We've all had owners who want to argue our Market Analysis on their home, quoting Zillow's Zestimates as an argument to our professional opinion. I chuckle to myself when this happens, because we know the amount of work and expertise it takes to come up with an appropriate value range, and yet the owners are willing to rely on general public record data used in Zillow, because the numbers are more in line with their hopes and wishes.
Having said that, and knowing that if I tried giving a value without seeing the inside of a home and considering the upgrades, I would be scoffed at and thrown out of the owner's home, I still like Zillow, and consider it a valuable tool for consumers. They can gain valuable information on sales trends, ask advice from professionals, and check out the profiles of real estate professionals.
There is much debate in the industry regarding Zillow, Trulia, and other real estate search sites. Owners and real estate professionals bemoan the fact that they don't have accurate information on the homes, schools and other data on which consumers rely. However, I think they offer a great service, giving general information on properties available, and allow homeowners to edit the information on their homes, which may affect the Zestimates given.
I have heard that it is difficult to update and change the incorrect information on a home and decided to experiment with one of the homes I own. It was a breeze! I updated the photo, after claiming myself as the owner, and within minutes, I received an email from Zillow that the update was complete.
I remember the fear that we REALTORS had years ago when we were losing control of the MLS date and felt that our services would be marginalized. It never happened and these enhanced sites that allow our customers and clients participate in the home search definitely have their place.
As a professional, I also LOVE the "REVIEW" option and send people to Zillow to check out the peer rating system on Zillow when they are interviewing me for a listing.
© Zillow, Inc., 2008. Use is subject to Terms of Use
What's a Zestimate?
Comments(6)