Zillow Welcomes Coldwell Banker, ERA, Century 21 and Sotheby's!

Sara, I just don't get one thing. Zillow still allows an individual with an account to post listings on Zillow. Those listings have absolutely no way of being updated if an agent etc... doesn't claim them. In my area there are a bunch of listings that were posted by someone who is unresponsive and doesn't update those listings. I have contacted Zillow support and they wanted me to go in and clean up the listings. Why can't there be a 90 day rule about claiming or updating a listing? This really is the one thing besides the zestimates that really makes Zillow unusable and unreliable in my area. Good Luck!

"but there is still much to be won at the local level by individuals.  "

  Again, this is because we "at the local level..." are having to fight to keep our websites at top level on search engines against these big companies that automatically upload our information.  Unless an agent or individual broker-in-charge have given permission to upload these listings, I might consider it steeling.  Sorry if I don't completely understand the parameters of law, but that makes me upset.

It will either be at the sacrifice of agents or the blockade by agents of companies like Zillow.com will true real estate professionals be able to maintain that position.

Sara,

Zillow is a WASTE of web space and time.  I can't believe these large brokerages were THAT STUPID!  I would never list on Zillow unless I knew your stupid ZESTIMATE would work in their favor an not against them.  I don't mind sites like Trulia that don't try to play God with the numbers and actually MONITOR THEIR BOARDS for abusive behavior.  But you guys are truly a waste of space - create a ton of wasted time and energy for me explaining why your Zestimate isn't worth c**p.  Your site is poorly run and monitored and if you had any modicum of responsibility, you'd knock it off with the zestimates that thousands of agents have told you aren't valid!  I'm glad I work for a small company and have  CHOICE in all this. 

My advice - find another JOB... 

Oh and btw, a margin of error of 8.8% is NOTHING to crow about.  On a $500,000 house that's a $44,000 problem in either direction.  If I were that far off walking into listing presentations, I wouldn't last very long.  Its also an $88,0000 swing! GOOD GOD!!!  What are you people thinking? Do you think? 

Seriously, there is a lot of money on the line here.  This is wildly irresponsible of the bunch of you.  

Sara,

Interesting stuff.  I'm a mortgage lender, and a first time client actually came to his appointment yesterday with all the stuff I normally ask for, and on top of the pile was a Zestimate from Zillow.  First time that's happened.

Mike in Tucson

Hi, it's David from Zillow, 

Mike Jones -  

Was it close? FYI - keep your eyes on ZillowBlog; we're just finishing off an awesome mortgage offering that's about to be released.

Greg Knowles -

We do expire listings that aren't updated. Would you mind sending me one of the addresses you're talking about so I can research this further? [davidg AT zillow DOTCOM]

Scott -  

Thanks! Let us know how it goes.

Dan -  

McDonalds isn't a great analogy; Zillow does not sell homes and has no plans to. Zillow is a media company. Like a newspaper. A better analogy is that Zillow is the online version of the property section of every newspaper in the country. But even that analogy falls short of communicating the the community aspect of the site (100,000 Realtors have registered on Zillow.). In that regard, Zillow is a bit like AR, except most of our registered users are buyers, sellers and homeowners. 

If the Zestimate is lower than your list price, you should definitely consider posting it on Zillow because:

1. Your list price will REPLACE the Zestimate on our maps
   
2. Your list price will REPLACE the Zestimate in search results
3. Your list price will REPLACE the Zestimate at the top of the home's detail page
4. Where the Zestimate does appear on the detail page, it will be accompanied by a value range thus clearly indicating that it's an estimate.
5. By posting the home for sale, you also update its home facts. Incorrect or incomplete home facts from public records are the most common cause of way off Zestimates. Corrections you make to the home facts will be factored into the Zestimate when it's next calculated so you can in fact improve the Zestimate accuracy for your client.  
   
