Zestimate is so far off of our marketplace it makes us look like we don't know what we're doing.

Do other real estate agents feel the same way?  I would like to see this taken off of our listing information.
  • June 30 2011 - Erlanger
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Answers (7)

@TGWUSAUK - your post borders on sheer ignorance.  If you read my reply, you'll see that I was advising Connie on how she can make this problem work to her advantage.  

There's no way Zillow is going to stop what they're doing just because a few people complain ... 
  • July 09 2011
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Profile picture for TGWUSAUK
ergo nothing sells except the bank owned 'REO's' Snoopysdaddy
This to me explains why Zillow have slashed the values then, it would appear Zillow is working on behalf of the banks.
As for the other 2 posters on here, your replies to Connie borders on sheer arrogance, the amount of people posting about this issue suggests there is a major problem that needs proper answers, and not arrogant replies.
  • July 09 2011
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Profile picture for snoopysdad
Sadly, You should look on the bright side of this equation. In Florida (nearly state wide), the County Property Appraisers (possibly Assessors on KY?) Can't keep up with the revaluations DOWNWARD any more closely than Zillow. We have properties that are LISTED for less than 1/2 of what ZILLOW says they're 'worth', however the asking prices are probably 20% above what the market will bear, ergo nothing sells except the bank owned 'REO's'. Nobody wants to "catch the falling knife" in stocks OR Real Estate.

Pointing out that Your 'problem' is a complete reversal of here would be welcomed by Most in our position. Price Justification versus what 'Zillow "Says" ' is easy. Cure the objection before it's raised by addressing it straight out of the box. Note the details on the house that Your Company advertises that Zillow has no record of? Note the recent sales that Zillow isn't factoring in? Note the....well, You get the picture. Tell Your potential buyer(s) that a Competent Appraiser is not replaced (even for a 'rough GUESSTIMATE') by Zillow, home gain, or any of the other websites that have 'guessing' software. Appraising is best left to the APPRAISERS, who put their reputation(and potential freedom) on the line every time they sign a report. I would trust their opinion intimately. I wouldn't trust zillow...at all, with no offense intended to this website what-so-ever (you simply need to read their disclaimers to understand that). IF a potential buyer is so dissuaded from looking at one (or all) of Your listings based on inaccurate information from this website; they'll get 'educated' soon enough. You can't close every transaction, however the Appraisal WILL have You being redeemed, IF You priced properly. HTH
  • June 30 2011
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So add a comment to the description like, "Wonder why the Zestimate for this home is wrong?  Ask me!"
  • June 30 2011
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Profile picture for wetdawgs
A Zestimate is a calculated value from public data.   Along with the displayed Zestimate as a single value, Zillow also provides ranges and accuracy information for many communities.   My humble opinion is that the more effort the agents take to learn the fundamentals of the statistical models, the limitations and strengths, the better they are in this very competitive market.   When I run into an agent that is only able to describe the limitations (or worse, call the Zestimate rude names), I run the other way.   Zestimates and other AVMs are not going away, so learning to live with them and use them to the best will help the agents and their clients tremendously.   Agents who don't educate themselves on this tool will not be at a long term competitive advantage.  

Zillow offers the Zillow Academy with a number of free course, some of which offer some useful information on Zestimates and using them to your best advantage.

As a potential buyer, if Zestimates were removed from listing information I would kick up a very very big protest!  It would be a serious disservice to the clients (your employers).

The only constant in life is change, we can chose to embrace it or we can chose to damn it.  Our individual choice.


  • June 30 2011
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I think it keeps the public from wanting to view our listings because it shows that we are asking sometimes up to $40000 more for our listings which is not correct. 
  • June 30 2011
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On the contrary, this is a good opportunity to educate people as to why they need the services of a professional real estate agent and not rely on Zillow for flawed information.
  • June 30 2011
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