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Jeremy Wacksman

๐Ÿ‘ค Speaker
547 total appearances

Appearances Over Time

Podcast Appearances

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

I have to do a whole bunch of work, but I'm going to be selling my home when the spring selling season comes, so I should start to tell people about it.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

That's a version of windowing.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

The common theme across all those is,

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

a company is not choosing which customers can get access to the stuff and making it broadly available for some, but not for others, which can lead to all kinds of bad behavior.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

And you're not telling the seller that by doing so you're going to get even more money, right?

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

If you're going to forego some demand that you'll somehow increase price.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

That's, that's the only thing we say, well, Hey, if you want to do that, like we don't want those listings.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

I mean, we reconcile it by what's best for the seller.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

I mean, that's, again, that is honestly, if we ask 90% of sellers, do you want to do something different?

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

And they said that, we'd go work on that.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

But you ask sellers differently.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

Do you want to broadly market your home?

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

Do you want to sell faster and for more money by public marketing?

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

And they say, yes.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

And by the way, agents do too.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

And I think that's part of the other nuance of this industry that folks don't quite get is a lot of these industry machinations are between the brokers and the MLSs and the associations and NAR and all the legal work.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

The industry is actually run by over a million independently licensed real estate professionals who are independent contractors.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

And so they inherit a lot of benefits from the companies they affiliate with, but they make their own decisions.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

And they are fiduciaries in many cases, and they are supposed to disclose the benefits and risks of how you go sell your good to your buyer and seller.

Decoder with Nilay Patel
Zillow's CEO on growth during a housing crisis

So that's what we're trying to help support.