Zillow Unleashed... A Blizzard of Activity that Changes the Scoreboard Big Time!

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Zillow Unleashed... A Blizzard of Activity that Changes the Scoreboard Big Time!

slam dunk blue sky basketball This has been a busy, busy week. Have you found that Christmas has the same effect as planning a vacation when you're in real estate? But, my busy week has been nothing compared to the fireworks that have been springing up all over one very popular consumer site aka Zillow.

Wow...these are the headlines just since the 15th of December, 2009!

Zillow Annouces Rental Listings by Sara Bonert ...

should have been required reading for EVERY Realtor on Active Rain...just 46 comments so far.

Zillow Goes Head to Head with Realtor.com, RPR and your Wallet! on the Agent Genius Blog

Now listings which are not coming into Zillow through an MLS feed will be charged $9.95 PER listing. Interesting to read the comment stream on this blog as the assumption seems to run deep that Zillow will not charge for MLS feeds in the future. From a purely business standpoint, it would make sense for Zillow to charge for this feed ~ after all, access is what advertising has always been about.

and then this tweet came across my screen from Tech Flash... Drum Roll Please...

Zillow Tops Realtor.com in Battle for Real Estate Eyeballs!

In just 4 short years, Zillow has accomplished what thousands of MLS systems across the country are still struggling to provide...a robust information and community rich format that delivers real estate insights and facts in a way that helps the real estate consumer with their decision making process AND one that the consumer craves.

And consumers have responded in droves! I know that most real estate agents may find it hard to imagine that they may NOT be the information source of all things real estate in the future...

In politics, I think they put it this way...it's the ECONOMY stupid! Perhaps, we could substitute CONSUMER in that phraseology and not be far off.

It's just before Christmas and most of us are rushing around trying to get things in place for the holidays. My hunch is that 2010 is going to a pivotal year, but the ball bearing may not be centered in the location where most of us are currently looking. But, make no mistake the change around the corner is about to escalate big time.

What time is it?

Over-time~ if you haven't got on the technology bandwagon and hoped against hope that all this would go away...well, wake up. It isn't and it wont'...but maybe your job will because the career that existed in the industry in the past will be increasingly impossible to maintain and sustain a viable lifestyle.

As an industry we've failed to truly comprehend that information has NEVER been what drove the real estate process. It was simply a leading indicator; something that pointed the way to the goal for the consumer. For the real estate consumer, the purpose of information has always been about providing contextual value and education to make prudent and profitable decisions about real property. I have this dreadful sense that many of us are still not getting it...but in the near future, we may pay be forced to pay our bills to those who do.

**in a related aside, courtesy of Missy Caulk ~ "Google in Talks w/ Yelp...is Real Estate Asleep at the Switch?" (link from 1000 Watt Blog)

UPDATE: 12/19/2009 from Inman News: Realtor.com Still No. 1 (a fairly technical article stating why Zillow's widely reported claim about surpassing Realtor.com in November is not entirely correct)

Here is Zillow's response/interpretation posted on their corporate blog: 'Zillow's Spectacular November' (blog update)

basketball hoop photo courtesy of laffy4k's photostream on flickr

Lola Audu, CRS, GRI e-Pro ~ Audu Real Estate

Lola Audu, is the Designated Broker & Owner of Audu Real Estate. Our company specializes in helping people buy and sell homes in the greater Grand Rapids, West Michigan area. We've had the privilege of helping hundreds of clients succeed in their goals of purchasing and selling property including demonstrated success in the negotiation of Short Sale Transactions. You can contact us via e-mail @ info@auduhomes.com or by phone at 616-791-0511.

Posted by Lola Audu~Real Estate Broker/Owner Grand Rapids, Michigan Real Estate on 12/18/2009 05:42 PM

Comments (162)

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162 Comments on Zillow Unleashed... A Blizzard of Activity that Changes the Scoreboard Big Time!

DEC

2009

Well, I for one will not be posting on Zillow any longer. I will not pay $10 for a 180 day post because according to my analytics account on google it doesn't generate that much attention for me. They can pull from the MLS and I will probably get just as much action.

Zillow Tops Realtor.com in Battle for Real Estate Eyeballs!

Wow! That's a surprise. Thanks, Lola. Very interesting info.

Here's what I tell my clients. In this business, the only constant is change.

Hi Sandra, I think the mistake that many of us are making is that although real estate is local, the business of real estate is now global. So while, your individual listing pool may not be impacted, your MLS data may be feeding your listing and fueling the economic engine which determines what folks see & subsequently buy. Over time, those whose listings are seen more will ultimately have a substantial advantage. That's why Zillow becoming the most visited site by consumers over Realtor.com is a significant accomplishment.

Bruce...that's an amazing fact in more ways than one. A mere five years ago, most of the world had never heard of Zillow.

Lola - it has been a busy week for sure. no doubt the landscape will continue to shift as we see new models emerge, and the demand by consumers for more access, different services, etc. I see Google making more changes in the real estate arena before too long.

Jeff

Hi Lola. I am sure Sara Bonaert (sp?) from Zillow appreciates this post!:)

Very nice. This is one website that I have kept on the backburner...

I look to develop in the next year.

Thanks for writing,

Ken

I totally agree with Jeff. I believe Google will be seeking to commandeer as large a portion of the market as Zillow or larger. From an Insurance Agent standpoint, Zillow provides specific information about a property that saves a call from me to the client (several calls make the quoting process seem problematic and complex somehow).

What time indeed. I predict that in 10 years if your a realtor that shuns technology... your out of business. Keep in mind I say this with the disclaimer that you better be real in person no just a technophile!

I get it. And am doing everything I can to make sure I am using it appropriately. Change is coming. This is just another one of those changes.

Jeff, I agree with your observations about Google. What I find intriguing is how unremarkable the 'shift' was. Overnight, we woke up and every home listed for sale could be found on a Google Map. What's even more extraordinary is that a large number of real estate professionals may still not be aware. But folks who are intending to buy and sell real estate are certainly taking note!

Google has an extraordinary rich database which actually is far richer than Zillow. Think about this...most people tell Google stuff they'd never admit to their friends or family. That's in essence what happens every time you conduct a search. AND...all searches are SAVED technically forever. Just think about the power of that kind of predicative ability when it comes to knowing WHO will be selling next. They're leaving trails all over the place...searching for real estate info b/w 6-12 months PRIOR to contacting a real estate agent. Might we be paying for this info in the future???

Ken...Zillow has quickly frog leaped from the back burner to the front one! Sara Bonert is welcome to weigh in. :)

Good point Travis...but what happens if the information you're accessing is wrong, incomplete or worse...illegal. Think of some of the travails that Craigslist has been through...in our area, people were renting out homes on Craigslist that they did NOT own! One of the safeguards that Realtors have provided over the years through their MLS systems is ACCURACY and a system for tracking error and creating consequences for blatant misrepresentation.

Dan...10 Years??? I think you're far too generous. :) IMHO This train is picking up speed!

I tool out a Zillow side ad and have been getting response from it !!!!!!!!!!

Jason...good! My concern is two-fold:

1. For those who don't get it

2. For those who think they get it

I'd probably place myself in Category #2...this has implications which are mind boggling and stunning. I'm sure I don't totally get it...but at least I'm trying. :)

I wonder if there will be a significant difference in traffic if you purchase the featured listing. It's not a huge investment so it might be worth a try.

Michael...interesting to hear about your results. Could you share more about the difference taking out an ad out on Zillow made? What would you be willing to pay for all your listing and would this service be more valuable to you than your current MLS? Just curious...

Dr. Stacey...it's not a significant investment, but it does make your MLS dues look like quite a deal. Imagine an agent w/ 50 listings...that could add up pretty fast if you were paying 2X a year. I don't know about your area, but our market time has ranged b/w 8-11 months for most of the past 2 years. (I assume you're referencing the 2nd article)

My sellers specifically put in their listing contracts that their properties are NOT to be placed on a site that offers a computer generated estimate of the home's value nor allows for comments from others concerning the home. This THEIR choice. So until companies finally get it through their heads that they need to make it an option to have or to NOT HAVE auto-valuations or comments, I must follow the orders of my sellers and not let them appear on those sites.

Quite frankly I am tiring of the self-applauding for this bunch. But I just keep doing the best job I can for my customers. Let's see a computer do that. My customers know better.

John, but what if your MLS feeds the data through RSS feed to Zillow or anyone of a number of sites. If this was the case...would your sellers be willing to NOT post their listings online to other agents in your area to avoid the the prospect of having their home on a site that offers computer generated estimates?

Missy Caulk just posted this link on Facebook from 1000 Watt blog..."Google in Talks w/ Yelp...is Real Estate Asleep at the Switch?"

We are the only industry I know that sends a bunch of independent contractors out into the field to gather information only to have it sold back to us in the form of leads. It makes me sick to think of it and I honestly believe that it is a disservice to the very people that hire us. We, as a collective unit (A MLS) must stand firm, control our listing data and use it for ourselves. I am happy to compete with fellow agents for business but not with some punk telemarketer who can not pronounce the city in which I work. The problem is that I am busy as an agent selling to support a business and we need people in charge of our MLS to get a clue. Beware, I do vote.

Lola - I have been one of the few posting listings manually and we also have a sidebar ad on Zillow. Being featured in itself is not bringing that much traffic, and I have noticed that is much, much more about what and where the house is. For mow I will probably let our MLS feed the listings, but I am monitoring closely. ~Rita

We have tried it both ways -- posting our listings on Zillow as well as posting our own homes (which are not listed on an MLS) as "Make Me Move" listings -- on Zillow. And the result -- a big "0". We only get calls on listings posted on Realtor.com and GRAR.