6. You get to set the record straight. By posting a home for sale on Zillow you're telling a buyer that you know what the Zestimate is and so, they're less likely to quote it in negotiations.
7. ... and of course, with 4,7MM people visiting Zillow in January, there's a good chance you may find a buyer.
   

Ruthmarie -

I'm sorry you struggle to explain Zestimates to your clients but I also hear from many agents who consider the Zestimate a great conversation starter. I guess it depends on your attitude. If you're defensive when Zillow's mentioned, you may not be winning your clients hearts and minds. I suggest you start by merely pointing out that the root of Zestimate is "estimate" and arm yourself with facts about Zillow's accuracy in your area. Consumers get it - if they're giving you a hard time it's just 'coz they're trying to figure out if you do.

wow i always thaugh zillow was a good thing

I submitted our listing feed to zillowfeeds over a week ago and have heard nothing back from Zillow. It's nice to see that several brokerages are making deals to post listings for all their agents but we prefer to submit them ourselves so that we can control the information flow. However, I am frustrated that I have heard nothing from Zillow since submitting the feed on 2/11 and subsequently sending in two follow-up emails to ensure that everything is as it should be.

I love this lively discussion - 8.8% margin of error my Bu$$ !  I can prove it anytime & anyplace that your figures "the Zigures" are incorrect.  What's great about a real person that knows the market is that I know just by looking at the listing picture most of the time what area the house is in. I can prove it with correct info from THE MLS, TAX RECORDS, etc. I can assure you that the last grouping I did in December was way off the 8.8%. HOW CAN YOU POSSIBLY JUSTIFY YOUR EXISTANCE WITH INFERIOR INFORMATION?

How about Consumer Fraud? Posting listings in one area that are not there! As RuthMarie said above - start working on your resume!

Lyn,

Spencer from Zillow here. Thank you for your comments.

According to the California Association of Realtors, 56% of buyers used Zillow during their home search. That's second only to Realtor.com. So clearly buyers are using Zillow, and as many commenters pointed out above, that means Zillow is a website that can't be ignored.

To your point about Zestimate accuracy (or inaccuracy, as the case may be), we all agree that inaccurate Zestimates are problematic for sellers and agents. That's why we have value ranges for each home (in addition to the Zestimate); that's why owners and agents can claim homes and edit home facts, which then impact the Zestimate; and that's why owners or agents can publish "My Estimate" for the home's value. In addition, we continue to work very hard to improve Zestimate accuracy -- a few weeks ago we released our new version of the Zestimate algorithms which are 12% more accurate across the board. Nonetheless, we won't rest until we make Zestimates as accurate as possible. 

David - I RESENT THAT. Have you EVER sold homes??? Have you EVER listed homes?  Your arrogance is simply ASTOUNDING!!! Right now we are dealing with buyers who think (wrongly in my area) that they are in the drivers seat and lowball everything to death...You finally convince them as to what a reasonable offer would be and then they see a ridiculous Zestimate that makes NO SENSE and they lowball.  Just a couple of months ago I saw a Zestimate on Zillow that was so low it boggled the mind.  Admittedly the house was listed rather high. But most people in my area put a CONSERVATIVE fair value at around $1.3 million.  In truth, it could probably have fetched more, but I'm giving you the low side.  Zillow had a ZESTIMATE of under $900,000!  You were over $400k OFF!!! Do you have ANY idea how absolutely IRRESPONSIBLE this is? Your attitude is just as bad as your error factor.  Buyers and sellers are being influenced by this information. People are making one of the biggest financial decisions of their lives and they are using YOUR BAD NUMBERS to help guide them!  

EITHER CREATE A SYSTEM THAT ACTUALLY WORKS - or get rid of the Zestimate. My problem with you people is that you throw numbers around and take NO RESPONSIBILITY for the results.  I hope a bunch of sellers sue the pants off you guys. With that attitude, that's exactly what you deserve. 

 

 

You give em hell Ruthmarie!!!! YaaHoo.

