Most agents are already familiar with Zillow.com - a real estate lead generation site offering agents the chance to post their MLS listings and home sellers the opportunity to get a "Zestimate" or a computerized appraisal of their home's value.
Here's why this is a MAJOR problem:
If you want some background on why Zillow is stirring up so much controversy, check out Bloodhound Blog and the Rip Off Report . It's no surprise that homeowners are concerned about their "Zestimate" home value and the issue that Zillow won't update or remove listings once it has given an estimate on them - which can, as you'll read in the Ripoff Report file, adversely affect the sale of someone's home.
What You Can Do Instead:
Instead of relying on a computerized estimate of your home's value, you'll want to invest in a professional appraisal. But before you do that, you'll want some estimates to take to the appraiser to back up your home's ideal selling price. To do this, get a CMA (Comparable Market Analysis) - also known as a Home Valuation.
Real Estate agents will gladly give you a CMA free of charge to tell you a solid selling price for your home. They do this by gathering statistics from proprietary agent databases which compare your home to others like it in terms of age, size, amenities, location and more. Having a CMA gives you a general number you can take to the appraiser before you get your complete, qualified home appraisal.
Click here to get a free home valuation right now courtesy of a local real estate agent in your area. There's no cost and no obligation to sell your home. Your information remains private and confidential at all times.
I always include the Zillow estimate in my CMA's as an example of how inaccurate the on-line community is and why I am adding value. On the average Zillow is off to the tune of $50k, that is why you will always need boots on the ground.
Take care!
RJH
Hi Guys,
I agree with you, nothing is better than real CMA.
Hey All, Have you used the PDF Report in Cyberhomes to supplement your CMA? It's free and full of zip code level stats. Very helpful...hope you find it useful!
Reggie
http://www.MyTechOpinion.com
Hey all- Sara from Zillow here. A couple things to note:
1- We at Zillow also agree a CMA is going to give you more accurate information. We obviously haven't walked the home, so getting personal service from a RE Prof is going to give you more accurate information. The Zestimate is just a starting point.
2- We post information next to every Zestimate and right under the search box on the home page about our accuracy and how the Zestimate should be used - http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
3- If consumers/listing agents would like to edit/add to the home information found on the site or create their own estimate we allow them to do so- for free. The updated information will be posted online for the public to see.
The Zestimate can be off sometimes. Making them more accurate is a constant focus for us. But overall, the fact is that consumers love the site- to the tune of about 4-5 million visiting a month.
If you want to use Zillow's Zestimates as a comparison point - that's fine. In fact, it will actually demonstrate just how knowledgeable YOU are about the local area - over any computerized estimate or online home value calculator. (This goes for Zillow and all those other online home value programs).
By doing a local CMA for a customer, you'll showcase YOUR expertise in a way no computer can match - and that's what success with online referrals is all about!