reasons such as the average age of homebuyers and the general acceptance of technology and the Internet in the conduct of business.

Zillow has the money behind it to have an impact. I know the folks who have been selling real estate can come up with pockets full of points that boil down to "we can't be replaced." Those my friends could turn out to be "famous last words."

To Survive the Next Few Years, Look for Answers to This Question:

What is currently impossible in your business, and if it were possible, would fundamentally change the way you do business?

The answers will be the key to your future in real estate.

John and I have begun our list of questions about Zillow having access to all the listing information and will post them as time permits. The fox is about to enter the hen house.

You have heard us say it before and we will say it again pay attention to your business environment nationally and prepare to "take back your future."

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