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Sign into your accountWho Will Install the Giant Rats of Real Estate?
July 08 2015
If 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.