Who Will Install The Giant Rats of Real Estate?

by Victor Lund on July 10, 2015

Real Estate RatIf you visit New York City regularly, you will sometimes encounter a giant inflatable rat on the sidewalk outside businesses experiencing union disputes. Organized labor has also joined in the fight against companies like Airbnb and Uber.

Ken Jenny of Trancen often remarks that: “with Airbnb, you have one of the largest hotel companies in the world who does not own a single hotel room. With Uber, you have the largest taxi cab company in the world who does not own a single taxi.” I would add that Facebook has become the largest publisher in the world and they do not write a single word. YouTube is the largest broadcaster in the world and does not make a single video. Incidentally, my 12 year old reads Instagram more than newspapers and watches far more YouTube than television.

There is little doubt that in the future, the largest real estate brokerage in the country will not have a single listing or show a single property to a buyer. Anyone can compose a list of who will disrupt real estate. But the more interesting list to create is who is likely to defend the industry. The most obvious answer is the NAR. But I do not see that happening.

The National Association of REALTORS is not a Union. It is a trade association that lives on the cornerstone of a code of ethics. If it is in the best interest of the trade group and the consumer to fend off the uberification of real estate, then they should stand up and deliver a few inflatable rats in front of businesses that are objectionable. I have witnessed the NAR march on Washington during the Midyear. I wonder if we will see a digital march or a financial march in our future.

{ 1 comment… read it below or add one }

Bill Wendel July 27, 2015 at 7:19 pm

Doesn’t sound credible… Three questions:

1. What criteria will the Rat use to determine which companies are “objectionable;”

2. How do you propose to assess what is in the “best interest” of consumers? And

3. Are you familiar with http://CAARE.org? My sense is that they are better qualified to speak for consumers than a trade association that has too often turned a blind eye to anti-competitive trade practices.

In fact, Saturday 7/26/15 marked the 9th anniversary of Congressional Hearings, see references in blog post

http://bit.ly/AGrevival

Reply

Leave a Comment

Previous post:

Next post: