The popular real estate listing services StreetEasy & Trulia, under the Zillow umbrella, are extremely popular amongst New York City buyers/renters. They hold 2/3 share of the online real estate market. (comScore Media Metrix, Key Measures [Local Market], December 2016, U.S.). These sites have, however, drawn the ire of numerous NYC real estate agents with the rollout of their Premier Agent” feature.
When an agent has the exclusive listing of a property, you’d expect that agent to be the featured agent on the listing’s page. That agent is the expert, after all. But on the aforementioned listing services, they are not, in fact, the only agent that appears on that property’s listing. The Premier Agent feature allows “buyer’s agents” to pay for advertising space at the top of the listing’s page, and deceptively display themselves as the go-to contact for that property
. Though this “pay to play” system may seem a great advantage to the buyer, it ain’t. The “buyer’s agent” likely knows little to nothing about the actual property, and is essentially nudging between the listing agent and the buyer just to get a chunk of the commission. The Premier Agent feature is flooding the market with unknowledgeable agents hoodwinking buyers into thinking that they’re on their side. To quote agent Ryan Serhant of Nest Seekers International, “There is no vetting process for agents who pay to get into the premier agent program other than a credit card number.”
Some questions on your mind might be:
“So what’s being done to hinder these ‘pay to play’ efforts?” Great question. The Real Estate Board of New York (REBNY) has asked New York Regulators to look into whether or not StreetEasy’s new Premier Agent feature is in violation of New York advertising laws.
“That’s great! What can I do to help?” Another excellent question! Here are a few things you can do whether you’re an agent or a client:
- Spread the word! Post on your website, write blogs, newsletters, and social media posts, warning potential clients about this duplicity.
- You can call this Zillow number and complain about it. 206-470-7000
- Post your listings on/ check out the listings on Agorafy. They also have a similar feature, but at least they’re transparent about which agent is the actual listing agent and which paid for an advertisement on the page.
Don’t be fooled by these “Premier Agents”. When you see a property you’re interested in, find out who the listing agent is, and contact that person directly. It may take an extra moment of work, but it will be worth it. It’ll save you the headache of dealing with an unknowledgeable agent, and will put you in touch with the real expert. If you’d like to be referred an agent who can help you find your perfect home, feel free to reach out to us. As movers, we form very close relationships with real estate agents all across New York, and know some of the best NYC has to offer.