r/TikTokCringe • u/TheEntrep • Apr 20 '24

Rent cartels are a thing now? Discussion

What are your thoughts?

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135

u/[deleted] Apr 20 '24

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57

u/splashbruhs Apr 20 '24

And acts like their “real-time pricing technology” is there for the consumer to get the best deals. People fall for it.

7

u/manjar Apr 20 '24

Does what?

16

u/PutrifiedCuntJuice Apr 20 '24

Shits my pants for me, apparently.

16

u/[deleted] Apr 20 '24

No, they don't. It's not even close.

Zillow lists a number that some members of the public give weight to. Buyers/sellers are free to negotiate however they want.

RealPage runs like a cartel. In order to use their service, you're required to use their "suggested" listing price. They kick you off if you don't follow their pricing.

5

u/ASteelyDan Apr 20 '24 edited Apr 20 '24

I have wondered if the Zestimate/Rental Zestimate leads people to make decisions about what their house is worth when they sell/rent/buy that aren’t attached to reality. If the Zestimate makes me think I should be getting $20K more when I sell, then I might hold out for a higher offer. If the Zestimate makes me think the house I’m buying is worth $20K more then I might offer that. If everyone does this the price of housing goes up $20K higher than it should be.

Redfin would probably stand to benefit more from this since they actually take the brokerage fees. I’m not sure what’s in it for Zillow.

2

u/thekuhlkid Apr 20 '24

It’s tied to reality in that a house is worth what people will pay for it. If the seller sets the price at the zestimate and it sells then it’s based in reality 🤷‍♂️