REGARDING OVERTIME - I've been tooting the horn about getting on ActiveRain and Social media importance to real estate agents (and sites like Zillow, Trulia, etc.). The vast majority smile and nod. ONE out of twelve that I have personally trained has embraced it and is extremely excited. He and I will make a lot of money (aka ... stay in the business) in 2010. I'm not being left behind!!!!!! And plan to be one of the few still standing! Now THAT is exciting.

Hi Lola...Sometimes I'm glad I'm 72. I'm able to keep up so far fairly well but the changes are coming more and more quickly. It seems that at some point it will be very, very tough to know which way to turn. As it is, we'd better keep our skills as sharp as possible and continue to provide, as you mention, the best personal knowledge we have of our local market and the ability to assist in making the right decisions. As long as I can do that, I will continue to work in the field I thoroughly enjoy with clients I am pleased to represent.

Kate

Thanks for the update Lola, and it shows that we need to stay abreast of all changes in the technology area. Now if Zillow can just get within $90,000 of the true market value of homes with their Zestimates I might have more confidence in those guys over there!

Lola I am working as a single agent for my sellers. Where do you see that you or Zillow or anyone can make me break the law by going against their orders. This is laid out, at least in Florida, as an obligation of a single agent. I for one do not want to get taken to court so that any company can offer an estimate of the value of my sellers' homes that is at best questionable. Especially when I have been told not to.

If others want to do it and their contracts allow it fine. More power to them, but I am very sorry, whether or not my listings are on that site is not going to sell them here. My listings do not need Zillow to get them out to other agents or to buyers. I have more than enough sites to get them the exposure they need. Not to mention the fact that here, and in many other smaller urban areas, word-of-mouth trumps the fancy-schmancy sites that hurt us more than help. Sorry. I am going to be legal and ethical and follow the wishes of my sellers. They say no auto-valuations, and I follow their wishes. Are you advising me legally to ignore their orders? I doubt that even my licensed attorney would do that.

As for my MLS pumping them to Zillow or other such sites, the MLS has a spot on their input form where this can be prohibited if the sellers order it. At that point, they CANNOT give it to sites that estimate values or allow comments. By the way, the accuracy for the estimates here in Pasco county are way out of bounds and they admit it.

I do use technology, probably more than anyone else in my immediate area. My listings are all over the place and I do not need a site such as you mention to help me.

So, in a nutshell, I am not going to be bullied by any site or company, or their cheerleaders. I do what is best for my customers. Let's see Zillow drive my handicapped seller's van to the garage to get it fixed for him.

Jason...I'm afraid that train has left the station. The combination of government pressure in the form of constraints of what can be 'restricted data' has pretty much put the lid on keeping information private. There are too many hands in that pot right now and that's not going to change anytime soon.

Where I think we dropped the ball as an industry is in not having a clear understanding of what the CONSUMER wants. They're driving the bus and THEY want access to information about the house AND the neighborhood AND service providers AND community data etc... We have claimed to be 'neighborhood experts' but have provided little to the buying public in terms of published data (updated regularly) to support this. Blogging by agents has made a difference, but the % of agents blogging remains well below 10%.

Rita...appreciate your sharing your experience. My instinct tells me that this 'war' will largely be won on the basis of 'perceptions' WHO does the PUBLIC perceive as having the best data and most resources to support their buying or selling decision? What's dangerous about that, is the fact that perceptions are not always accurate...we all know the power of illusion aka magic. :)

For agents who may find themselves forking out even more money from their earnings, this is a discussion which bears watching.

Jeannine...thanks for weighing in w/ local perspective in Grand Rapids, MI. What I would point out is that this is not just about getting hits/calls on listings...it's also about WHO is exposed. A good example might be the Open House. Agents do Open Houses even though we know that less than 6% of homes will sell as a result of an Open House. But we do KNOW that there is marketing value to doing them...many of us have listed the neighbor's home or sold something to someone who visited an Open House.

The issue here is money...advertising revenue follows eyeballs. So do leads...

Good for you Steve! We all need to step up to the plate and deal with the realities of change. Change always presents new opportunities for someone...

Kate...the pace of change is dizzying these days. There are many things which will not change and these principles of honesty, integrity, adding value, respect and dignity to the lives of people we serve will continue to be appreciated and sought after. In a strange way, it may turn out that these changes work out to be good for the industry by forcing us to re-define what it means to serve the public's good and welfare in the transfer or real property.

Gary, that's my point when I mentioned the power of 'perception' earlier. We (professionals) may know that there are serious discrepancies, but the buying public is begging to differ in terms of the trade-off b/w data and consumer based info. They are voting with their eyeballs and that's what the Realtor.com vs Zillow deal is all about....consumers (at least this month) went to Zillow when they thought 'real estate' That's worth a pause...

John...I was simply asking a question for discussion purposes. I certainly understand and appreciate your legal obligation to honor your client's wishes.

Hi Lola,

Do you see this news as a good thing, or a bad thing, for agents?

Realtor.com is lacking a lot of things. It is a shame that they have fallen behind in being the best real estate site.

Lola . . . first, the listings in our market have an "OPT OUT" for the seller . . . they do not have to allow their property to be posted on VOW's or IDX's if they don't want to. Also, there are NAR rules that govern what IDX sites must do to be in compliance. If an agent uses a site that is not in compliance they are NOT covered by their E&O insurance policy.

IDX sites, with Zillow being one of the, Redfin another, Trulia, etc. base their information of a DOJ (Dept. of Justice) action brought against NAR. NAR fought very hard to keep our work product OUR work product, but the DOJ thought otherwise. And now . . . there are over 2,700 IDX sites trying to vey for a piece of the pie. Again, Zillow, Redfin, Trulia being big dogs in the yard. IDX sites take the information WE PRODUCE, i.e., real estate agents in the course and scope of standard business practice, and use the information because the DOJ said they could. GOD FORBIDE the DOJ starts to tell COCA-COLA to turn over their "secret formulas" . . . or KFC. Yeah, but the work product of Realtors(r) that's okay to publish. And really, the information that Zillow, Trulia, Redfin, et al. obtains from the MLS services, are NOT ours (ie. agents/Realtors). That information belongs to the OWNERS of the property we are contracted to represent.

With the IDX sites being the legal basis of transpancy . . . I think that ALL corporations, organizations, business, etc., need to be under the SAME boat as REALTORS(s). I think the DOJ needs to make the recipes for COCA-COLA available, because I don't want to spend $2.99 for a six-pack anymore, but I still want that SAME great taste in my mouth . . . so I WANT to make it on my own. And SCREW paying $17.99 for 10 pieces of KFC, two sides and a cake. I WANT to make that chicken myself, and I think it's unfair that I am FORCED to pay $17.99 for a FULL MEAL DEAL, when the DOJ of should just go in and MAKE THEM GIVE IT UP TO US CONSUMERS!!

I'm going to try a listing ad in 2010. I gotta know how well, or not so well, it works!

Janet...boy, that's a hard question. It's hard to tell, because I'm not sure how this will all eventually play out. On one hand, I look at the travel agent industry which did not fare very well largely because they were slow to understand and adapt to the changing needs of the marketplace. If we don't adapt, it could be bad I suppose. Right now, it seems to me that we are following as opposed to leading. That does not have to define our future. It's all about leadership & sometimes leaders emerge precisely because times demand it.

Russ...well, right now that data (regarding being #2) is only for one month. :)

I agree with you - it's the added value we provide as realtors not the basic information that buyers and sellers can get from the internet that real estate is all about.

Carla, love your comment! The E&O issue is something I'm finally hearing more discussion about. This has been a concern for me not only with blog content but with the accuracy of listing data. We probably haven't heard the last on the argument about WHO really owns the data on the Internet ~ and this is not just limited to real estate data. I just heard a report in the news that the French government won a case against Google with regards to copyright for certain publications and their being indexed/shared in online search. So, I'm sure these discussions will remain with us for some time. (Google is appealing the verdict)

I would like to know more about paying for a feature ad with them. I have just registered with zillow to be able to show my sellers their homes viewed stats. I also agree with Gary it would be nice if they could get their zestimate within a $100,000 of value.

So... I guess the employees of Zillow have been instructed to click on the site a 100+ times a day.. ;).. (Is that the new job openings they have posted on their blog? LOL!)

Just joking of course... but a bunch of traffic on the site does not mean to drop what is really working and divert all of that time to Zillow. And it certainly does not mean the quality of traffic is better then Realtor.com.

There are a lot of clicks that have nothing to do with people looking for homes.. much like comment #7 mentions.

It's ALSO very obvious when you follow their blog that they generate headlines and links to the site that get clicked purely based on tabloid style readership.

Aerial view of Tiger's house, Aerial view of Elin's New house, Paris Hiltons home, Paris's dogs home, So and So listed their 20 Million home (like this type of buyer is going to be searching on Zillow..LOL!!).. Top ten most expensive listings...etc.. etc.. etc..

Just look at the Zillow Blog and count the interest peaking links that have nothing to do with selling real estate. A lot of these posts get distributed in very HIGH volume outlets such as Yahoo!, AOL, etc..

By the way... looking at their blog is a very good tip for RE Agents looking to generate a bunch of hits to their own site. ;)

That is... if all you are looking for is Hits and Billboard style advertising.

(Nothing wrong with that because the amount of hits you get equates to more that you can charge for advertising.)

I'm pretty sure the National Enquirer has a higher readership then our local paper... but our local paper is going to generate more leads in their real estate section.

Five years ago everybody was up in arms that sites like this were going to change real estate.... LOL!

Five years later with a bunch of hits, we are supposed to still think that? For anybody who has actually spent the time listing / advertising on Zillow... we know better.

The scoreboard for quality leads has not changed one bit...

