Special offer

Why is your proposed List Price different from the Ztestimate...

By
Real Estate Agent with Berkshire Hathaway HomeServices California Properties 01238708

I have noticed that, it has become more and more prevalent during a listing discussion, that the likelihood is high that, the sellers have already checked out one or more of the Third-Party Platforms of the Z’s & T’s of this world.  

www.endrebarath.com

Hence, part of my discussion must be focused on the “true comps” or should I say the “real comps” vs. the ZTestimates.  Hence, I also need to be prepared and be able to address and have the “not a comp” package with me as well.

Then, there must be a detailed discussion about the realities of how an algorithm does not know, that two doors down, the house went through a complete remodel of the kitchen, the bathrooms and hence the price is different. As much as I would love to include this particular home, the reality is, that it is not a ‘real comp’.

The benefit of this type of detailed discussions about the prices, allows me to explain various strategies to list the home and achieve the desired result i.e.: Sell the home for Top Dollar in the shortest amount of time. At the same time, it showcases the debt of knowledge I bring to the table with the many years of experience.

www.endrebarath.com

This in turn allows the seller to understand the complexity of selling a home in today’s internet world as well as the various marketing methods that would be utilized in selling their home.

 In the short run, it is an objection I am faced with, because the Third-Party Platforms inaccurate pricing. In the long run, it allows me to be seen by the sellers as their Trusted Advisor that I am.  I can expose them to the idea that with simple strategies we could generate a higher price for their home.

At the same time, it allows us to learn about each other’s likes and dislikes as well as style of handling the sale of their home.

Now with that said if you are interested in finding out what the Real Value of your home is, please reach out to me directly for a confidential consultation.

 

 

www.endrebarath.com

 

 

If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 (m) or homes@endrebarath.com or visit one of my websites at  http://www.endrebarath.com.  I am a Pet Friendly Realtor and I contribute a portion of my commission to local animal rescue organizations.

LLoyd Nichols
Premier Florida Realty of SWFL - Fort Myers, FL
Southwest Florida Homes By The Sea

Thanks for sharing. Zestimatimes are often off, misleading and a nuisance.Thanks for telling it like it is.

Jun 28, 2017 07:45 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

YES, you have to be armed to explain why they're absolutely NOT comparable to someone with boots on the ground in our own areas, Endre! Great point and I totally agree - more and more sellers are bringing this fascinating finding up during our listing meetings!

Happy Wednesday! 

Jun 28, 2017 09:15 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

LLoyd Nichols  I purposely misspell their names and do not spell out their names so they do not benefit from SEO.... and yes they are a nuisance at best...Endre

Jun 28, 2017 09:58 PM
LLoyd Nichols

Pretty cool move about the SEO. They are big enough.

Jun 28, 2017 10:00 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Debe Maxwell, CRS  I have my regular comps and then I have the "not comps" package because I know it will be part of the discussion:))Endre

Jun 28, 2017 09:59 PM
James Dray
Fathom Realty - Bentonville, AR

Good morning Endre.  Zestimates are wrong in so many ways.  I have my comps all  ready for my presentation Monday

Jun 29, 2017 03:19 AM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Don't get me started on this topic! I have one listing that when Zillow uninvitedly captured through secondary syndication, their Zestimate shopwed the home was formerly worth over $140k more that the list price. Now the adjustment to the current list price shows the home lost over $140k over the last month. The seller is having a fit and there is nothing that I can do for them. UGH!

Jun 29, 2017 04:48 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Oh my gosh, Endre... this remings of the client I had who had agreed on a price with me and then saw Zillow say it was worth $5,000 more, which it wasn't. And he never gave in on the price for 5 months. It finally sold at the price I had originally told him it would sell and he wasted more than $5,000 in carrying costs on a vacant house. (He still doesn't get that part of it.)

And then there was the client who called me crying because Zillow said her house was worth way less than what real comps showed... 

Jun 29, 2017 05:05 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Endre - I like that you come prepared with comps and "not comps".   

Jun 29, 2017 07:28 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks for sharing some of your successful business practices.

I hope you are enjoying a most productive month.

Jun 29, 2017 07:49 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Endre - I looked at Zillow for some local homes I personally know.  The comp is not based on reality but by an algorithm as we know.

Jun 29, 2017 08:51 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Endre - There's a huge difference between a professional approach to determining value - the way you do it - and just applying a one-size-fits-all algorithm. And the way you do it is going to provide a result that the market can relate to.

Jun 29, 2017 10:47 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Endre Barath, Jr. - you are so correct in your analysis. People are using the Z and T estimates as true value. You show your worth by proving why the analysis you have produced on the value of their property is the accurate one. Z and T have made our job harder, but can be used, as you have, in showing why they need a professional to guide them in their sale.

Jun 29, 2017 11:18 AM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Endre Barath, Jr. , as if sellers are not enough, I now have a buyer(with an agent, not me) emailing me regarding one of my listings he would like to make and offer on. Go to each listing prepared just in case the question comes up. Great post!

Jun 29, 2017 03:16 PM