Not in my backyard!
The National Association of Realtors — one of the most powerful lobbying groups in Washington — wants regulators to block the $3.5 billion merger of Zillow and Trulia, The Post has learned.
The two companies, which rely on advertising from real estate agents for the bulk of their revenues, are the leading Web sites for home listings.
The trade group’s similar offering, realtor.com, is a distant third.
The three are the only national real-estate sites of scale that show what properties sell for and list properties.
“People are grumbling about the merger,” a well-placed DC source said. “They are arguing there are only three” so there should not be further consolidation.
The Federal Trade Commission has until Sept. 3 to make a second request for more information, giving the agency more time to review the merger.
“We could be looking at a second request,” the DC source said, although he added it is too soon to say whether the FTC will raise possible antitrust issues.
Mortgage brokerage powerhouse Realogy — owner of Century 21, Coldwell Banker, Corcoran and ERA — has not weighed in on the merger, a company spokesman said.
David Lykken, head of consultant Mortgage Banking Solutions, said he believes the National Association of Realtors is nervous about the merger.
“Their perception is this is the beginning of our end. This is going to turn control to consumers,” he said. “This will begin to retard their power, but that is not such a bad thing.”
Lykken said real estate agents can spend less time driving clients around to see homes if their customers use the sites to educate themselves in advance.
“I ask realtors who do not like the sites, ‘Have you ever lost a sale to them?’ And they say no,” he said. “This forces the realtor to up their game.”
He also doubted that Zillow would raise ad prices once it completes the purchase of Trulia.
“I predict the deal will happen,” he said.
Zillow argues that the residential mortgage listing market is much larger than just the online portals.
The FTC and NAR did not return calls seeking comment.