In fact... with this news... it actually lowers their score if they are getting this many hits and real estate agents are still getting the same results.

This is interesting, Lola, to say the least. I posted something regarding Zillow's latest scheme to rob us on my blog the other day. Needless to say, I have not yet heard back from my broker about it. I'll have to mention it to him when I see him.

That being said, Zillow is a good site, but providing consumers information about real estate is not the same as providing service to them and helping to meet their needs. I don't think that agents will become obsolete due to Zillow...I think that we will become more importnat as consumers get overloaded with information, some of which may not be as accurate as it may appear. And we'll still be the ones people turn to for expert advice on real estate matters.

I think Zillow is an obnoxious site, and I don't think it's really helpful to agents at all. There is some benefit to consumers, but the quality of information is lacking.

I have to agree with Jason about companies trying to sell us our own leads... I did get a call today from a lady who found one of my listings on Zillow, to bad this one was sold moths ago. :(

With all the changes in the industry and the battles yet to be waged I wish I had confidence that Realtor.com would come out on top but I'm afraid it was just a matter of time until they lost the lead on the eyeball count.

Zillow! Almost all my clients check out the site when they are looking around and tell me what they find.

DEC

2009

Every site is good to a certain point but having an up to date list of homes and their status is critical. Buyers get so upset when they see things that are supposed to be available and are pending. An IDX that is concurrent with MLS is so important! Realtor.com needed to change with the times and it hasn't.

Very interesting- to see how Zillow has transformed itself from a Home Valuation site to a much more dominent information site. I wouldn't rely on auto feeds just as we paid for Realtor.com, it will be a revenue generating machine for Zillow and as long as consumers consider it to be a go to site, we REALTORs® should consider that as part of the marketing strategy for listings. Thanks Lola

I think these companies should pay us for the listings.

All of Zillow is changing. They are like Walmart. They came in "bought" the market and now that they have the following they want the prices are going up in all areas

Have a great day

Tony

I'm happy for whatever Zillow does as long as it doesn't involve them 2nd guessing my local knowledge on prices. If they help make deals, God bless them. If they kill deals with that $#%^&* Zestimate, a pox on their house.

Great post thanks for the information

Hi Lola, have we been asleep? IMO yes...

The horse is out of the barn. In our board outside companies have to pay for our data feed. But, as agents we can get it free. You would be surprised at the number of agents who don't use it.

My biggest concern is keeping the data accurate and removing listing when they sell. Should the consumer call us when they find a house on Zilow, Trulia, or Google and the house be gone, we looks unprofessional. The buyers don't blame the listing agent they blame you. No doubt they are out there searching everywhere.

Yesterday I got a prospect who was on one of my websites, 5 minutes later she registered on another one.

LOL

This is very confusing. While portals like these make money from advertising revenue, sales would tend to be greater when they capture more listings. Charging for listings may help with an initial cash infusion but when agents start removing their links, advertisers may think twice about where to spend their advertising dollars. Then the catch 22 really begins as Realtors who leave listings with Zillow get charged more because of revenue declines. They may have just found a way to make themselves irrelevant.

Valuation of homes is not reliable on Zillow. If it is not listed with a REALTOR for sale, who is to know that the kitchen hasn't been upgraded? Realtor.com has been too slow to get the proper format, but now that it appears they are on the right track, I feel compelled to rely on Realtor.com. The costs are too high to add Zillow at this point....at least that's my feeling.

I think the reason Zillow is receiving a higher number of hits is likely because homeowners (not buyers) are using that scale to determine their home values and loss (albeit inaccurate). In my area they check it out OFTEN. Additionally, Zillow is a more user-friendly way to check out other homes for sale in a person's neighborhood without putting in exact addresses. BE WARY of Zillow hit statistics.....just sayin'.

Using a site with valuations which are largely inaccurate is not the way I would want my property listed... Many sellers are informed about this site and have all rights to not want to be associated with it.

Lola.....ahhhh it's good to know that there are brokers out there that are not in denial.....most realtorsl have dead end domain names followed by janedoe@yahoo.com email addresses and are not any where near the first page of google bing or yahoo........the model for business will NEVER be the same EVER....and now those that were in denial are lost and will be forced to deal with those that knew that change was inevitable....the next big push will be for geo specific portals that agents will flock to because their MLS systems have been antiquated and no longer can keep up with technology......MLS's were originally created for agents and brokers......now they are a rip off and the consumer runs our business....so if your not listed where the consumer is looking YOU LOOSE!

AWESOME POST LOLA!!!

I have embraced technology in my business from day one and I have been blessed as a result. Having said that, the pace at which new streams come at us is truly overwhelming at times. I too will keep an eye on Zillow (and maybe even test the waters) but there comes a time when you can't possibly do it all. And... the spread between my Gross and Net is ever widening.

One of the truest statements made though is that those who don't embrace technology may not be in business in the next couple of years. I'm seeing it in my office. Some of our more successful traditional agents have seen their business volume drop off significantly over the last two years while mine and other colleagues who have a strong internet/technology presence have seen our business volume increase.

Hi Lola, first of all, let me say that I am glad for Zillow in that we (still) live in a free market economy. They were able to come from nowhere and excel. That's what makes America great.

Secondly, let me say that Zillow's worst attribute is their ridiculous valuation system that is incredibly inacurate. It hurts their credibility.

Third, Zillow may be the popular place at the moment, but being the big dog and staying the big dog are two different things. Realtor.com tried to charge extort us to pay them big bucks for featured this and featured that. I refused to pay them. I won't pay Zillow either.

The one thing we have on any big real estate internet site is that we are local, on the ground, in real time. I cannot count the number of times clients have found a great house on a big internet site that they loved, only to find that the house sold sometimes months ago. Zillow, Realtor.com and others may have the information, but they do not have the key to the micro data or the to the door of the house. This is where real estate happens. Not at the 20,000 foot level.

Lola

Zillow is not longer a BABY and now as a well trained ADULT is collecting what it planted.

Are we going to be their fertilizer to make them bigger? Are Realtor.com will be their soil and water that they need?

What do you think?

I for one will not be using Zillow and encourage consumers to use any site OTHER than Zillow. They have a horrible system for updating data and often times do more harm than good. If you look up your so called "current inventory" I dare say you will notice issues. Their "Zestimates" cause problems in the consumers mind as well, whether it be too high a value for a seller or too low a value for a buyer. I have been a paying member of numerous similar sites. Quite frankly, your best investment is in your sphere of influence, but sadly most agents will try and sign up on these listing sites, thinking they will magically gain their market share. The truth is, there is no substitute for hard work. Don't rely on a website to run your business.

I agree that agents need to embrace technology, but I also feel we need to get a handle on our information and pull it back in to ourselves. Jason (#22) and Gary (#27) are right on the money. We need to shut down the feeds to these outside companies and practice what we preach that real estate is LOCAL and the consumers will search for a local REALTOR that has embraced the technology and has the information on their website.

Google has its eye on Trulia... http://tinyurl.com/Google-Trulia

Lola - I absolutely take advantage of getting my listings exposed everywhere possible because really it is a numbers game. The more exposure, the better chance it will move quicker. Although I do include Zillow in the exposure list, I find their information very unreliable. I do wish they would work on their accuracy before adding additional features. Really for me it is about advertising but I really wish they gave a more accuate picture to the consumers. I have and to tell quite a few clients, I know that is what zillow says but look why it is not true. I have many hours wasted to explain their misrepresentation and prove that it is not the correct analysis.

Thanks Lola for your very informative post. The wide range of comments are very informative.

It is obviously important to stay tuned into the technological changes taking place, without getting swept away by the details or fads of the moment. Commiting oneself to staying abreast will almost automatically lead a thinking person to pick and choose things that work for them, and reject those that don't.

It is not unusual that older websites like Realtor.com become victims of their own techno-success. Once established, it is very difficult to shift approaches or even tweak things without upsetting and confusing a lot of people. Google is probably the best known exception to this. They keep on the forefront of developments because they have an amazingly consistent and forward-looking focus.

I do feel we need to be on Zillow, not only as a marketing tool, but to combat the unrealistic values often given to homes on Zillow (over and under priced). There are instances where multiple homes have sold in the same development that aren't considered in a comp, yet it goes miles away using comps on homes that are not even close in style/features to the subject property. I deal with custom homes and homes on acreage much of the time, and a site like Zillow does no good for just about anyone. It is NOT black and white as Zillow can only provide. So I am glad to post my listings there to combat there in accurate data and justify why a listing my be priced as it is. As a matter of fact, on my personal information on Zillow I address their often inaccurate assessments right at the start.

As many have indicated here, perhaps this is less about Zillow doing things right, but the MLS doing it wrong. We are fortunate in Houston to have a robust MLS that is the top rated internet site in the metro area. Tons of tools, resources, and local information that put Zillow to shame, and no valuation model!!!

Ultimately, when people are searching for homes on the web, they are looking for lots of selectrion, ease of use, and accurate information. The portal that ends up providng the best combination of these in any community, and gets the word out about it, will earn the traffic.

Zillow isn't a hugely popular site in Texas, as we aren't a mandatory disclosure state so their valuations are often seriously off base.

I also received an email from Trulia, I believe, stating that they'll be charging the $9.95 fee for non-MLS feed listings.

I'll experiment with it over the next couple of quarters and see if there's much worth there. I suspect we'll not do it given that MLS and Realtor.com are our primary exposure sources.

Thanks for the post!

I find Zillow to be woefully inaccurate. Bells and whistles are nice but garbage is still garbage.

Let me start by saying that I embrace technology. We have worked hard to create a local web presence that is truly functional. This is important to state in that if you take an opposing view to sites like Zillow or Trulia or Reator you are often viewed as being "anti-technology".

