Why I don't use Zillow to link to my listings

By
Real Estate Agent with Lattimer Realty
http://actvra.in/7HR

I want to start by saying when I link to one of my listings I tend to link to either an ActiveRain post, my Garden State Multiple Listing property info, more recently RealBird Single Property Website and once in a while I will link to my listing on Trulia.  I've never used Zillow to link to my listings.  I never had a reason NOT to link to Zillow  until today.

One of my Facebook Local Real Estate Agent friends posted his open house information and with the link to Zillow for the property information.  From his Facebook post it looked like a nice house for a good price and I could have opened my GSMLS window to view the property but I clicked on the Zillow link instead.  That's when I realized why I don't use Zillow to link to my listings.....

Right under the list price of $430,000 was Zillow's Zestimate of $390,500 which is $39,500 LESS than the list price. 

Zillow Zestimate

 

Albeit that $39,500 less isn't as bad or as low as other Zestimates that I've experienced seeing on Zillow.  However, the point I am trying to make here is that regardless of many agents' opinions that Zestimates are inaccurate, we also know that buyers listen to everyone else but their buyer's agent (after all what do we know??) but when you direct a potential buyer to your llisting on Zillow, the first thing they see when they click is the For Sale price AND the Zestimate and if the Zestimate is less than the list price.......???? 

Buyers will automatically assume that the house isn't worth the list price and not onlybecause their parents, neighbors, mailman and hairdresser told them but because YOU directed them to a site which in their eyes proves its not worth the list price.  Now I am fully familiar with the term "Zestimate" and its intended meaning from Zillow.com:

The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing. We encourage buyers, sellers, and homeowners to supplement Zillow's information by doing other research such as:

    * Getting a Comparative Market Analysis (CMA) from a real estate agent

    * Getting an appraisal from a professional appraiser

    * Visiting the house (whenever possible)

    * Creating your own estimate using the
My Estimator home valuation tool

Zillow.com

Many buyers do not read the definition I posted above and do not realize its intent, meaning or purpose but will instead assume the house is overpriced

So that is my reason why I don't use Zillow to link my listings (I syndicate my listings to Zillow.com but I don't directly link to my listings on Zillow).  Do you?  What are you thoughts?   Do you think the effect is the same (list price vs. Zestimate) whether you directly link to a listing or even if a potential buyer finds your listing themself? 

 

 

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Topic:
Real Estate Sales and Marketing
Groups:
Almost Anything Goes
Lessons Learned
"Whacked"!!!
What NOT to do in REAL ESTATE - BAD BUSINESS
Tags:
zillow
zestimate

Comments 6 New Comment

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Rainer
207,162
James L. Katz
Katz Realty Group

a bad estimate on value can definately work against us on our listings

April 03, 2011 10:24 PM
Rainmaker
763,826
Mike Jaquish
919-880-2769 Cary, NC, Real Estate
Realty Arts

Gina,

It is bad enough that consumers see that stuff at all, let alone agents guide them to it.

I agree with you!

April 03, 2011 10:40 PM
Rainmaker
1,075,603
John Pusa
Your All Time Realtor With Exceptional Service
Sellstate Pacific Realty

Gina - Thank you for the detailed quality information on Zestimates. Good blog.

April 04, 2011 12:20 AM
Rainmaker
337,960
Gina Chirico
Real Estate Agent - Essex County, New Jersey
Lattimer Realty

Thank you all for your comments and support and to think that I had never used the Zillow links but not for any apparent reason and then when I saw yesterday on my friend's link - I knew why....lol

April 04, 2011 08:34 AM
Rainmaker
924,206
Michael J. Perry
Lancaster Relo Specialist
RE/MAX Associates of Lancaster, PA.

I think Cyber Homes will only show the list price once a property is listed.

April 12, 2011 10:13 PM
Anonymous
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Rainmaker
337,960

Gina Chirico

Real Estate Agent - Essex County, New Jersey
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