With a blink of an eye -

It so funny.  All week I have been playing with the Zillow "toys" and you know I can't find any other reason on why I would post my listings on the new wiki that displays the sellers asking price along WITH the Zillow inaccurate Zestimates, other than "everyone else is doing it".  Hmm.. I tell my kids - don't join in on something that you don't feel comfortable with just because the bigger kids tell you to.  Stand  your ground until you decide what is right and what is wrong.  Take shelter in blaming it on me, your mom, when you can't find a valid reason as to why you should follow.

What I find so amazing is that with a blink of an eye - the prior Anti-Zillow people have jumped in bed with the Zillow Boys, and they are baking pies to boot.   Now, just take a second or ten and realize that the most anti Zillows are now the advocates FOR Zillow.  Claiming that the Real Estate industry is changing and if you are not on board consider yourself finished.  I just don't get it, it is so contradictory.  I can't see any justifications of  why I would post a listing of mine or why a FSBO would post their house for sale onto a site that does not have proper values to the home.  WHY would I do that? Why would a FSBO do that?  For exposure?  Ahh - you can get that from alot of sites.  Trust me, buyers are not currently looking on the Zillow site just yet for homes that are for sale.  Let me just add, what price do you think the home buyers will start from?  Your asking price or the lower Zestimate? 

I take shelter in my own advice. 

I want to point out an article that I read on Realty Times, dated February 2006, just a day after Zillow launched.  The article was written by Blance Evans  and she captured an article from the NY Times, that had an interview with Rich Barton and Barton said:

"People want Realtors. But is it rational to pay Realtors what they are paid?"

"He says he thinks they are overpaid because customers are doing more of the work themselves," says the Times. "Zillow, for instance, has a number of other features that do the work of the agent. Someone wanting to compare properties can use pull-down menus to estimate the value of remodeling projects that are not reflected in the price. Because of the Internet, agents are spending less time with clients, Mr. Barton said. "Agents have to ask, What kind of value am I adding?"

This mere statement makes me question the whole Zillow mold. 

To go on further, Realty Times asked Zillow why they  hired a California Broker and the reply by Bohutinsky was disturbing -

"To get some of the data. One of the ways to get that data is to become a registered broker to have access to data."

So - with a blink of an eye - I must have missed something. 

Comments

[jf.sellsius]

You tell it like it is Christine.

You missed nothing but the bandwagon effect, the herd mentality, the madness of crowds.
Yes, we all like a another venue to advertise our listings but will we accept what is against our principles? Are we so keen for that listing venue that we will accept having an inaccurate guestimate by our listing price? Are those who objected to the inaccurate guestimates but nonetheless listing saying they drop their objections? Seems to be. They must not have a strong enough conviction. The chance to make a sale may override the principle. Not for me.

Let the bakers bake their pies, I don't have to eat them.

[Christine]

You got it - It’s a herd effect. If one "bigger person" hates the concept - and makes its so known how much they are against a concept, everyone else follows in agreement - if at a later date the same "bigger Person" decides that the concept is good - the herd follows again. It’s almost like high school. Ridiculous!

[Jonathan Dalton]

And in situations where the data either isn't incorrect or is beneficial to my seller, why wouldn't I place the listing?

My job is to sell the home. I don't care where the buyers come from. So if a buyers' interest is attracted by a list price $20K below the estimate (wrong as it may be), why wouldn't I take advantage of the perceived discount with an online listing?

You won't see me linking to Zillow anytime soon, but you also won't seem me throwing away a marketing avenue when it appears to be working to my sellers' benefit.

[Christine]

Jonathan - I think your area and my area is just so radical. IF my listings were only 20K Off - I might post there. BUT I am talking over 100K going either way - would you list there?

How would I explain to my sellers that our asking price is being displayed with a Zestimate that is 100k under our price. I dont think my sellers would like that. Also, what I find infuriating is the people who repeatedly state that the consumers should know better than to trust/believe the Zestimates. What I find silly is an agent who will post there with blatant disregard to the sellers and the buyers.
Hey if it is only about exposure then I am all for it - remove the Zestimates, because to me that is bad advertising and bad advertising does nothing for me or my sellers.

[jf.sellsius]

JD. That's an easy one. If the zestimate is accurate you do not have to hide it, why would you? Shout it from the rooftops, wear it on a t-shirt, promote that your list price & zestimate are in sync. Yeah. But don't you want the CHOICE. That's it in a nutshell. Our point is if it is NOT accurate,you have NO CHOICE. Give me liberty or give me Craigslist :)

Yes, it's you're job to sell a house. Does an inaccurate zestimate (grossly so perhaps)beside your list price HELP you sell it easier? If so, great.

[jf.sellsius]

Don't run with the pack. For someone to call zestimates (in a particular case) misleading and then to put thier listing knowing that same misleading zestimate is there, has a logic I dont understand, nor care to.

[The Lovely Wife]

Hey NY Chic aka Christine,

Love it. What a great read. You know my motto. "They don't make a big enough box to shove me in" :)

Translated=Never do anything based on what others are doing. That makes our business and personal lives extremely boring. I don't do boring. I don't do Zillow either!

Live from Active Rain "The Lovely Wife" aka TLW..ROAR!

[Christine]

Hey - TLW, I agree. I can not fit in the box and I try not to do boring and I surely do NOT bake pies..

[Derek Burress]

You should read what I had to say about Zillow on my weekly county down that I started tonight at: http://derekburress.com/121206-the-real-estate-countdown/

Zillow seems to have gotten lost in the woods in my area.

[Christine]

Derek - the countdown looks good. You picked alot of great posts. I would have left you a comment, but I have to log into my wordpress account - and I don't have one. Darn it! Good luck with the blog - looks real good!