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Answers (4)
Best Answer
- Bretr
- Contributions:2
If Zillow bases market values on actual sales transactions then they should aalso base rent estimates on actual rents being paid on properties not on hhome values or properties marketed for rent. In generally accepted accounting principles (US GAAP) there is a hierarchy to estimating fair value. The best and most important estimate is that based on observable transactions in the market place which are known as Level 1 fair value estimates. Clearly a current transaction between a third party tenant and the property owner is an observable transaction when one or both parties are disclosing such information and this is the best estimate of the rent estimate for that specific property.
- sunnyview
- Contributions:25127
I think that it would be nice if owners/landlords could input the current rent on the page in addition to the Zillow information. Almost like a "owner's rent estimate" using FMR as a base.
- jmaloof
- Contributions:3
Neil, Thanks for your reply. You realize of course that this policy is quite foolish. Would you ignore information regarding sales transactions? I would hope not. The details of my home are accurate. It's your algorithms which are poorly constructed. The home currently rents for $1,475.00 compared to the $900 or so in your Zestimate. Obviously your algorithms can't be perfect, but your company should be wise enough to accept factual information which might make your models more meaningful. If I make an 800 ft addition, you trust me to update the info, why not with rental rates?
- Neil R
- Contributions:2899
Hi jmaloof -
You are correct. Rent Zestimate is just an estimated value of your home's monthly rental rate. We can't manually change it, though. The best thing to do is to update more facts as possible. The more accurate data that we have, the more accurate it will be. Just a heads up, if the changes were not significant enough, the Rent Zestimate may not change. if it is, changes will reflect within 8 weeks or so.
Thank you.
Neil
Zillow Customer Support
You are correct. Rent Zestimate is just an estimated value of your home's monthly rental rate. We can't manually change it, though. The best thing to do is to update more facts as possible. The more accurate data that we have, the more accurate it will be. Just a heads up, if the changes were not significant enough, the Rent Zestimate may not change. if it is, changes will reflect within 8 weeks or so.
Thank you.
Neil
Zillow Customer Support
Can I manually update the rental zestimate?
Given that my home is a rental, I am assuming that Zillow's value is based largely on the estimated rental rate. Zillow's estimated rental rate is well below actual (36%). Can I somehow update the rental rate? I would assume that Zillow, in its quest for meaningful data would be interested in my actual rental rate, provided I am willing to give it to them.
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