Episode #27: StreetEasy Tightens the Noose

Dear fellow real estate agents,

Sadly (but not surprisingly), StreetEasy has recently tightened its grip on NYC real estate in a few very concerning ways:

• Zillow/StreetEasy Gets Second NYC Brokerage License.  It has not been reported at all, but Zillow/StreetEasy quietly obtained a second brokerage license in NYC, this time under “Zillow Listing Services Inc”.  The first was under “Zillow Inc”.  Now they have a total of 3 licensed agents in NYC spread across two brokerages (up from 1 licensed agent earlier this year).

The noose tightens. But there’s more.

• StreetEasy going after its own listing leads. In October StreetEasy launched a feature to help owners with an “estimate of their home’s current market value.”  Seems harmless enough? Don’t be fooled.  Given that they are now a brokerage with their own agents, the handwriting is on the wall.  It seems clear that they are looking to harvest their own “listing leads”.

The noose tightens. But there’s more.

• StreetEasy killed off Naked Apartments. This is a common tactic of monopolistic firms, known as “buy and kill”, where companies buy the competition, and then “kill it”.  Look no further than Naked Apartments.  StreetEasy bought them and now, as of just a few weeks ago, killed them off.

The noose tightens.  But there’s more.

• Blackmail. Because of all of their recent antics many of you were delaying your listings to StreetEasy promoting “coming soon” listings, etc.  Now, StreetEasy is threatening to take away features if you delay your listings. Blackmail? Wow. You just can’t make this stuff up.

Some of you have just given up.  StreetEasy is too powerful, you say, and that is where 90% of your leads come from.

But some of you have NOT given up. I know because I hear from so many of you.

Unfortunately, the pandemic has taken its toll on many struggling small potential StreetEasy competitors.  This makes StreetEasy even more powerful.

Thankfully, Leasebreak is one of the few smaller firms still holding up. Why? We have always made a huge bet on brokers being an integral part of the real estate process (fyi: Click to learn more about Leasebreak’s Broker Lead Program).

But Leasebreak is a niche (#1 in shorter term rentals less than 12 months).

So why not do this on a much larger scale! 

Enter Frele. I strongly believe we can apply these same “broker-friendly” principles to Frele, a new site focused more on standard 12 month rentals (and eventually sales).

But I need your help because my ideas will strongly involve YOU.  Unlike many other real estate websites that are trying to find ways to go AROUND brokers, I believe in doubling down on working WITH brokers.

Let’s face it. StreetEasy doesn’t really understand NYC real estate like you and I do. They never have.  They also clearly don’t recognize the extraordinary value that real estate agents bring to the table.

I am in the process of building something cool at Frele with a special emphasis on brokers.  If you want to come along with me on this journey and be the first to get new features, have input, make suggestions, etc. text “Frele” to 917-540-8825.

I strongly believe in collaboration, transparency, and adding value.