Zestimate Roulette

Accuracy Matters – REALTOR.com’s New Ad Campaign

Zestimate RouletteI’ve had an interesting couple of weeks with Zillow’s Zestimate. If you’d like to see the details just visit my Facebook page and see for yourself.

The experience prompted me to do some research for myself and see just how bad this thing really is. So I took a look at 9 random homes within a two-block radius of my home, an area I’d say I am pretty familiar with! The data was amazing. The Zestimate value change for the last 30 days on these 9 homes ranges from a drop of approximately 10% to an increase of 15%! I then looked at our recent REALTOR® produced market data to confirm what I already knew…our market is strong and steadily appreciating.

In my opinion the Zestimate is a dangerous tool in the hand of the consumer. The scary part? They trust this data!

This experience the last couple of weeks for me, is the perfect segue into the release of REALTOR.com’s “Accuracy Matters” ad campaign, in addition to the meeting this week at #RPCTE -

The Road Ahead: Steve Berkowitz on Returning realtor.com® to #1

05/15/2014   |  2:00 PM – 3:00 PM
Location: Marriott Wardman Park Hotel, Maryland Suite A

Join Steve Berkowitz, Chief Executive Officer of Move, Inc. as he shares his vision for returning realtor.com® to its #1 spot. Keeping the company laser focused on providing consumers with the best content, tools & professional expertise they need to find their perfect home is the mission of realtor.com®. Understand why 2014 has rapidly become a tipping point year for the real estate industry and how to best offer integrated solutions focused first and foremost on connecting REALTORS® with consumers.

I highly recommend you attend this meeting, or follow along at the REALTOR® Party Live Blog.

I’d also recommend you do what I did, look at your own market data and compare it to Zillow’s Zestimate and share it with your market. I’ve already had two listing appointments thanks to sharing this data with my sphere of influence!

utahrepro

Chris Nichols is the managing broker at Prudential Utah Elite Real Estate in American Fork, UT. He’s a past President of the Utah County Association of REALTORS®, and was their 2011 REALTOR® of the Year. Chris is the 2013 Treasurer of the Utah Association of REALTORS®, and serves as NAR’s FPC to US Senator Mike Lee (UT). He is a graduate of the 2010 National Association of REALTORS® Leadership Academy and current Vice Chair of Social Media Advisory Board. He is a returning featured attendee at Conference Live, a contributor to several industry blogs, the community manager of the Top 5 in Real Estate network, and a social media ambassador to Inman News.

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Comments
  1. There are two problems with Zillow here in Nevada. First of all, the Zesitmates are off, and Zillow will tell you right on their website that they are close (+/-9%) only 26% of the time. The second problem is that the data in the feed is bad. http://actvra.in/4gKy