Luke Acree, Making Agents Memorable (ReminderMedia)

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Ambassador
1,852,102
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

You'll probably get an earful here about that subject!  

May 12, 2017 06:56 AM
Rainmaker
1,754,673
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

I don't think most savvy people pay them any attention. I think it was more important when the market declined as people were looking to see how much equity they had lost. They quickly found out that they aren't at all accurate. In fact, your guess is way off.

May 12, 2017 07:03 AM
Rainmaker
536,489
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

I had a listing sell for 239,000.  I still get reminders from Zillow that the zestimate has changed to 134,00.  Go figure.  Not a fan.

May 12, 2017 06:59 AM
Ambassador
5,657,073
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

You may find that most agent around here have a special love for big Z

May 12, 2017 12:41 PM
Rainmaker
932,307
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

The electronic equivalent of reading tea leaves. Poorly.

May 12, 2017 08:34 AM
Rainmaker
5,573,268
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I detest Z and everything they do..... they make listing real estate more difficult than it needs to be...

May 12, 2017 07:17 AM
Ambassador
3,134,010
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I think the company and what they do ...... sucks. I find them as useful as what I flush down my toilet. 

May 12, 2017 09:58 AM
Rainmaker
4,387,197
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

You need to ask?

May 12, 2017 07:10 AM
Rainer
117,085
Christine Kankowski North SD and Temecula
House Match Inc - Poway, CA
Excellent Sales and Property Management

For subuarban neighborhoods with lots of similar homes built in similar times, it works quite well.  It think they should give a range since tey dont knwo the condition, upgrades, views, etc which make a big difference.

For homes that dont have a huge number of similar comps, zillow can be way off.  

May 12, 2017 01:38 PM
Ambassador
2,600,443
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 By their own admission, they can be off by 20%.

May 12, 2017 07:29 AM
Rainmaker
6,916,018
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

They fail accuracy tests.

May 12, 2017 07:15 AM
Rainmaker
808,903
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

A lot more than 1/4 of them are off in my area. They are a pain and take us extra work to explain why they are so off and why both buyers and sellers should not pay attention to them.-Kasey

May 12, 2017 07:13 AM
Rainmaker
1,175,500
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

There has been at least 500s on the AVM user experience here. Z is no different often get sued for its wrong information.  There are several law suits on its flag ship.

May 12, 2017 06:55 AM
Rainmaker
1,466,027
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Luke Acree A waste of time because they are off and give sellers a false sense of value.

May 12, 2017 01:14 PM
Rainmaker
542,713
Sean Casey
Patterson-Schwartz Real Estate - Newark, DE
Greenville, Hockessin, Newark & Bear Homes

I think it depends on your area.   www dot Zillow dotcom/zestimate/#acc has a table that you can drill down into for any area.  I personally don't think they hurt your ability to sell a home, as long as the buyer and seller are informed.

May 12, 2017 12:57 PM
Rainmaker
1,231,605
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Not a fan except as opportunity to discuss why it's best to use services of real estate agent not ZZZ >>>>

May 12, 2017 12:38 PM
Rainmaker
5,766,298
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Luke,

We don't think about Zillow or their Zestimates.

May 12, 2017 07:23 AM
Rainmaker
4,296,904
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

In Texas they are off 20-30%. We are a non-disclosure state..Zillow is not respected for accurate information.

May 12, 2017 07:18 PM
Ambassador
3,986,960
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I heard a Zillow authority speak that their range of value is stated as 20% up or down. So that is a 40% range that it could be off. I tell my clients that Zillow doesn't know what the inside of the houses look like and misses the value sometimes as much as 40% according to their public statements.

May 12, 2017 07:15 PM
Rainmaker
1,525,355
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I heard from a pretty reliable source that the "Zestimate" for the CEO of Zillow was off on the low side by 33%!

May 12, 2017 06:26 PM
Rainmaker
3,373,847
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

They cause more chaos then help, however it does open me up to lots of new conversations and new clients by people asking about them

May 12, 2017 05:21 PM
Rainmaker
2,071,560
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

GARBAGE...

May 12, 2017 04:37 PM
Ambassador
3,366,402
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Luke in one word - it's a joke. I always do my own analysis as I know the market and the homes & neighborhoods.

May 12, 2017 02:59 PM
Rainmaker
1,419,670
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I think any automated valuation is flawed by default.  Zestimates are the worst.  I posted a blog outside of here recently about why to ignore them. 

May 12, 2017 08:34 AM
Rainmaker
865,508
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

I do my own estimate of value after seeing the property and it's condition. Zillow discloses that their zestimates are off and need to be verified and adjustments made as needed. Our county has our fair market value listed at $12,000.00 above the current zestimate which is less than a 2% difference.

May 12, 2017 08:28 AM
Rainmaker
4,466,402
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

They are approximations, plus or minus as uch as 25%, that need to be taken for the guestimates they are!

May 12, 2017 08:03 AM
Rainmaker
2,677,674
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Anything that promotes or starts the value awareness process is relevant & should be included in the math The end result i.e. the market has final say

May 12, 2017 06:54 AM
Rainmaker
1,045,215
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

You may find that most agent around here have a special love* for big Z-Monster

Apr 07, 2018 04:39 PM
Rainmaker
5,217,685
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Zestimates are a joke, and if a homeowner wants the true value of a property, call a REALTOR.

