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Zillow The New National MLS! ????

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Real Estate Agent with Allison James Estates & Homes 01079287

I love reading Inman News their headlines usually tell the story.  But this one really put it all together as to where Z almighty was heading. How can they make themselves a platform needed by all buyers, sellers renters and of course the current main payer RE Agents. After all you really such be able to back up that $80 dollar a share tangible asset, right. 

Minimal investment to be a Premier agent $1200 a month. This price has tripled since the RE agent program started in 2008. I know I signed up. But unlike the other agents I didn't fill out Z's feed back so they could build it into what it is today. 

What I learn advertising on Z for seven years was this out of 20 contacts phone or email maybe 1 was a semi viable lead, most were looking lou's or just wanting information if counted in Z hits 1 in 400. And if I didn't respond in less than 2 minutes the buyer was calling another agent. M buyers?

Since our MLS has given our information to Z for FREE, Z might as well be the National MLS. Yet we as members are penalized if we don't follow the strict guidelines of the MLS. And it costs alot of $$$ to be a member! Z will be more $$$$$. Guess the MLS won't even get a kiss!

My favorite is the new app buyers can actually get combos and help themselves to viewing houses with a virtual agent. Yes, it exists!

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Realtor simple guideline to guesstimate a Homes values! Comparing apples with oranges? How to set values for embellishments? Do you think the old adage of Value equals Location, Location, Location, is true? Views, Pools, special interest additions can add desirability, and then Granite Counters, Travertine flooring, condition, square footage and any embellishments, upgrades, updates you can add to a property is worth 60-70% of the cost. This value will also be depreciated over time. Example would you consider if a twenty year old solid oak cabinette's
value even in good condition is equal in value to cabinets in the newer current color, or are they? Objective would be desirability.

Location is the basis for value. Like Homes within a one mile radius share values, and can be evaluated by sales per square foot within the last 3+ months. Pulses

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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Tere, I have resisted advertising on Zillow and maybe I "lost" out on a few leads but on the other hand, I didn't have to spend those enormous sums to get them in the first place. 

Oct 17, 2015 08:07 AM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

I remember our Broker bringing this up in 2000 and the MLS chair said we owed it to our clients to put our listings everywhere possible and so here we are. 

 

Oct 17, 2015 08:12 AM
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

Z will be around for a while longer but their reputation of being wholly inaccurate is gaining steam fast. 

Oct 17, 2015 08:14 AM
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Z being an MLS is one of the scariest ideas ever!  But you're right - it might as well be since they take all our info anyway.  

Oct 17, 2015 08:47 AM
Bruce Brockmeier
Internet Marketing Consultant to REALTORS® - Yorba Linda, CA
Coached By Crouch

What I learn advertising on Z for seven years was this out of 20 contacts phone or email maybe 1 was a semi viable lead,

Good evening Tere,

Are you still advertising on Zillow?

Oct 17, 2015 09:31 AM
Tere Rice

No, after they increased my monthly times three and cut the views in half I quit but kept my profile active. I now specialize in listing Horse Property.

Oct 18, 2015 03:28 AM
Tere Rice
Allison James Estates & Homes - Temecula, CA
First Time Home Buyers, VA Buyers, Horse Ranches,

No, when they offered to triple my monthly and cut the views in half, I quit them! I no longer financially support Z

Oct 17, 2015 10:14 AM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

That seems a little excessive for premier agent on Zillow - 3x the old price! Thanks for sharing your experience with advertising on Zillow -- I've heard similar results from other agents. I just can't bring myself to advertise there -- I think there are better cost-effective ways to.

Oct 17, 2015 10:18 AM
Tere Rice

For 7 years it was 1/8 of the zip code $408 a month, so every eight clicks my face would appear. Now for $1200 month you get 1/16 and the views are cut in half. You can't even get in the 92592 zip code the list is so long and the Brokers are buying it and turning it over to thier agents or Teams for referral fees 30%?

Oct 18, 2015 03:22 AM
Pamela Seley

Z has contacted me before about zip codes and I asked about 92592 and they said it wasn't available and tried to sell me a different zip I wasn't interested in. Wow, $1200 month is staggering. I read somewhere that Z would be increasing their prices after the Z/T merger. It must work or no one would pay it. That's pretty crappy brokers would charge referral fees of their agents for a lead off of Z. Sounds similar to lead router -- by the time they take out the referral, broker split and fees, an agent is lucky if they end up with 40%. Something is not right with that picture.

