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Provide a thorough market analysis based on comps, as well as explain how Z works
Falls Church, VA
Tony and Suzanne Marri...
Andrew Mooers | 207.53...
Sorry Trulia has its estimate, Redfin has its own. You have yours and others got his estimate. My opinion is Z is on its last legs since truth came out years ago....
The only thing matters is the appraisal rpt. You can order 3 they comeout similar values.
Fred Griffin Florida R...
Tony and Suzanne Marri...
Explain what Z is and show comparisons between recent sold homes and the Zestimates.
z is not a professional real estate web site and therefore does not have acurate up to date information
Comps. It gives a reasoning behind a number.
I suggest they pick an item, say a bicycle, and Google that exact make, model etc and compare prices.
When they say this widget here is priced 30% higher, I suggest tracking everyday to see IF it sells.
It still takes a professional to compare the condition of the homes.
Ask them to provide the name of one appraiser that uses Zillow as a tool for their market evaluation.
There is no confusion. I tell them that Zillow is most likely wrong, and if they don't believe me I challenge them to get an appraisal. If my value isn't vloser to the appraisal than Zillow, I will pay for it.
Tony and Suzanne,
I point to the very name itself, it is a Z-“estimate.” I remind them that if they call Zillow and ask them to buy their house for the amount of that estimate, Zillow won’t do it.
It can be difficult. I have lost buyers who wanted to base their price on zestimate.
Use the Zestimate to your advantage. Let the consumer understand that the Zestimate is tainted by recent sales and if there are recent sales it could be thrown off. Explain that a Zestimate is done by a computer and the comparisons don't have the knowledge of location, traffic, condition, pool, view, size of lot, age etc. Show that you are the professional and why.
It depends on the client and the situation.
Often times, simply pulling up their address and showing the comps used by Z to arrive at that ZZZZZestimate is quite effective.
I really think that the best answer is that Zillow has not been inside your home to make an accurate assessment. A
I have a Buyer right now who just will not let go of Zillow/Zestimates. "But Zillow says..."
If he wants to make an unrealistic offer based upon Zillow Guestimates, I may have to drop him.
You can't believe everything you read on the internet. I actually show them several online "guesstimates" and how incorrectly most all them are from each other!
I have screenshots showing "this property not for sale" when it is. And lots of other mistakes so in a nice way you say the site is faulty. Not up to date or accurate in so many ways and much missing for information the buyers need, the property and seller deserve. What's the value... That you can not in a small Maine town have a long arm reach in from the west coast and tad da, here's your valuation number. It takes a local professional with experience in lots of market cycles that weighs only about 100 things to arrive at value... including the motivation, how badly the seller has to mosey on... is there owner financing and how attractive the terms... all that is missed by the big ZZzzzzzzzzz.
It has to be done as the subject comes up with prospects and explained in terms of their particular situation.
Show them what is recorded as sold in mls.
providing comparable property sales for the homeowner....
Around Denver, the zestimates are much lower than the true value.
If you read the details of Zillow they state the information is 60% incorrect.
Tony and Suzanne Marriott, Associate Brokers A well written CMA with factual data.
Good morning. I do like Jeff's answer.
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