I've been surfing Zillow the last couple of weeks and noticing that the amount of information they have amassed on individual homes in the US is astounding. They have recently added the ability of a home owner to update information about their own residence within Zillow's database, thus making the information even more relevant. AND the coolest feature is the "Make Me Move" label in which a home owner can indicate the price they'd be willing to sell their home for - while it's not even listed for sale.
Consider this, a prospective home buyer in Spokane, WA could zero in on a Nine Mile Falls neighborhood with Zillow and then contact all the "Make Me Move" home owners to see if a sale could be negotiated. Don't think for a minute that just because the home owner said they wanted $200k that they wouldn't take a lower offer - do you really think they would have gone to the trouble of inputting the info to Zillow if they we're at least warm to the idea of moving?
Notice the transaction above did not involve a Realtor. The prospective buyer can surf for homes from the comfort of their home 24 hours a day. When they find a "Make Me Move" home that suits their needs they can contact the seller directly and begin negotiations.
So...will Zillow replace Realtors? I'd doubt it, although it might create an entirely new industry - let's call them "Zillowtators." These individuals would be a neutral 3rd party that would help the buyer and seller work their way through the legal and regulatory maze involved with selling a home. These Zillowtators would have all the necessary forms and checklists to consummate the transaction and would collect a flat fee. Hmm...I think I'll go register that domain with GoDaddy before I post this!
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