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

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Services for Real Estate Pros with Zillow

This just in, the Zillow family of partners grew a lot bigger today with the addition of all Realogy listings to the site. 

This means if you are a Coldwell Banker, ERA, Century 21 or Sotheby's Agent, your parent company is going to upload your listings to Zillow's marketing platform of 4-5 million users for you on a daily basis.  This will be a great addition to your listing presentation and a new source of free leads!

 

Zillow.com® Adds All Property Listings From Realogy's Residential Real Estate Brands

Parent company of CENTURY 21, Coldwell Banker, ERA and Sotheby's International Realty will now distribute 700,000 property listings daily via the Zillow® Listings Feed program

SEATTLE, Feb. 19 /PRNewswire/ -- Leading real estate Web site Zillow.com today announced an expansion to its marketing agreement with Realogy Corporation that will result in approximately 700,000 total property listings from Realogy's brand networks to be posted to the Zillow.com Web site on a daily basis. Realogy is a leading global provider of real estate and relocation services, and includes some of the largest and most recognizable real estate franchise systems, including CENTURY 21®, Coldwell Banker®, ERA® and Sotheby's International Realty®. ERA Real Estate was the inaugural partner in the Zillow Listings Feed program, which was announced in October 2007.

"We've been working closely with Realogy for the past four months to showcase its ERA brand and drive significant exposure of its listings on Zillow and traffic to its agents and local brokers' Web sites," said Lloyd Frink, Zillow president. "ERA's participation set the tone for the success of our listings feed program in such a short amount of time, and Realogy's decision to include its other brand listings is a great testament to Zillow's value as a marketing partner."

"Our ERA brand has benefited from the added exposure its listings have received on Zillow.com. The expansion of Realogy's marketing relationship with Zillow to include our other brand networks and Company-owned offices was a natural next step in our online listings distribution strategy," said Alex Perriello, president and CEO of the Realogy Franchise Group. "We look forward to having all our brands receive the same level of online exposure on Zillow.com that ERA has enjoyed in recent months."

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.

Zillow Listings Feeds allows real estate brokerages to post for-sale listings directly to the site in a bulk feed, giving the homes a virtual for-sale sign at no cost, in front of Zillow's 4 to 5 million visitors per month. For enhanced exposure, individual agents can create a free profile page with photos, contact information and more details about the agent, linked directly from each listing. Approximately 100,000 agents have created a profile on Zillow to date, which also allows individual agents the ability to list properties for sale. For more information on Zillow Listings Feeds, visit http://www.zillowfeeds.com/.

 

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Rainer
50,733
Greg Knowles Santa Barbara Ca.
Fidelity National Title Group-Santa Barbara - Santa Barbara, CA
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!
Feb 21, 2008 11:04 AM #55
Rainmaker
182,045
Sara Bonert
Zillow - Atlanta, GA
Real Estate Internet Marketing

Lyn- Sorry to sound like a commercial, but this is my post and feel like I have a right to supportdecisions Zillow has made on it.   

Actually in Cook County (yours and my area) our margin of err is 8.8%  (this information, as well as other counties in the us, can be found at http://www.zillow.com/howto/DataCoverageZestimateAccuracyIL.htm).  Zillow is one of the only valuation sites that is completely transparent with our accuracy numbers.   

Zillow was never intended to 'replace' the Realtor at the kitchen table.  We have always said that people only use us as a starting point and should turn to a professional when they want more accurate information.  I in no way think I have a 'right' to take a computer generated number into the kitchen and base a huge financial decision on this.   

Zillow was create to be a consumer facing website.  Realtor.com was built for Realtors.  When consumers today shop for anything, they what every piece of information they can get their hands on, and no one in the real estate space was fully doing this.  This what allowed Zillow to start and become so hugely successful so fast.   

With regards to market share, Realtor.com has 6-8 million unique users a month and we are at 4-5 million.  Even with R.com at those numbers, and being #1 in the space today, that still represents about a 10% market share of traffic.  The fact is that real estate is local and local sites are still tremendously valuable to the public.  It will be interesting to see how the national players play out over the next couple of years, but there is still much to be won at the local level by individuals.   

 

Feb 21, 2008 12:45 PM #56
Rainer
17,850
Tracy Riba
Carolina Realty, Johnston County NC - Clayton, NC
Residential & Commercial NC Real Estate Broker

"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.

Feb 21, 2008 01:36 PM #57
Rainmaker
716,608
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

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... 

Feb 21, 2008 02:35 PM #58
Rainmaker
716,608
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

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.  

Feb 21, 2008 02:44 PM #59
Ambassador
753,897
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

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

Feb 21, 2008 11:07 PM #60
Rainer
11,328
David Gibbons
Zillow.com - Seattle, WA

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.
Feb 22, 2008 12:06 AM #61
Rainer
20,827
David Soto - Illinois Home Loans & Mortgages
Illinois Home Loans & Mortgage Refinance - Chicago, IL
wow i always thaugh zillow was a good thing
Feb 22, 2008 01:29 AM #62
Rainer
6,859
Luke Andreae
The Andreae Group at RE/MAX Harbor Realty - Punta Gorda, FL
Punta Gorda Real Estate
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.
Feb 22, 2008 01:36 AM #63
Rainmaker
1,543,065
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

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!

Feb 22, 2008 06:04 AM #64
Rainmaker
121,073
Spencer Rascoff
Zillow - Seattle, WA

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. 

Feb 22, 2008 06:55 AM #65
Rainmaker
716,608
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

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. 

 

 

Feb 23, 2008 06:10 AM #66
Rainmaker
1,543,065
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

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.

 

Feb 25, 2008 06:59 AM #67
Rainer
26,553
The Bartley Group SouthEast MN Real Estate
Coldwell Banker Home Connection - Owatonna, MN

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!

Feb 25, 2008 09:22 AM #68
Rainmaker
121,073
Spencer Rascoff
Zillow - Seattle, WA

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.

Feb 25, 2008 11:45 AM #69
Rainer
15,237
Suburban Chicago Illinois Real Estate
Suburban Village Realty - Barrington, IL

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.

 

Feb 26, 2008 06:47 PM #70
Rainer
26,553
The Bartley Group SouthEast MN Real Estate
Coldwell Banker Home Connection - Owatonna, MN

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

 

Feb 26, 2008 11:35 PM #71
Rainer
15,237
Suburban Chicago Illinois Real Estate
Suburban Village Realty - Barrington, IL

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.

 

Feb 27, 2008 10:17 AM #72
Ambassador
2,079,919
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor
Hopefully this will assist in Zillow's accuracy!!!
Mar 03, 2008 10:50 PM #73
Ambassador
890,780
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy
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. 
Mar 12, 2008 02:33 PM #74
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