As agents, we have given away the store. We had the product - our client's listings - and in some misguided view that any exposure was good exposure we gave it away for free. Rather than working hard on our own local web presence, creating sites that provide potential buyers with a rich, informative environment, we abdicated to Internet space to the giants. Now we are surprised that they want to charge as, as some mentioned above, for our "work product".

I often challenge agents to be truthful about how many meaningful leads they real get from these services. Everyone can always point to one or two sales that have happned. Others have had more success. But my believe is that for the vast majority the number of supposed hits and visitors these sites generate do not trickle down. We forget that the primary purpose of these sites is to generate revenue and someday profit. And we, as realtors, are the target of their reveneue generating schemes.

Zillow certianly generates some animated discussion. I think it's the adversarial feeling. Realtors do feel that Zillow is trying to replace us.....well, not all of us. But the original marketing did give us that feeling. I find Trulia does not, for instance.

My MLS does automatically feed to Zillow, but I would not pay extra. I have never gotten a sale on one of my listings by Zillow. I have gotten lots of buyer clients. My listings tend to be sold by Realtor.com.

Lola, Thanks for your comments,

I agree with Jason, I too am sick of 3rd paries retreiving our information and then trying to sell back to us. I also agree we should have the ablility to opt in or out in allowing third parties to generate an esimated value. I have NEVER seen a 3rd party estimated value that was accurate. You CAN NOT replace the hours of research and knowledge of a neighborhood or community that the Realtor brings to the table. Zillow is taking the lead in many respect. I am dissapointed in their decision to charge us for our data, without it, they would be out of business.

Reator.com has long been a sore poin for me. They should focus on enhancing the content for its member and not charge exorbitant fees (based on our listing volume). Fees to enhance our listings should be eliminated. Pay your dues, enhance your listings... Based on listing count, Realtor.com wants to charge me thousands of dollars to feature my listings. I did participate and pay $$ for a couple of years with no real return. I as many have done, I opted out of that opportunity. I feel Realtor.com missed the boat in enhancing their service to it members and the consumer.

My contention with Realtor.com is that I am a dues paying member, I should not be charged more $$ to expose my listings which creates leads not only for me but others as well. Why should we have to pay more to expose our lisingting on Realtor.com? Sure they have the auto MLS feed which they claim is a service to us but that is no beetter than any non-Realtor affiliated 3rd party. As a REALTOR, we ALL should have enhance exposure of our listings at ZERO cost. Let Realtor.com make money on advertisement sales etc. which thay already do... Bottom Line, Realtor.com failed its members and does not provide the content consumers want.

Lola - Zillow and other sites offer mostly just opinion, and not facts. Even the MLS has mis-information. Social media is just that, and are opinions to get people started on whatever journey they are on. It is like anything, you read it, analyze it yourself, and decide what makes sense to you and you do more research. It does however, give some people a source to say that zillow says value is blah, blah, blah....Well, it depends on your definition of value. Value is based on many perspectives and they are all different whether you are a buyer or seller or just a looker. The the appraiser will give you another value. And clients are clients, are some easier then others.

I think people would prefer a good local site;but it is hard to get attention for a local site.

Patrick, As I understand it, Reatlor.com is just another website owned by a private group. NAR licenses to them to be Realtor.com, etc. That's why they turn around and charge us. Because they aren't really "us". I could be wrong here, but this is what I have been told. I will admit that I need to verify this further.

Very interesting post. Now Zillow needs to clean up their databases. I suggest that everyone spend some time reviewing some of the material Zillow has in their data. A LOT of it is out of date or listing have sold that show as active or many that are closed or expired. They ahve got some work to do.

It is great to get in front of the public but if the product produces negative results, as out of date information will, it will not be long before the public abandons them.

Thanks Lola!

This was a great blog entry generating massive response. I've enjoyed my morning coffe reading through!

Good work!

My listing are automatically listed with Zillow.com. I will have to check into these changes. Thank you for the information.

One thing I always find curious in any discussion about Zillow are the comments surrounding their automated valuations. Yet no one ever seems to mention the automated valuations on realtor.com.

For those that don't put their seller's listings on Zillow due to the AVM, I assume you keep them off Realtor.com for the same reason?

Thanks for a really informative post. I went back and forth and plowed thru it all!

Good conversation here. I wrote a lot about my opinions of Zillow the other day in a blog and I will just say, I won't pay. Zillow is not where agents need to be putting money to support. It's a place that bashes agents and makes our job harder.

Yes Zillow has created a lot of MISinformation too. It happens all the time and I have to keep telling clients Zillow provides ball park information at best and its NOT reliable. Like my client who was upset 2 weeks ago that his $850,000 offer was rejected (I told him he was putting in an offer way too low, and sometimes they need to do that a few times before they believe it) and Zillow said it had just closed for $600,000. Not only did I know there is no way that was not accurate, I wondered yet again, WHERE they get this information because its NOT coming from any county or MLS data bas? Not only had the home not closed, it NEVER was sold for that price in its entire history (it was a 10 year old home). It did just close this week for $985,000, 14k below final list price. Original list price was $1,025,000. So $44,000 below original list.

This is just one example of many I have encountered with Zillow. As a matter of fact I would say ball park information is the BEST one can hope for and complete inaccuracies are very common. Personally I think Zillow is a complete waste of time. Why help Zillow build their Google rank and help their business? I will stick to my own web sites. If more Realtors realized how inaccurate Zillow was and didn't waste their time with Zillow, the better. Zillow only care about Zillow. Can you leverage it? Maybe a bit if you are lucky at best, but for $10 per listing, I smell a company that needs money, not a company doing wonderful. Google doesn't charge. I'm sure Google real estate will pass Zillow soon enough.

Why don't they just hire you as a PR director? Who cares if Zillow offers rental listings? No really, they have a PR campaign that obviously works. I am of the camp that if Zillow's listings are anything like a 'zestimate' that they provide - we don't have to worry about anything! It is one of the most inaccurate sites that consumers can shop on and they are beginning to notice - no help from you though.

The same basic 'sales feeds' and market data is also given to MSN, Yahoo and various others. Zillow manipulates it, regurgitates it and offers it up as new data. These feeds & data is old news - think about it - the MLS is the most current info & they don't have access to that yet!

Hi Lola, Another content rich post from you ! The stats are impressive andf perhaps will serve as a wake up call to Eealtor.com ! All of us need to take inventory of our tech skills going forward. Hope your Holiday Season is the best ever !

Wow- I am late to the party! Just finished reading all the comments. I'd like to first clear up something in the original post and make sure we all have all the facts.

If you listing is coming to us from ANY feed (and we take hundreds), not just an MLS feed, this change does not affect you. This is how 97% of the listings come to us on the site today. So absolutely no business changes here. Many of the folks who left comments here saying they wouldn't pay, I checked, they don't have to because their listing are being syndicated to the site, which remains free.

When we looked at the stale data on the site, often the culprit was manually entered data. People may have posted something and just forgot to come back and update it or remove it. So hopefully this change in charging (basically $10 for 6 months of advertising) will help curb misinformation or abuse. Similar to how it helped Craigslist when they started charging a nominal fee in cities like NYC.

Please note, that if one pays the $9.95, it isn't just a fee to get the listing on the site, but you also get enhanced advertising too. The listing will be Featured, meaning that it will show up at the top of search results, which typically get 6 times the traffic of non-Featured listings.

Before this change, we used to charge $10/listing/month for this product. Now it basically works out to $1.67/listing/month for the same thing. So while 3% of our listings will have to make a decision as to whether or not they want to pay the advertising fee. For everyone else, this represents a huge price cut.

Hope that helps clear the changes up. If anyone prefers to hear about everything via video - I shot a quick video discussing it all.

Been following the Zillow news and was somewhat intriged by the move to rentals. I will be watching to see if they start to compete in the vacation rental market like TripAdivsor.

One caviot to insuranace and mortgage pros, Google Maps "StreetView" can contain very misleading info for coastal and fast moving markets like I work in.

A "Street View" of one of my personal beach rentals a large sand berm blocking the view and access to the beach. In reality this berm has not been there since summer '08. To offset this and add value to my non-resident clients I have a BeachCam on the deck of this home to show the real views.

Google "StreetView" of of 107 President Jefferon and non-existant berm. <a href="http://content.screencast.com/users/MLaney/folders/Jing/media/afcaebfc-7ef7-4b6e-a80c-6efbd4cd4197/00000088.png"><img class="embeddedObject" src="http://content.screencast.com/users/MLaney/folders/Jing/media/afcaebfc-7ef7-4b6e-a80c-6efbd4cd4197/00000088.png" width="1191" height="738" border="0" /></a>

Dauphin Island BeachCam view and the Live view here of 107 President Jefferson Ct.

Until these failings are rectified a savvy consumer will still depend on local knowledge to reinforce any online info.

Hi Lola

Love your post. I totally agree. For me, Zillow has a long way to go - they have made great improvements with their zestimates and still have more improving to do (in my area they lump in homes from other towns which would never be comps). However, myself and 2 fellow agents KNOW that we have to be where consumers are hanging out. We split an ad spot on Zillow. Last week, i was at a local event and two gentlemen came up to me to tell me they recognized my face from my Zillow ad. They were both over 60 and were trying to determine the value of their home "just for fun" to see how much damage the market had done to their investment. Their KIDS had told them to go to Zillow.

Zillow's zestimate features drives traffic to their site. That is the type of content consumers want. And I know I am happy that my face is on the right hand side when consumers in my market type in my zip code!!

