Facebook Emerges in the Real Estate Game
What Will Facebook’s Real Estate Marketplace Mean for Realtors and Agencies?
The social media empire with billions of followers is expanding. Though Facebook is known for connecting family and friends, the tech giant is broadening its horizons into the field of real estate.
Renters, owners, and landlords will now be able to connect in a much simpler way through the Facebook Marketplace. Currently, homeowners can list their homes for sale on the Marketplace. This feature is rolling out gradually and is only available via the mobile app in the U.S.
Facebook is also entering the rental listing market. During its beginning phase, the Marketplace will allow renters to search listings by location, price, bedrooms, bathrooms, rental type, square footage, pet friendliness, and a 360-degree photo upload option for each listing. Once a renter finds a prospective property of interest, a short form is accessed within Marketplace, and a property manager or agent can contact the renter directly. In order to list a rental property on the Marketplace, the owner or landlord must use either of the two listing sites that have joined Facebook in this endeavor, Zumper and Apartment List.
The term that comes to mind is “Disintermediation.” Is Facebook looking to disintermediate (or remove) the “middlemen,” otherwise known as real estate agents, from the listing game? Or, is it simply looking to provide a new platform for real estate agents to enhance their business experience?
Facebook claims that they do not play a role in any transaction, aside from acting as a “host” in connecting listing agents or sellers, and renters. Nevertheless, Facebook’s expansion into the real estate industry with a massive online platform will create more competition for real estate listings in general.
We shall wait to see what role Facebook seeks to play—as a disintermediary, or as a business advertising platform for real estate agents.
From the trenches,
Oppenheim Law – Real Estate Law Firm in South Florida