I can't believe that I just read what Spencer Rascoff just printed. "We all agree that inaccurate Zestimates can be problematic for sellers & agents. That's why we have value ranges for each home."

Again, let's go back to my earlier statement regarding being accurate on a home price plus/minus $30,000. Give me a break - you just don't get it - plus or minus $30,000 on a home priced at $219,900?  I hope on your own personal home you have a "problematic Zestimate" & see how it feels to basically loose $30,000 to $40,000 on the whim of a computer algorithym.

NO RESPONSIBILITY FOR THE RESULTS.

Here's another good blog that pointed out that Zillow also allows other realtors to post YOUR listings to Zillow if they want.  How is that helping your seller Craig & Amber Smith?

Check it out   Read this article and get informed about another great Zillow marketing strategy.

 

I can't believe the arrogance of Zillow & Spencer.  He states that in CA 56% of Buyers used Zillow in their search.  That's great! The problem is Zillow is giving 56% of the buyers in CA BOGUS information.  And not only that they are giving bogus information with no consequences!!!  If we as Real Estate Professionals managed to screw up as often as Zillow does with their Zestimates, we wouldn't be able to afford the premiums for the E&O insurance.  You can work for weeks with a buyer about the correct offer and then just because they hear about Zillow on Good Morning America or the Today show, all of a sudden this website is the EXPERT and all of your work goes right out the window.  We we go on a $225,000 listing appointment I wouldn't think of going out the door if the closest I could get is within $30,000 or even as stated by someone from Zillow above 8.8% give me a flippin break.

As a professional with a Coldwell Banker affiliate now I going to have to look at more stupid offers because Zillow "The Experts" said this is all the home was worth!

I'd like to clarify my comment. We hear from agents that it can be frustrating for both them and their sellers to explain Zestimates to buyers and that it's even more frustrating when the Zestimate is off. I understand that frustration and my comment was intended to acknowledge it; not to rub anyone's noses in it. Sorry if it didn't come across that way.

At the same time, I want to make it clear that I doubt if an inaccurate Zestimate would ever directly cost you a deal and that focusing too much on your listing's Zestimate accuracy is probably a distraction from those things that do sell a home.

Some buyers will quote Zestimate values when they're negotiating and so do many sellers. Negotiations are nothing new to the Real Estate game and if it wasn't a Zestimate, you'd be hearing about an odd comp, recent sale price or a tax assessed value. The point is that you should never lose a negotiation to a Zestimate or to any other site's free value estimate for that matter. I'm confident that Zillow provides professionals with the data they need to win that negotiation and that we're available to help you understand it and how best to market your listings on our site.  I also believe that those in the real estate industry -- buyers, sellers, owners and agents -- are better off with Zillow in existence than not.

What I find interesting is how a Billion dollar company does not have the creative talent to create something that would blow Zillow out of the water.

 

Paul, I would guess your last comment is in regard to Realogy.  I would jump in and say that Realogy is an awesome company with a tremendous depth of talent.  While I might not be a fan of Zillow, I think in the long run, more exposure for all of our listings is a good thing for our sellers.  Also let's not forget, the folks at Cendant are the ones that launched Move.com about 7 1/2 years ago and Homestore bought the site within the year.

Brian Bartley

 

Brian,

"Property listings under the Realogy brand networks, which include listings from Realogy-owned brokerages operated by its subsidiary, NRT LLC, will be dynamically uploaded to Zillow on a daily basis, providing its brokerages with additional marketing exposure for their properties while enhancing the search experience for Zillow's users. Upon viewing the listings on Zillow.com, consumers will have the option to click a link to the listing brokerage's Web site where they can locate a Realogy-affiliated agent to guide them through the home buying and selling experience."

Actually, you are right Brian. They are very creative.

 

Hopefully this will assist in Zillow's accuracy!!!

I just wish Zillow would be a bit more upfront about the lack of accuracy of Zestimates...  But, while I am glad that my company is pursuing options for us agents, I always get nervous when I can't control how my information is presented.