May 15, 2017 06:06 AM
Rainmaker
1,355,423
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I think they are a joke, and it is frustrating that so many lay people put so much credence in them.  So, I as an agent have to take it into account these dayss when doing a pricing or offering strategy.  Drives me nuts.

May 14, 2017 04:26 PM
Rainmaker
1,546,791
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

just 1/4 and just  by 10% ~ what a surprise, I thought it will be a larger % difference. 

May 14, 2017 01:31 AM
Rainmaker
4,229,441
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

They are a conversation starter. 

May 13, 2017 04:50 AM
Ambassador
2,025,391
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

The estimates they provide are often incorrect. Buyers and sellers, though, do use them and then it falls on us to explain what a real number is and why. Having incorrect estimates out there adds work to our day.

May 13, 2017 04:49 AM
Rainmaker
3,070,784
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Ken Jones nailed this one!

May 13, 2017 04:25 AM
Rainmaker
1,335,412
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

You are being kind, they are off as much as 38% on much more than 25%

The CEO of Zillow sold his home and IT WAS WRONG ON HIS HOME!

It helps prove my value as an agent, when I bring facts to dipel the myths.

May 12, 2017 10:11 PM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

It depends.

May 12, 2017 03:40 PM
Rainmaker
1,035,435
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I don't believe anything about any predictive site Luke Acree 

May 12, 2017 11:53 AM
Rainmaker
912,498
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Depends on who takes the beating.

Let there be no doubt, with it comes to transgressions originating from the darkside, transgression will occur. However, it is essential to understand that it is real estate agent brokers, franchises and associations that are feeding the legitimacy of the darkside. Brokers, Franchises and association are collaborators in the deception and misrepresentation that is that is Zillow, who has become the voice of real estate. Your broker and Franchise and association made it true. Who is left out of the list? NAR. They have become irrelevant and must work hard to maintain the closed union shop.

Zestimates are lies. We pick the lies we want to believe.

What do consumers think. Depends of if they are the buyer or seller.

The agent who sends money to this organization of deception are demonstrating ethics that should be highly suspect. Agents of integrity should use that.

May 12, 2017 11:11 AM
Rainmaker
1,708,235
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The Zestimate is something that agents take too seriously. It is just an AVM with incomplete data.

May 12, 2017 11:01 AM
Rainmaker
4,263,630
Richard Weeks
Dallas, TX
REALTOR®, Broker

I don't think about them.  I provide an acurate CMA.  If they don't want my advise they can find someone else and waste their time.

May 12, 2017 09:15 AM
Rainmaker
592,959
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Everyone I know, including me, hates Zestimates. It gives homeowners a false sense of the value of their property. 

May 12, 2017 09:03 AM
Ambassador
4,704,196
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I bet you know the answer. The numbers tend to be off more than that here.

May 12, 2017 07:39 AM
Rainmaker
4,234,953
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

not a fan of it.  I can do a better CMA with the Cloud CMA

 

May 16, 2017 07:41 AM
Rainer
91,125
Theo Shaw
Baird & Warner Residential Real Estate - Evanston, IL
Serving Evanston, IL & Beyond

Zestimates work very well for tract housing.  For the rest of housing, especially if the housing types vary in size, style, and age in an area, it's not very accurate. 

In my area, Cook County, IL (which includes Chicago and many of its suburbs) Zillow itself says that its accuracy for being within 10% of the sale price is 65.2%.  That means that it predicts in a range of 20% (10 up, 10 down from the sale price.)  But it also says that its Zestimates are within 5% of the sales price (or a 10% range,) only 42.9% of the time.  Not great odds.

It is up to us to understand how Zestimates work, and be able to explain to our buyers and sellers why they are not what a property is actually worth.  I bring the Zestimate to listing presentations, along with the County Assessor's estimate of market value, and other automated valuations--to show how much they vary and why.  I don't use it every time, but I'm armed and ready if the seller says, "But Zillow says..."

Lastly, Zillow is not a real estate entity.  It is an advertising vehicle that brings eyes to its site, and to its ads, by dangling real estate info in front of people. 

May 13, 2017 07:56 PM
Rainmaker
1,157,535
FN LN
Toronto, ON

No effect in our great land since they do not operate here.

May 13, 2017 09:58 AM
Rainmaker
841,452
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

There is a great deal of ill feelings toward Zestimates among RE agents.

May 13, 2017 08:45 AM
Ambassador
1,616,454
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

just do you best

May 13, 2017 06:11 AM
Rainmaker
1,663,530
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

They definitely HURT and as a result, I hate Z

May 13, 2017 05:44 AM
Rainmaker
4,799,651
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I don't use them and advise my customers about their inaccuracies.

May 13, 2017 05:11 AM
Ambassador
4,315,965
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Luke Acree - even Zillow does not regard highly of Zestimates.

May 12, 2017 10:52 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Z and thier zestimates have hurt many a buyer and seller.  Eveh the CEO over a year ago admitted on a national morning news show said that they are off by 20% and more over 1/2 the time.

 

So why associate yourself with a non-professional entity

May 12, 2017 07:45 PM