Data Grab From Appraisers
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How can the a la mode purchase not be a data grab from appraisers?
This has been a tumultuous couple of weeks for Facebook. I’ve never been a heavy user of it, mostly a lurker. They constantly change navigation paths making it nearly impossible to update your settings frequently – and when you do, do you really trust them? I’ve always seen them as the “dark side” much like Mac lovers see PCs and Appraisers see CoreLogic. We all know by now that when you use something that is free, then you are the product. This was never more apparent when hearing Zuckerberg’s testimony before Congress this week – his long-term tactic since Harvard has been “its easier to apologize than ask permission.” There’s a great read on Quartz: 14 years of Mark Zuckerberg saying sorry, not sorry
But now with other developments such as CoreLogic buying the dominant software provider in the appraisal industry with over 50% market share, a la mode, plus FNC, Landsafe, Dataquick and others, big data and big paydays seem to always come from the backs of frontline appraisers. CoreLogic powers a large share of MLS systems now through their Matrix software. How can that not be some sort of data grab from real estate agents? Likewise, how can the a la mode purchase not be a data grab from appraisers? I’m all ears.
As for the a la mode decision to sell to CoreLogic, it is a free country and this is capitalism in action. If I were Dave Biggers, the founder of a la mode, looking at a giant payday and a stagnating user base, I’d find this offer hard to turn down. Corelogic has a reputation for paying whatever it takes to acquire someone which makes me think the end game is bigger than the sum of the parts.
We use a la mode and I even provided testimonials for them in 2012, but now I am conflicted, and since we are heavily invested in their software, to leave at this moment doesn’t make economic sense. But this action opens my eyes to looking at alternatives, which are already cropping up, after the dominant appraiser form software brand, blinked. They will need to prove to appraisers they are not going down that path. This seems like a tall, if not impossible and improbable order. But our industry reaction isn’t about the seller. It’s about the buyer – what CoreLogic plans to do with this purchase, aside from the sterile press releases.
And Zuckerberg got a much higher hourly rate than I ever have on the witness stand as an expert. He constant use the terms like “I’m sorry” and “we didn’t know” are things I’ve never said on the witness stand. If I did, perhaps I could bill at $1.5 billion per day? Just a thought… Read more »
Zuckerberg’s net worth went up $3b today. So even with five hours of testimony, that’s a good hourly rate.
— Nicholas Thompson (@nxthompson) April 10, 2018