Why you still need me.
November 12th, 2009 Categories: Real Estate News
San Diego- I am working on a new real estate project and there has been some debate with 
fellow REALTORs about how much information I should make available to potential clients that come to my website. Additionally, there are a couple different schools of thought on having “viewers” providing personal information prior to being granted access to listings or web tools.
Me, I make my site open to all and provide as much information as I can. I understand the philosophy that in the numbers game of leads, if someone provides you personal information to access your site tools, they are a SERIOUS lead. However, I’m a nice guy and realize, 99% of what I have to offer is available somewhere else (oh but that 1%!!) and most people are willing to web surf to get what they are after on their terms.
Additionally, I remember when the vaults were being pried open to release more data that used to be held dear, accessed only by the REALTOR establishment. The belief being, this data allowed us to have careers and if it were made public it was the beginning of the end. When the founders of Zillow popped on the scene, they were going to pound in the death nail to real estate as we knew it in the same way they did to the travel industry with EXPEDIA.com. The guys went on a pretty big campaign to make sure we REALTORs knew they were not coming to slay the dragon but saw as a partner to their business and we could ride together into financial bliss. What was good for Zillow was good for REALTORs.
This headline from an article on SEEKINGALPHA.com back in December of 2007 is an example of the times: ZILLOW to REALTORs: Really we’re not going to eat your lunch.
Well it has been three years and I think Mr. Frink hit the nail on the head and today I was reminded that I am the expert of the information. More importantly however is, YOU STILL NEED ME!!!
I have a home in escrow that will be closing in a couple weeks. It is a great home, for a wonderful family and I suggested they offer full price if they really wanted the home. Being the first day the home was on the market some would consider this heresy, but it really is an ideal home for them and it passed an FHA appraisal with flying colors and there were multiple offers on the property.
So this morning, while reviewing some web tools I am currently using, I typed the address into a home valuation tool I have been using. I about fell off my swiss ball when the value came up as $440,000!! OMG, what would my clients think if they saw this. I would be skinned alive.
I quickly typed in Zillow to see what the Zestimate would be, pictured above, and it came in at $505,000. PHEW, I knew I wasn’t crazy and this is not a plug for Zillow as you will see they have their own issues in this same neighborhood. What it made me realize is that I am the expert. I am given the trust of my clients to analyze the data not only on my computer screen, but also on the ground and to see things no computer model will ever pick up. Compare the two screen captures to see not only the disparity in the value of the subject home, $63,000, but also all the surrounding homes.
If you look at the fourth house in a counterclockwise direction here is shows a value of $502,000, click on the photo to expand, while Zillow shows it as $620,000. In this situation the above program is much more accurate than, by about $100,000, than Zillow.
It feels good to be needed.
[...] just written about how inaccurate online home value calculators such as ZILLOW.com, HOUSEVLUES.com and others can be, I went to my site to check out what my [...]
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