Everybody knows that Zillow is the 800lb Gorilla online, they have a great site and incredible technology.
I asked expert realtors around the country “Do you feel that Zillow will replace real estate agents?”
Larry Lawrence – Squaw Valley Realtor
Zillow is being used by some of our clients to search properties. We work with our clients to help them sort through the data, whether from Zillow or elsewhere. Our clients still need to get professional assistance in making their decisions to buy or to sell. Zillow mainly gives a value and features of a property but does not address the variables in property attributes and disclosures. As a result, buyers and sellers find they may overlook many of these important factors which can impact the value of what they are buying or selling. Most of the properties in our market have many variables. In our market, Zillow is useful as a source of information but does not provide the expertise that we offer.
Brad Johnson – Gulf Coast International Properties
Minimal impact from sales perspective (so far) but majority of our buyers use it as a resource (albeit grossly inaccurate). Many believe that sellers will begin leveraging Zillow’s massive distribution to get lower commission rates, whereby seller says put my home on for X and list for 1% and just put on Zillow. Hasn’t happened yet.
Colleen Olsen- Scottsdale, AZ Realtor
I get a lot of clients asking me why I did no show them a home that was on Zillow. I have to look it up and tell them it sold 2 years ago. I have not heard anyone selling their home with Zillow.
Denise Pruitt – Scottsdale, AZ Realtor
Our clients access Zillow to to obtain information and still come to me to ensure accuracy of information. I have my clients set up on search Portals directly from MLS so that the information they receive is both accurate and live to the MLS status.
The biggest complaint from clients are the disparities between what Zillow gives as a market value vs what the actual market value is.
Sometimes it requires extra work on our part to demonstrate what the actual market value is on a home whether it is a buyer or a seller we are dealing with. If the Zestimate is inflated to the actual market value we have to prove that with data. If a home is undervalued, we have to prove that as well. It makes things more complicated when educating the consumer on what is really happening in the market.