I'm glad the topic of the DOJ settlement came up, because there is so much confusion around it. Contrary to comment #38, Zillow is not an IDX. So technically, when you opt out of having your listings on on a VOW or IDX, this doesn't apply to us. However, there are some MLSs in the country who have chosen to extend this settlement to include all Internet sites. So if yours is one of those, the MLS has put measures in place to not include your listing in the data feeds we take from them. So you they are watching out for you and making sure what the listing agreement says is happening.

However, please know that if you say "no to an AVM", we don't just strip the Zestimate from the listing, but rather we just don't post the listing information to the site. I wanted to bring this up because we are starting to get more and more messages from Sellers, and even from some Agents, asking why their home isn't on Zillow. After researching it, the culprit is being traced back to the fact of the Opt-Out on the listing agreement. Just a FYI, when helping your clients make this decision.

With regards to traffic, yes we drive traffic a number of different ways: celebrity real estate posting, mortgage center, Zillow advice, and now Rentals. Some of that traffic does happen at the top level. However, some of you may be interested in knowing what traffic is happening LOCALLY. Here is a report that breaks that down for you. Also, if you go to any of your listings and click on the Home Info tab and scroll to the bottom, you'll see traffic numbers for your home, the zip, city, county and state.

#88 Lyn keep smoking that pipe!

Ok, my last comment for awhile :) - I just want to make it clear that Zillow doesn't charge you for your leads. We send the leads where ever we are directed to in the data feed.

Alright, I promised my husband I would spend the day celebrating Christmas with him before we get crazy with family stuff, so I am off for awhile. Happy Holidays!

We upload our listings and got the email for fees as well. We will not pay, I feel this is absurd. We do however use the advertising on the side bar and have just started with that. A lot of traffic but nothing solid to speak of.

Lola, your information is huge! As I scanned the comments I noticed a number of agents pointing out the flaws of Zillow and other related sites.

They're right the information is flawed TO US! But this isn't about us, it's about the consumer and how they acquire information. The fact is the consumer believes this information is correct.

I wonder how many of the people who dissed "Zestimate" have used the video provided by Zillow for consumers to explain how a Zestimate works http://www.youtube.com/watch?v=uaeAgfay01o. They also have a video for Real Estate professionals to explain to consumers http://www.youtube.com/watch?v=Vuloq6S6MLM. I posted the video on my blog http://firsttimehome.us to "cut 'em off at the pass" .

Like you said, the train has left the station. We have to decide whether to ride it or chase it!

Great post!

I have been putting up google maps for homes in the Chicago area for the last several weeks and they have been getting a LOT of hits......

My "money" is on google... NOT Zillow... Point2Agent real estate websites automaticlly put all listings on an agents website into Google maps..... I think a BUNCH of other real estate website provioders do that also.....

Seeing a google maps search is better than Zillow, that is where I am staying....

(PLUS it's FREE!)

=-)

Hey Everyone,

After reading Sara's responses and explanations of the payment system for listings that are privately uploaded to Zillow, I can live with what she is saying. I know Sara to be a voice of clarity for Zillow. I don't always agree with Zillow, but I appreciate her explanation.

That having been said, the next wave we are beginning to see is FSBO sellers being able to enter the marketplace in direct competition to MLS listings. Cox cable is rolling out a FSBO tv channel alongside the Realtor TV channels. Zillow may be going down this path with their payment system for uploading listings.

Interesting developments.

Thanks Lola for a really great post! I have always thought that Zestimates were just bad in my market, it's interresting to see they are hated everywhere. I have a sign above my desk That says Technology will not replace the Realtor but the agent who uses it will! I don't know who authored it but it is dead on! Do you have Listingbook in your area? I had mixed feelings about it at first feeling it gave my clients to much control because they might feel they don't need me but if they are surfing anyway it ought to be on a site I can monitor!I've found my buyers AND sellers love it hopefully it keeps them busy enough to not need to go to Zillow!

Zillow does not receive high marks from very many consumers I have dealt with recently. They are very aggressive in their marketing though.

My broker automatically posts all of our listings on all the major real estate websites at no cost to us. I've told a few of my buyers about Zillow but have cautioned them that the information is often innacurate. For example, my own home shows up with the wrongnumber of beds and baths and Zillow doesn't know that we own an adjacent 1/2 acre. My buyers appreciate that I tell them sources to look at on their own and when they see something (usually a home that sold already or is pending) on Zillow or Realtor.com I can tell them the whole story of the home. I own rentals and always advertise on Craigslist. Maybe I'll check Zillow out for rentals, too.

Oops - someone else may have posted this in the stream above - but Inman News makes a bit of a correction to Zillow's Big announcement.

http://www.inman.com/news/2009/12/18/realtorcom-still-no-1

Of course when you read the article it all sounds like statistics and I remember what my Grandfather always said - there are liars, D@#! Liars and Statisticians.

No doubt this coming year will be exciting!

Realtor.com still Number 1.

Just glanced through many of the comments, so I may have missed this if someone else said it already, but Inman announced that Zillow made a mistake based on the methodology of reporting the numbers.

Great information, thank you Lola! While Zillow is not very aggressive in our local marketplace, I can see that things could change very fast. I definitely need to keep up with this one.

Those that do not embrace all the available technology will very shortly run down by that fast moving train coming down the track. Depending on the MLS is a broken business model. MLS is just a small tool in the box. We need to use ALL the tools in the box

Lola, my opinion is that consumers like zillow because it is not obviously controlled by real estate professionals. So it is not surprising that they are getting a high number of hits. Little does the consumer know that the creators of zillow were in real estate at one time. Now they are in advertising - like many other former real estate folks. Zillow lets the average consumer play real estate agent - what a powerful feeling to believe that you can tell what your neighbor's home is worth without having to contact a pushy real estate person.

Unfortunately, zillow is a computer and pulls in whatever data is in the public records - and we all know how accurate those town assessments are.

Regardless, we real estate pros can not ignore zillow. It just increases the competitiveness of the business - not a bad thing. Thanks for your post.

Great post! I have often dismissed Zillow for various reasons, mayhap I need to re-evaluate~

I believe that Realtor.com is run as a business and is managed under contract by an independent company called MOVE. Meaning that their main focus is to make money and be number #1.

I've been disappointed for a long time that Realtor.com seems more interested in selling us expensive, ineffective marketing packages that are intended to dramatically favor those agents who pay over those who don't.

Even more importantly, the only poeple who go to Realtor.org are us. Realtor.com is the true public face of Realtors and it's being run purely for profit. It's intended to 'compete' with Zilliow, Trulia, et al, rather than to truly be a vehicle for all Realtors to ply their trade and reach the public well into the 21st century. Instead we're being sold out for short term profits that don't even go to us, and being #1 apparantly isn't going to happen the way things are going.

Success at REALTOR .org and .com should be measured by the success of all it's members who have created and financially sustained the association for all these years. If REALTOR.com isn't a part of this and is just a business, then it shouldn't be called REALTOR at all. This website should be our opportunity to reach the people with our listings and professional qualifications, not a business that has been jobbed out to independent contractors who are looking to reach into our pockets by promoting agents who pay more over those who don't. You can't serve two masters. This is our association and we need to retake control so it meets 'our' needs and provides us with a platform that will truly be #1 and sustain us professionally in the years to come.

I have never had much good to say about Zillow, including the lack of business/leads from posting there. I'm glad to have one less place to post my listings!

Lola this is perfect timing for me. Looking to stage a rental property in Huntington Beach, after renovations, and putting it on Zillow when it's complete seems very logical and very reasonably priced. Appreciate you sharing this!

I like Zillow for getting comps quick. Problem with Zillow their comp information is often inaccurate and you have to check other souces on houses sold before you can move foward on a deal. If Zillow is pulling in all this business it should be a lot more careful about accuracy of information regarding not only comps but listings of properties that have already been sold and not removed in a timely manner.

Great post. Intersting to read Sara's comments/responses. Nothing about accurate valuations. So....what say you Sara about the notoriously INACCURATE valuations provided by Zillow that make for even more chaos in this market?

Zillow_Shift! What a year 2009 continues to be until the very last minute.

BTW when I tweeted the Zillow announcement on Wednesday 12/15 a Zillow rep called me within 3 minutes. I was told if my listings were fed from ListHub or Postlets, there would be no charge.

The coming year in our new landscape of online real estate is clearly changing. Wonder what's in the "coming soon" box from ActiveRain!

Our MLS feeds to Zillow automatically as does our company web site. Of the 28 or so listings that I have most of the addresses are wrong. I have spoken with Zillow support on numerous occasions in the past few weeks and have yet to get an answer. They tell me that the addresses are coming to them correctly, but for some reason their software is changing it. Ex: Falling Leaves Road to Falling Waters Lane, since there isn't such an address, then the consumer cannot map it to see where it is or use Google Earth to view it. Also, since it is getting fed twice they are using different pictures randomly and even if I did use their reports...which I don't...I would have to put together both listings to come up with an answer on the viewings.

The ZESTIMATE is a whole another story. Yes, I did use the video to explain that they only use the number of bedrooms and baths to come up with a figure. They can't possibly know that it is a gated golf course community with incredible mountain views and is next to lower end housing. BUT, the consumer will only see that it is grossly overpriced in comparison!

I get more views from Trulia and the addresses are correct!

