Residential Real Estate Revolution

Many people are familiar with online real estate search engine, Zillow.com. Many more people will soon become even more familiar with the website, if an article written by esteemed realtor Jim Klinge is correct. One of Zillow’s largest competitors, Trulia, has just been bought by Zillow for north of $3.5 billion. With this consolidation, Klinge lays out his forecast for the residential realty industry.

The first thing apparent under Klinge’s prediction is the erosion of business through Realtor.com. Next, (although this has already begun) comes the alignment of corporate real estate companies with Zillow. Third, MLS companies fail to fight back. Their brand power is eroding much like Realtor.com’s, and they simply will not have the resources. Last comes the big finale – Zillow starts featuring and spotlighting realtors in exchange for cash. The highest paying realtors will secure their spots in the mecca of real estate advertising and thereby widen the advantage gap over realtors unable to sustain the hefty costs. In this pay-to-play environment, only the wealthiest and most active realtors will gain access to this feature, and in the process, will lay the final touches on the eradication of the residential real estate industry as we know it. 

 

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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