Oct 19, 2015 03:22 AM
Gilbert Real Estate Experts: Colby & Michele Myers
Darcam Real Estate & Investments, LLC. - Gilbert, AZ

Agreed, Zillow and Trulia are horrible. Their are people on there that have 100-200+ recent sales by June and when you look them up in the MLS they have 30. They suck!!! They don't care about those that play by the rules, so give'em the finger now! Plus, when you need to talk to a live person you can't unless you call the sales department. End of rant!! Thanks for sharing!

Oct 17, 2015 10:42 AM
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi again, Tere.      

    Not just Z and T, but also R. 

     I spent a substantial amount of $$$ on Realtor dot com for Featured Agent in certain zip codes.   Similar results to yours... maybe 1 out 20 "leads" was worth pursuing; the rest were a waste of time.

Oct 17, 2015 11:07 AM
Tere Rice

Hey FG,


 


   One year I went all out and spent over $14,000 on Z. The return was times 5. I started cutting back the next year, fortunately I had built a strong now seller base that got me through the year. But I just don't think it's worth Z getting 50% of my hard earned work! Referrals are only 30%! Z is a little too greedy!

Oct 18, 2015 03:33 AM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Tere, I for one will not give in to the "Z" craze, I wish all agents would do the same.

Oct 17, 2015 11:14 AM
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

I am a premier agent and I don't pay $1200 a month. I'm not sure where you get this information but I don't subscribe to Inman. And let's not give anybody any ideas about referral fees, LOL.

Oct 17, 2015 12:06 PM
Tere Rice

The cost per zip code is determined by the amount of hits or views on a zip code obviously Sacto isn't as in demand as 92592?

Oct 18, 2015 03:35 AM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Tere, this is an ongoing saga. $1200 a month must be for multiple zip codes? I am premier agent and don't pay anywhere near that and it does pay for itself each year.

 

Oct 17, 2015 01:06 PM
Tere Rice

Ha Ha I wish it was multiple zips, but alas it was for 1 zip code 92592 and that was for 1/16 meaning there are 16 agents on this zip code. Florida is not quite the same RE market as Temecula, Ca. Riverside County in the 2002-2007 boom was the fasting growing county in the Nation for three years! We are a bedroom community for Orange County and San Diego County. Tract homes for as far as the eye can see.

Oct 18, 2015 03:26 AM
Gerhard Ade
RSVP Real Estate - Seattle, WA
What sets me apart, will set you apart.

Recently, I was sitting in a coffee shop when I overheard three men of retirement age talk about how they were using Zillow to find all the homes they had lived in over the decades. Wow, I wondered what else are curious people doing on Zillow? Wonder what that home of my ex is worth now?  

Zillow is a marketing and entertainment site. I'm not afraid of them and I don't pay them a dime, but I have a profile there and post my listings manually. I owe that to my clients. Zillow is an ok place to start a home search, especially when you are about to move to a place across the country. When people are curious they visit Zillow, but when they are serious they come to me.

Zillow vs Gerhard Ade

Oct 18, 2015 10:50 AM
Tere Rice
Allison James Estates & Homes - Temecula, CA
First Time Home Buyers, VA Buyers, Horse Ranches,

This is what my cost was for one zip code 92592

Oct 18, 2015 12:09 PM
Tere Rice
Allison James Estates & Homes - Temecula, CA
First Time Home Buyers, VA Buyers, Horse Ranches,

I think we need a National MLS, but I don't think Zillow is the end all.

Oct 18, 2015 12:12 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Tere Rice well, it is a National MLS with only 30% of accuracy! We all know that - so we should be vocal about it!

Oct 18, 2015 12:53 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I have issue with my listings being on the Z platform with a bunch of other faces along side it, but not enough to pay them ransom.

Oct 18, 2015 01:40 PM
Bruce Brockmeier
Internet Marketing Consultant to REALTORS® - Yorba Linda, CA
Coached By Crouch

For 7 years it was 1/8 of the zip code $408 a month, so every eight clicks my face would appear. Now for $1200 month you get 1/16 and the views are cut in half.

 

Good morning Tere,

92592 has a lot of transactions.  It's a booming area.  However, charging you $1200/mo for only 1/16 of that zip code seems quite excessive to me.

This won't lessen the pain, but you are not alone.  I talked with another premier agent who also had his fees triple.  Well, technically they tried to triple his fees.  He dropped Zillow after being with them for five years.

 

Oct 18, 2015 11:51 PM
Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

No question the Big three, ZTR all try and have their hands in our pockets. Think our MLS just opted out from one of them. I am not disappointed.

Oct 19, 2015 07:35 AM
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Realtor.com solicited one zip code to me in the next city over.  $3k/yr  I said no.  I don't pay for ZTR but I have a profile on them and post my listings there.  My board only posts to R.  I'm in the camp of having my client's best interests at heart.

Oct 19, 2015 10:58 AM
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