The train is, indeed, out of the station and picking up speed exponentially. I've only been in the biz 6 years. I embraced the technology trend from the start. In this short period of time, the advent and growth of such things like Google, Realtor.com, Zillow, Twitter, Facebook, LinkedIn, and on and on and on, is mind boggling. About 4 years ago, our regional local MLS's were in the throes of combining into a regional MLS, CREN (Colorado Real Estate Network), about which there was quite some resistence. Zillow had just come on the scene, which was striking fear into the hearts of real estate professionals. Zillow and Google were pointed to as reasons why we needed to fortify and expand our MLS or else we'd fall to the likes of Zillow and Google. In a few short years, we're now advertizing on Zillow, and Google, and Trulia, and, Realtor.com, and the rest. I was recently appointed to serve another term on the CREN Board, and it's quite interesting. I'm not really too concerned about Zillow's charging for those not having listings fed via an MLS. Someone correct me if I'm wrong, but I suspect most of those sellers or agents will be nonmembers of any MLS. For those who are, most MLS's (CREN included) charge third party vendors or distributors a fee for the feed. I'm sure my franchisor, Century 21 Real Estate, LLC, does the same thing when our listings are automatically fed from the national website, Century21.com, to its distribution partners, such as Zilllow, Trulia, Google Base, AOL Real Estate, Yahoo Real Estate, and otheres. I know that CREN has very strict terms and conditions for any feed agreement to keep third parties from misusing or reselling information back to the listing agents or others. Are there violations or abuses? Sure. It's inevitable no matter what content is being spread all over the Internet. Change is, indeed, a constant, but in the past, it hasn't happened at such lightening speed, which is rather daunting. Another constant in this business is that the value of a real estate professional doesn't lie primarily in his or her technological acumen, but rather, in his or her real estate knowledge and skill, ability to negotiate, write contracts, effectively market properties for sale, communciate with clients, advise them wisely and hold their hands, and help them through what can be a very complicated, and serious transaction. Technology is a tool to help us do our job. It shouldn't be expected to do our job for us. Those who learn to use it properly and effectivly will leave those who don't far behind . . . and quickly.

I just checked a couple of my listings in Margate NJ and found that Zillow is very incomplete and way behind. From where do they get their information?

More like blunder than unleashed. Zillow will likely lose market share as agent's won't pay to have their listings included on the site. If Zillow is not careful, they'll go the way of Point 2. When Point 2 started charging agents to provide the data that attracted the eyeballs to their site, which then allowed them to follow the ad revenue model, agents rebelled. I think you'll see the same thing happen with Zillow. They really need to understand it has to be a win-win situation. With ad revenues shrinking due to the economy, I think this is a knee-jerk reaction to stablize revenue and appease their investors. With rumors of Google considering purchasing Trulia, this may very well by Zillow's last shot.

I Hi Lola, Great posting and really great comments. I want to speculate a little about Zillow. If you look under Terms of use of Zillow Link Provided# 12 you see this little tidbit of information.

12. Real Estate Licenses. Zillow, Inc. is a licensed real estate broker in various states, but does not broker real estate transactions. Zillow does not act as a real estate agent for you or any other user.

I bet most of the agents didn't know that!!!!! What does that mean in my world seeing as Zillow is a business quietly building themselves in the public mind as the MLS. In the next 4 years that perception will be real for the general Joe on the street. You see the public doesn't understand what the MLS really is! They think it a marketing Web Site for home shoppers. They have no concept of broad broker contracts for paying commissions etc. It’s a place where the homes are advertised to the buyers shopping for homes. It just happens to be a place that Realtor’s locate the homes for their clients. It’s actually worse than that we lock out the public from he sold data and that is way they like the valuation sites so much. It doesn’t matter what we think or know as agents or an association about Zillow. I beg US to end the sour grapes conversation it don’t make a difference. I’m right they are wrong is a 2 year old activity and isn’t enrolling.

If you want to make a difference as an Association and a profession we need to provide freely the accurate information. Yep the real sold data a quality CMA program. I can hear it now, I'm sure I will get lambasted for saying that. Per the statistics buyer go out of their way to begin the shopping process and gain market confidence without a Realtor. Look at the stats from NAR and how many Realtor a buyer comes in contact with before they align with a realtor and buy a home. Give them what they want, have it be accurate and have the realtor whose template they went to and registered at, be able to contact them on the CMA they are doing! Provide them expertise and guidance and make a difference! Allow the sold and active data to be available to registers clients on an Association provided national MLS template web site is just giving us the insight we need as agent to better understand the client’s needs and wants. Create it as a big social network so you can see all the people that are registered with multiple agents! Create it to give us tool and data gather info that make a difference for us as an association that they can’t get from a Zillow. Unless they want to use the template and play like the rest of us REal Estate Companies.

Zillow is branding themselves in the public's mind as being the MLS. Say what you want the unique traffic doesn't lie. Currently they are easiest fastest most users friendly way to find the homes for sale and some sort of comparables. They will be the National MLS for the public and this will shake you! Soon all you’re listing will be on Zillow whether you like it or not. My prediction is by the end of next year, 2 at the most!!!!!!!!! How so? Well let’s look at little # 12 above. They are a real estate company they don't broker homes! Has the light bulb come on yet? They will join every MLS ever board pay the dues and receive the data feeds. This is such a cost effective way to create a national MLS. They will spend the money when the traffic is such that it makes sense to do this from a business standpoint. What business? The selling of leads to agents. This was all made possible by the settlement we as an association entered into with The Department of Justice and there is no way to stop them from doing this. Ok you can say I won't allow my listing to go on the data feeds but that will harm your marketing of a listing. I don't think you can rule out a member of the MLS posting listing on their site if it meets the criteria. They can have valuations just not on the listing data page. They will just have a link to another page with valuations. Zillow will be in the business of selling leads to agents. They will have all the homes on their site one day. It took them 1 year to go from free mortgage lead quoting site to charging mortgage companies $25 a lead to give a quote. I don't think they will do on the streets real estate because of the liability, but if you want your contact info instead of a lead generation form on your listings you will pay the $10 a home to get the leads. My guess is it will be $50 an agent. I may be way out of bounds here, but I don't think so, #12 wouldn't be there if they didn't have a good reason for being a real estate company.

To get every MLS in the nation all they need is 1 broker a state the DOJ ruling gives them the right to be an online only broker no physical presence. Who knows maybe they will someday even providing flat fee listings? Am I crazy, Paranoid? I'm sure you will all tell me! The only thing I can see us doing is to go to a real national MLS with all the bells and whistles giving every agent at as part of our NAR membership and we drive the buyers to it. We'll have to give our registered users the sold data too. If we don't gives people what they want we as a collective origination will continue to fall behind the likes of a Zillow. Don't blame them they are a business and a real estate company just like us. Blame ourselves for not being proactive in leading the way for user friendly technology. You will see a few companies pop up doing this business model in the next year. Why do you think Google is buying Trulia? Do I think we have a chance of making this all happen? No, the MLS don’t play nicely with each other! Too political and too much local money is made off the dues. That being said if any investors are out there reading this wants to make a lot of money give me a call, I'd love to be involved with creating a game changing company. It can be done in 12 months and be the next level above what the other are working on. With the right plan you could even pass up Zillow in a couple of years.

Zillow will cinch up their value estimates when we, as real estate agents, join together and boycott their game. The basic points of boycott would be:

1. Estimates of value should be within 10% of what the any local market data would show for its local listings.

2. Leave the tabloid-style reporting to the tabloids.Provide trustworthy information or get out of the business.

Two organizations that have used the strength-in-numbers approach, coupled with a clearly-defined approach focused on a single goal are http://www.350.org and http://www.moveon.org. Regardless of how one feels about either organization's goals, you have to admire their single-minded focus.

In our most recent presidential election Moveon.org early on threw all its support to Obama. I immediately dropped my membership because that action effectively truncated further defining debates among the Democratic party candidates. Yet the goal of the organization succeeded.

350.org sharpened their focus to bring worldwide pressure to bear on the most recent climate talks in Copenhagen. Some delegates let the demonstrators know that by the organization and focus of the 350.org movement, the "tone and substance" of the negotiations had been altered.

Single-minded focus and organization can make a difference. Anyone else on here who sees merit in the idea?

I use a Zillow sidebar on my website but haven't had good traffic from the site. As always, I will keep my eyes trained on the blogs to discover how the new development progresses.

I went head to head with them about the $9.95 a couple days ago but in the in upgraded all my listings to it:) Good for them!

Zillow is definitely a hot topic. I still have buyers and sellers telling me what "zestimates" say but they usually believe me when I tell them the information is not accurate. The REALLY good website out there is Redfin- that's the one agents should be most concerned about.

I answer a lot of questions on both Zillow and Trulia have had closings because of it. Without fail, the number one problem in today's market for Zillow and Trulia is their inability to provide accurate updated information. Once I've made contact, my clients quickly switch to my local MLS IDX feed because I make them understand that it contains real information about what is actually for sale. It has to. The MLS is a CONTRACT offer between Realtors. We should thank Zillow, Trulia, Yahoo, etal. for generating interest in real estate. They are fun and interesting places to start. But they are NOT the market. The MLS is the market. We need to do a better job educating the consumers about that.

Go back and reread: Zillow Tops Realtor.com in Battle for Real Estate Eyeballs!

Let's see, 4 years, $87 million dollars so far and they have yet to make any money. Zillow has proven they can generate interest, but if they can't generate money then they will be gone. Let's see what happens.

Hi, Lola,

One thing I have noticed about Zillow, their home valuations are way off the mark! Too High...I think they are trying to singlehandedly get real estate prices to escalate. Maybe that is what they think they need to do to cater to Realtors listing their homes with them!

See for yourself and let me know what you find.

Thank you, Lola.

Yep, Reffin is one of the players in a national MLS but I talked with there corporate office they only want to be in large markets and they are all corporate owned. ZIP is another both are slowed by overhead will hinder there growth. Yes Both are leading super technology brokerages creating a different playing field. Along with realestate.com. Remember Zillow will have the IDX feed of the MLS in the near future if they want it. They are a real estate company. We need the National Association to wise up and keep us ahead by mandating a national MLS we as agents can go out and drive traffic to to stay competitive. The conversation of Zillow having the MLS is not a matter of If, it is when they make that move!

