Spent the day in Boston Wednesday at Inman's "Agent Reboot" an event billed as a: "power-packed, low cost, local event for real estate professionals. This one-day, fast-paced program, will equip agents with the latest in business development, technology and marketing skills to help them be more successful. Agent Reboot is being offered in 12 cities across the United States."
Well, with a promise and a build up like that who could resist so I went.
Pretty cool stuff all day long, Daniel Rothamel, Founder of RealEstateZebra.com, and @realestatezebra on twitter was the moderator and presented some of the fast paced material.
One of the perhaps unintended but certainly surprising tips revealed was that Zillow's "Zestimates" for home values through the United States are not 100% accurate but only...........well, a Zestimate.
Turns out the guess..........or, Zestimates can be off as much as almost 50%! Yep, and it's published right there at bottom of Zillow.com at a tiny link innocuously titled: "Zestimate® Values & Accuracy"
Go check out your own area and see how wrong they are there. And the next time a seller (or buyer) starts beating you up with a Zestimate put out the Big Z's own data and lay it out in front of them. Odds are good you have better data and a better real world number for the price or projected price than they have.
Here's what a portion of what their dart board...................er, chart looks like:
I have a better idea.
Monkey throwing 1 dart hit the target 100% of the time
2 darts 50%
3 darts 66.3%
4 darts (after banana break) 75%
5 darts 80%
*Added information: If there was a house behind the dart board the monkey hit either the house of the dart board 100% of the time.
**NOTE** In full disclosure that was my monkey's results. Your monkey may produce entirely different results.
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