Redfin, a clever idea, a terrible business and a slow death
Ian Watt says "There's no way a computer is going to beat me and my services."
I admire Ian for standing up and taking on a big start-up like Redfin, but while Redfin may not beat Ian and his "services" that don't "compete on price", isn 't it possible that this service, or one like Zillow, could compete and drive other realtors out of the business? And while Ian may continue, if an alternative business model starts to compete as a sales platform, isn't it possible that some realtors may be out of business sooner than later with the Redfins, Zillows and Googles of the world encroachingand shaving the margins in the housing market?
Considering the staggering commissions involved, isn't it plain common sense that a business model that can produce sales just as fast or conveniently could put some realtors to the ultimate test?
Time will tell....
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