Profile picture for user997734

You have not posted responsibly and consistently on the worth of our house, please correct ASAP!

You have not been posting accurately and consistently on our house.
It's 100K off. Please verify the neighborhood sales before you do the posting!

This is very unfair just in case I need to sell my house soon!!!
  • September 30 2013 - South Brunswick
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Answers (11)

Profile picture for Rebecca Marvel
No one pays attention to the Zestimate - why are you?
  • October 05 2013
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Actually the point of my story was that a very experienced agent almost lost a deal on a very lovely home because of a Zestimate.  If my buyer wasn't as motivated as she was...the deal would have been dead. She was convinced it was overpriced even after I showed supportive evidence that value was there. They loved it and was in the right school zone. but the whole negotiating process was permeated with "if I'm going to overpay for a home I want XY and Z thrown in" which prompts another discussion on chattel and I don't like to negotiate on that....but Zillow said it should be 50K lower and thats what they saw. What happens when a new  or inexperienced agent shows a customer the perfect home in that case...The value of the home is damaged by the perception of a Zestimate even if professionals blow it off as nothing but a computer generated number.
  • October 05 2013
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Profile picture for CallTheSisters
Suzanne

The moral of your story is - as a professional agent you were able to defuse the perception your inexperienced buyers had that Zillow was an expert in market valuations. 

You did your job in representing the buyer.  That's what we all do in spite of ALL the disinformation buyers see on the internet about the entire real estate process. 

Every time someone complains about a Zestimate that's what we tell them.  Professionals are not led astray by Zestimates.  Buyers become educated by the agents they work with.

Real estate is no longer an easy profession.  Every deal is an ordeal!
  • October 05 2013
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Profile picture for Herodotus2012
If I look at a house for sale in my town, the realtor's face shows up as someone to contact - so there is some arrangement that the realtor signed allowing that cobtact detail to show up.  Use a different realtor rather than the one being pimped by zillow. 
  • October 03 2013
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Re:  Apparaisers and Realtors not using Zillow for estimates...While the statement itself is true, the problem with the "Zestimate" is that buyers are looking at it and thinking HMM that home is overpriced. They do not have the same tools for that we do to determine value when we price...That is where the damage is done. A very real example happened  3 weeks ago to me...I showed a customer a home that they loved ...the value was there but they wanted to make their offer based in part, on what Zillow said it was worth...after a lot of  talking to about estimates and value they still went with the Zestimate and almost lost the home. It took a LOT of negotiating on my part to keep them in the deal and get the contract done.  FYI the home just appraised for 1500.00 above sale price. We all know how tight the appraisals are these days. At least that made them feel better.
  • October 03 2013
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Profile picture for Dunes ..
"Zillow does not give a damn whether they have your price correct or not"

I agree
  • October 03 2013
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Profile picture for Blue in d Nile
"premier agents" pay advertising fees to Zillow... but agent's certainly aren't Zillow's primary revenue source.  They have at least 5 different sources of revenue.

Boycotting one or two advertisers is not going to make a dent in Zillow's bottom line, and one or two people boycotting is not even going to make a difference to the advertisers.  And even if there were an impact, there is no way that anyone would associate the "cause" being that they advertised on Zillow.

The best recourse for a site or business one doesn't like is "competition", and having the masses go to the competition instead.
  • October 03 2013
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Profile picture for CallTheSisters
I can assure you that appraisers do not come to Zillow looking for guidance.  Neither do Realtors.  Two usual components of marketing a home is the CMA the agent prepares to justify the price and the appraisal which is done when the house is being financed.

Brokers don't advertise their homes specifically on Zillow.  Zillow gets feeds directly from varoius MLS services on most of the listed properties in the US.
  • October 02 2013
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Profile picture for Herodotus2012
perhaps sellers should stop using brokers who advertise on zillow

that is the only thing zillow understands - loss of revenue
  • October 02 2013
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Profile picture for Herodotus2012
Zillow does not give a damn whether they have your price correct or not.

Zillow sells ads.
  • October 02 2013
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It is a common problem with Zillow...As realtors we understand that buyers do look at these Zestimates as guidelines and in many many cases they are very off, or at the very least do not adjust for differences that occur in pricing a property. They rely on sales information from subject properties in that general vicinity. No compensation is made for location or condition. I, for one, wish the Zestimate information not be included. It is not accurate and like you mentioned can be harmful.
Suzanne DeTurris
Keller Williams
West Monmouth
  • September 30 2013
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