WOW!!!!! Lots of comments and I've enjoyed every one of them. Thank you ALL for the insight and thank you Lola for the post.

John, your post seemed to be a written with a little "attitude". I don't mean to sound like a know it all BUT, you should think twice about what you claim to be to your clients. It didn't take me but a few clicks to find all your listings then a simple Google search to find them further on trulia.com, realtor.com and, you got it, ZILLOW.COM. All three of these sites offer computer generated property evaluations/values. Your personal site has a link to the property assessors tax records with their estimated property value. Your site also has a page with all the internet sites you advertise on, one of which is trulia.com which also gives an estimated property value. Face it and get real, if you advertise, anywhere, your listing WILL find its way to these types of sites. If you're worried about legal ramifications I suggest you not guarantee to your clients that their listing will not be posted on computer generated estimated value sites.

Having said that.................................

We as Realtors cannot stop technology nor can the rules/regulations/laws keep up with the "loop holes" for lack of a better word. Maybe in the future but for now there's no way.

The public is not stupid. They know the information they get is computer generated and may not be accurate. It may compare your $200,000., 2000 sq ft immaculate listing to a trashed 2000 sq ft property sold for $100,000.

The computer will never take the place of a firm hand shake, a friendly smile and knowledge of the real estate market in your area.

I say embrace it, roll with the flow, learn it and figure out a way to use it that will be in your clients best interest. After all, isn't that what our job is?

Actually, Zillow did not surpass Realtor.com. Or Yahoo or AOL. Apparently, there was a mix up in how the data was translated that not everyone understands.

You can read TechFlash's report on the mix up.

http://www.techflash.com/seattle/2009/12/wait_a_minute_zillowcom_is_not_the_no_1_real_estate_site.html?ana=from_rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+TechFlash+(TechFlash+-+Seattle's+Technology+News+Source)&utm_content=Twitter

Personally, I've read and watched Zillow's info feeds on how they garner information on a property and how they arrive at their Zestimate and, unfortunately, a vast majority of their information isn't corrected or absent completely often giving false info to the consumer. Zillow has to straighten up their data quite a bit before you hear me singing their praises.

Cudos for a great post. If agents have their heads in the sand and not looking to build their real estate business around these technology giants, their heads will get stuck. Have a very Merry Christmas and happy holidays.

I'm not a big fan of Zillow either. Your post is interesting though.

Well,well, well this is all so very interesting. I am a fan of Zillow and realtor.com and use them both equally as a consumer, one year ago I would have not said that as Zillow wasn't up to speed. I still don't trust their home value estimates, for some reason they can't seam to hit that mark yet. It will be interesting to see how this all plays out, I'm voting for Zillow, they are new, fresh and competition is never a bad thing.

Hi Lola, I think charging for the adds my be of some benefit . I know if I am paying for the add, I will pay more attention to keeping my adds updated.

Hi everyone,

Spencer from Zillow here. Thanks for all of the great comments. To those of you who shared Zillow success stories, thank you very much!

The most common criticism in the comments was about Zillow's data quality -- listings and Zestimates. Regarding listings quality, we get 97% of our listings from XML feeds from hundreds of brokerages (e.g., Keller Williams, Coldwell Banker, Century 21, etc) which we run nightly, and from several hundered MLSs (mostly through Listhub or Point2, but some directly from the MLS). In addition, we get listings feeds from aggregators such as Real Estate Book, postlets and vflyer. We run most feeds nightly so our listings should be current, though sometimes there are issues (especially with aggregator feeds which sometimes have stale listings). If you ever see a listing with incorrect information, please "flag" the listing on the listing page.

Most of Zillow's inaccurate listings issues come from the 1% of our listings which come from agents who post their listings on Zillow manually. Earlier this week we announced that this will no longer be free; instead we're charging $9.95 (one-time) for each listing for 6 months. The primary reason we're switching these manaul listings from free to paid is to improve the listings quality. Too often agents don't update the listing price or for sale status on these manual listings. Craigslist, which charges for listings in several cities, has shown us that listings quality improves greatly when you charge even a nominal fee.

Earlier this week we also announced the launch of rentals, becoming the first major real estate site to allow home shoppers to view for sale homes and rentals listings on a map at the same time. It is quite common now for home shoppers to be "dual tracking" their home search, looking either to buy or to rent at the same time. We're charging the same $9.95 one-time fee to post rental listings that we're charging for manual For Sale postings. In addition, these listings (and the paid manual listings) are "Featured", meaning that they get about 6x the exposure of non-Featured (free) listings. Agents who are Showcase Advertisers on Zillow get their listings featured for free.

Importantly, listings feeds to Zillow are still free. So if your listings come to us via your broker's feed or via your MLS (as is the case for 97% of you), there is no change at all to anything.

Regarding Zestimate quality, we agree that Zestimates are not perfect. They'll never be. They're just a starting point to figure out a home's value. We always recommend that people consult a real estate professional to get a more accurate value on a home, and savvy agents use Zillow as a conversation starter with clients to demonstrate their expertise. Here are some videos with more information about Zestimates.

It's important to remember that frequently when a Zestimate is incorrect it's because the information we have on the home from the county is incorrect. When the owner edits the information, or when the listing feed updates the information, we recalculate the Zestimate.

Zillow is one of the largest real estate sites on the web, and it should definitely be a tool in your marketing toolkit. There are a lot of free ways (and some paid ways) that agents can benefit from Zillow. For other Zillow-related questions, Sara Bonert has done a fantastic job with our training videos which you can find here. If you want to speak with someone at Zillow about how to get more exposure on our website, please call us at 866-324-4005.

Happy Holidays,

Spencer

Hey Spencer, Merry Christmas!

I really like Zillow!

Sorry maybe I am one of the few that enjoy the leads that I get from the service they provide. I think so often we forget that agents use to and still do Farm Neighborhoods. Think about how much that cost. Now we can farm is online and Zillow is a great tool for that. I sponsor my listing on truila, zillow and realtor.com and what do I get for it? Weekly calls from new buyers saying we thought we better call you as we see your name every where. That's Farming online. So your welcome to still send out the post cards but I will spend the money online and enjoy the benefits of being every where! Thanks Zillow and Trulia!

Zillow's almost non-existent in Georgia in terms of "eyeballs." I added it to my presentation and people just scratch their head.

Let's see...first, the article "Zillow.com tops Realtor.com.." mentions at the beginning that a) the information came from Zillow and that b) the information is wrong. Still makes a great story I guess.

Second, I can get a million views on my website, too. Just takes people clicking on..and off...of it again, and again, and again. How long are they staying and where are they going are most more important numbers than how many people clicked on the site.

Personally, I love Zillow. It's full of outdated listings, bad information, and poor design, all of which help get me business when the client gets fed up with all the crappy information supplied and decides to go to the 'source.'

Thank you all for a spirited debate. I've just finished reading the 'blizzard' of comments. It took me well over an hour to plow through! These are the sorts of issues that agents and the associations which cater to their interests need to be thinking through & we're fortunate to have a platform in Active Rain.

The comment most repeated through the thread has been about the issue of accuracy. This is critically important as anyone who has attempted to sell an over-price listing can attest to. That aside...what continues to concern me is that in our ire about inaccurate data from sites like Zillow and the potential for profit made from listing data we supply, we may inadvertently miss the crux of the issue...our customers/consumers/clients are telling us that they need MORE INFORMATION than we are currently providing. What are we doing about that?

NAR has taken some important steps in addressing this issue, in my opinion w/ RPR and the House Logic site. I sincerely hope that we can build on this start...

Lola,

I had no idea of the Zillow initiative - my head must be in the sand - but I read your post and read all the links. Thank you so much for the information. I have yet to have a lead come from Zillow but recognize its value. I might do better to keep my eyes on Google!

Thanks,

Tom

Spencer from Zillow in comment # 134 brings up something important:

"Earlier this week we also announced the launch of rentals, becoming the first major real estate site to allow home shoppers to view for sale homes and rentals listings on a map at the same time. It is quite common now for home shoppers to be "dual tracking" their home search, looking either to buy or to rent at the same time."

For investors... that's extremely important and might keep the past mistakes of buying "investment" homes for $500K that are only renting out for $1,400 a month from happening again.

Or... could probably save me some time with investment calculations... Hmm...

I like it... Pretty sure I can have my IDX supplier do the same on my Map Search on my site..

Thanks for the idea!!

DEC

2009

Unfortunately, NAR has completely botched the handling of Realtor.com. There is no way that Realtors should have been charged to include multiple photos and basic contact information. Zillow and other sites have provided this information for free. Since the lack of these items impacts the consumer viewing experience it does not surprise me that consumers have been going away from Realtor.com. Even with the more recent Realtor.com improvements, there is still less information than many other free websites. We should start a NAR group to end the current Realtor.com contract and force NAR to provide the website absolutely free to Realtors. After all, the only reason people visit Realtor.com is to view our listings.

Spotted Homes comment #120 - Zillow might be able to secure a nationwide MLS, but they won't hold it very long. Can you say Anti Trust lawsuit?

Good discussion. I've found though, the accuracy of information, particularly Zestimates to be very poor. I end up having to reset the "expectations meter" for both sellers and buyers. For an advertising engine Zillow may be great, but until the .com can provide more complete and accurate information on home value I won't be a big fan. And pay for advertising a listing? I think if nothing else this may prod multiple listing services around the country to get with the program on SEO.

Hey Realtors you need to wake up and stop being so self centered....who cares what you think about zestimates.....the fact is that the consumer traffic is higher on zillow than realtor.com......go get another designation your in complete denial!!!!

