Orlando Metro area keeps displaying limited supply, rising home values, ample jobs and income growth. The most importantly, Dean of the school concluded that we less likely will face recession within next three years. The only question remain why we have more and more listing that stay active for more than 30 days? Clearly, that listing is overpriced! But why would knowledgeable, experienced, and result- driven professionals start working with overpriced listings? Best guess stands for the advancement of technological innovation. Everyday, we see how companies like Zillow are changing the way sellers and buyers perceive the market. Let’s briefly talk about Zestimate.
Our vision Vs others
When owners ask us for price analysis, either for selling or renting, we base our opinion on the latest MLS comparables or in-house listings. Sometimes we hear feedback like: “This low. I saw on Zillow, my house worth 10 times more than you said”. I assume, some professionals just buy this idea and let others to fool them. Let’s dig deeper. More than 75% of Zillow’s revenue comes from the realtors. To get top dollar, Zillow shows agents Zillow’s traffic and promises to deliver qualified leads. Indeed, the traffic is significant. Using the portal is free for the “leads”. However, the quality of the leads is questionable. On Consumer Affair portal (https://www.consumeraffairs.com/homeowners/zillowcom.html), with its 499 reviews, Zillow has ONE STAR. One major complain is inaccurate assessment of the property. This review from May 4, 2019 about Zestimate algorithm powered by Zillow: ”There is zero consistency. Their logarithms are incorrect and their effect on people trying to sell their homes can be devastating They are shrewd, crooked and should be nobody’s source for home values. Get an appraisal by an accredited appraiser in your area and go with that”. Victims of Zillow believe that Zillow intentially increases the value of the homes to push them to sell.
Listings agents, right price is start for everything! To start with the right price, know your market, talk to your customers, listen to them, bring your arguments, show them your market analysis, and finalize the deal with your detailed marketing plan! We are not here for doing something like signing listing agreements, we are here to get things DONE, complete, and SOLD! Finally, we live and work in amazing Orlando, the “hottest” single-family real estate market in the US, and we have no chance to be anyone else, but achievers!
Real Estate Instructor
Real Estate Researcher