Google Base launched today without the “housing” option that was available in the temporary site (as shown in this screenshot). Of course, users can still add their own housing information, but if it is not a default option, I doubt it will take off.
The site looks real interesting… Here’s a positive review and here’s a negative review. I’ll post my review after I’ve had a chance to play with it more.
So what impact will this have on the real estate industry?
Short-term: none.
Long-term: It depends on where Google takes it.
I agree that in the short term, there will be no impact. In the long term, the impact on the real estate industry will be huge. Why would a homeowner need the MLS? Why would a potential home buyer need the MLS? Buyers and owners will still want help with the the nitty gritty details of preparing a property for sale, evaluating offers, completing the sale, etc. But you can kiss 6% commissions good bye! All of these services could become unbundled. Attorneys will compete for the service to complete sales.
aso
(not in the real estate business)
Scott,
I’m not convinced that Google Base is going to have a huge long-term impact. That is not to say that the real estate industry is not going to see some major changes in the near future. IT WILL. But I’m not seeing Google Base be the tool that really makes a difference. If consumers were desperately searching for an alternative to the MLS, then Craigslist already provides a better option that Google Base.
And I’m not seeing the connection between the 6% commission issue and Google’s tool. I can imagine a situation where there are MUCH better listing options AND buyers are still willing to pay 6%… Just as easily, I can imagine situation where there are much better listing options and services are unbundled.
Scott,
I’m not convinced that Google Base is going to have a huge long-term impact. That is not to say that the real estate industry is not going to see some major changes in the near future. IT WILL. But I’m not seeing Google Base be the tool that really makes a difference. If consumers were desperately searching for an alternative to the MLS, then Craigslist already provides a better option that Google Base.
And I’m not seeing the connection between the 6% commission issue and Google’s tool. I can imagine a situation where there are MUCH better listing options AND buyers are still willing to pay 6%… Just as easily, I can imagine situation where there are much better listing options and services are unbundled.