I have been working with and using Richard Barton's (also started the Expedia travel site) Zillow since it's inception in 2006. While the zestimate approach was ridiculous in terms of accuracy I chose to stay in touch with the new system and concept to see how it would evolve and to also answer customer questions that I knew would come up given the nature of what Barton was trying to do with an online presence that provided automated computer driven local property valuation.

In this four year long process I used the features provided by the system for enhancing property info that I also had listed for sale. The interest here was two-fold. 1.) Enhance my active listings to the greatest extent possible so that Buyer prospects may get the full benefit of accurate and complete information should they find the property and it fit their general criteria for a possible purchase. 2.) To provide the Zillow system itself (i.e. the database) more and accurate info (actual property features, listing price & final sale price). I looked at number 2 as a service to Zillow as it was quite apparent the Zillow system required augmentation for the purpose of accuracy.

I figured that if Zillow was "on it's game" they would refine and enhance to the point that Zillow may become something viable since it had captured the attention of the consuming public relative to valuation. Every novice residential property owner would like to know what their property is worth for all the various reasons.

To do otherwise on the part of Zillow (i.e. not enhance and refine toward better accuracy and a more robust offering) would be a folly and a disservice to the general public.

I track my leads and control my marketing expenditures with diligence. I have not ever received a viable lead off of Zillow. I did not stay in touch with the Zillow system for four years (feeding it data) because of lead generation, I did it to see what it might become in part with my assistance in feeding the database with accurate data as I had hoped other real estate professionals would also do the same.

I found it ironic to say the least when Zillow notified me on 12/18/09 (the day before Lola Audu's AR campaign on behalf of Zillow) to let me know that I would have to start paying to maintain property that I may have listed on the market for sale in my local area as "enhanced" (aka more complete data and accurate up to date property information).

I am not buying.

So much for Zillow.....

The Zillow claim to have topped realtor.com is flawed and inaccurate in the first place.

I don't think realtor.com is doing a very good either.

I also think that Saul Klein of RealTown is barking up the wrong tree. He is trying to do essentially the same thing Richard Barton is trying to do and used essentially the same approach (loss leader with something for free in the beginning). I didn't buy that either in the end after helping to build it up in the early stages and have nothing further to do with RealTown. ~Do you think they will ever get a clue?~

(they) are all self serving and short sighted as far as I am concerned. As the front-line real estate PROFESSIONAL on the ground it is apparent to me that my best interest (and that of the consuming public) is not being best served.

~Do we suppose that NAR will ever get a clue?~

Its not a matter of being self centered my friend, One of the serious flaws with zillow is its mis information, This cost the clients and the Realtors money when the mis information interferes with conducting proper business. The comps they give are way off because the system doesnt take certain factors into account that it really has know way of gathering. In NYC for instance on one block top the next there can be 100,000 dollar price fluctuations. When these are not reported with accuracy it hurts all of us. for this reason I am so anti Zillow. Fine if you want to be number one so be it but at least provide a useful service. When a customer makes an offer and it gets rejected because it is too low ,I lose income, Due to mis information. Does zillow carry E and O insurance ? I would certainly advise my clients to seek legal council if they believe false information may have been the cause of them not being able to make a deal with a mis informed buyer that wont make a proper offer because of Zillows False advice. My recommendation is to start asking he low ball offers where they got the information that they based the offer on. If the say zillow print it out have then put in writing the offer and why they are making it and give it to your client. perhaps a lawyer will advise them to recover damages? Always ask the rational of why customers and clients do what they do, It is amazing how much you can learn. I do not visit the zillow website ,I remember when they first started after looking at the zestimates I decided this site was worthless to me. They seem to think that search engine optimization and advertising alone will boost them into the number 1 spot. Too bad they forgot about value and service. Stand uo for integrity and accurate information in our industry ,Make them perform or get out of the business. We as real estate professionals have that power. Just one more Thought , Did you ever wonder why they call Them zestimates instead of Estimates or comps or appraisals? I would guess thast the lawyers advised them to call them a word that has no meaning in the english language because they knew when starting that they could never provide accurate information and perhaps by some legal loophole they would not be accountable for damages if the call it a Zestimate.Keep the non professionals out of our business for our clients sake we As Realtors have a duty to keep things accurate and by using the services as they are provided now we would be derilect in our duties.. Force them to provide accuracy for the integrity of our industry.Happy holidays to all and best wishes for a prosperous new year.

Lola - thank you so much for the great an informative post! Gives us something to think about as we approach 2010 with our new marketing plans and strategies.

*****THE DOG THAT BARKS THE LOUDEST GETS THE BONE*****

Period. Zillow and Google as someone stated are the the big dogs in the yard. Now what are we gonna do about it? The biggest dog isn't necessarily the smartest dog. I say we somehow use it to our advantage. I have a few ideas, but I guess that'll have to be a blog in and of itself.

Dave B. - I too have also been with Zillow since 2006 BUT I used it for a few listings and got nada. Also, if I had've heard "But Zillow says.." one more time when trying to reach a listing price with a seller. I was able to combat that by periodically printing out Zillow home prices and then the sold prices to the homes later. I was able to show hard proof of the HUGE disparity instead of sounding like a whining Realtor® scared of them. I would ask my seller if they wanted to sale their home at the right number or be a Zillow casualty? But now that Zillow has proven they are here to stay and not a fad real estate tool, we just have to learn how to work with them to our advantage.

Thanks Lola, I will definitely strategize on how to make it work for me because these companies are here to stay. I agree, the company to watch out for is definitely Google! Out of all the companies, I'd have to say they are a both a big and SMART dog.

Dang it Lola... I spent like an hour and half reading what everyone has to say, and lost track to what I was doing. It was good to see you at the Revival summit. I must say this is quite a topic of conversation. I can say that just like any business you need to adapt to change and embrace the change that makes you successful, and follow what the consumer wants... lets not end up like GM and play catch-up at the 11th hour. We as a industry need to think like Honda or Toyota and give the consumer what they want, or someone else will.

In our area, we find that Zillow Zestimates are often wildly inaccurate - both high and low. Before a listing call, we make sure that we know the Zestimate for the home because we know that the seller has already looked. This way, we can discuss the Zestimate and why we think it is or is not accurate supplying appropriate comps. If you don't know the Zestimate on a potential listing shame on you. The seller will have looked. We always need to be one step ahead of the consumer.

DEC

2009

Zillow is a joke and consumers know it! I have had many customers straight up tell me they follow their home on Zillow, but they know the values are off. What's the Point?

Great post, and just in time. I'm evaluating upgrading my internet presence and have wondered about Zillow, Trulia and what value I can truly get from them. Our MLS in Houston is pretty awesome and feeds into realtor dot com, and KW LS feeds into Zillow. So, it's time to explore.

Ditto Ditto to Thomas Preston. I feel it's a disservice to our industry and our clients to keep advocating the use of Zillow. We are selling out our integrity and professionalism by promoting and worse yet advertising on their site. I am all for technology and the wonderful tools that have helped to promote my business, but don't quite get the reasoning behind realtors wanting to take "advantage" of this site other than exposure.

It's certainly not in our clients best interest to have them go to a site that distorts the value of their property. Misinformation given by the agents I would say is the exception, not the rule. It's scary to me when Zillow is quoted by the media as if it were some kind of expert on real estate. It's comparable to hearing the main stream media quoting the National Enquirer, or Star Magazine as their source of information.

Zillow may be a train racing down the tracks that can't be stopped, but I'm certainly not going to be on it.

It's really a fascinating post. What nobody has pointed out is what will this mean to the FSBO market? Now they have to pay? This should help a few more convert to listings.

DEC

2009

I have a highlighted listing on zillow for the last few months -- 0 response so far.....

DEC

2009

Mike (#156) - Correct, that FSBO will have to pay the $9.95 for 6 months of advertising fee. We do not take any FSBO automated feeds.

Thomas (#157) - I took a look at your account. You've never Featured your listings on our site, which is what the $9.95 rate would do, to give you a lift of traffic for your listing(s) in the search results. Also, your listings come to us via Visual Tour, so this change in fee structure doesn't directly affect you.

I do see that you did use our Showcase product (zip code targeted display advertising) and on it you advertise yourself, verses advertising listings. Of course, with this advertising space, you can use it however you'd like. But we found (and I think this is true regardless of the site or advertising medium) that you get a lot more calls when you advertising specific listings, verses branding campaigns. If you want calls, my advice would be to change the copy to market a 'just listed' or 'open house' or 'unique selling feature of a particular home'. Hope that helps!

Great dialog regarding the "Zillow" syndrome! Here in the OC, we rarely have a seller or buyer that gives Zillow much credibility as I believe agents in our area have done a great job enlightening their clients' about how off the mark they can be. With the number of custom homes in the Newport Beach area, Zillow gets confused when a 7,000 sf estate sits next to a 600 sf scraper. The average price per sf is completely unreliable because they look at closed sales numbers and not on actual capital investment.

If we all remember that Zillow is just a marketing company looking for advertisers and has no resemblance to a professional real estate organization, they shouldn't hold any more credibility than the neighbor that thinks his home is worth way more than the market will accept.

We used our own proprietary system that automatically imports all the local MLS data for active, sold and pending sales. We then create a graphical representation that blows "Zillow" out of the water. As the consumer becomes more educated, it's our job to become more innovative and look for trends that will have an effect on our ability to bring value to our market.

Every agent will need to have a "factual" based rebuttal to Zillow's valuations in their individual farms area.

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Lola Audu~Real Estate Broker/Owner Grand Rapids, Michigan Real Estate

Grand Rapids, MI

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Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate

Address: 3659 Alpine NW, Suite 102, Grand Rapids, MI, 49321

Office Phone: (616) 791-0511

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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.