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Good Afternoon Everyone,
Sometimes I have the overwhelming desire to take Zillow out behind the Barn and shoot it like an old rabid dog! I know online exposure is necessary but I really have a problem with Zillow's zestimates.
I just went on to Zillow to update the pricing on one of my listings and I was reviewing the Zestimates and only one of them was even close to a realistic price. It is so totally unfair to our sellers to have their listings exposed to millions of people who all think Zillow's Zestimates are the God of values. What do they base those figures on, does anyone have any idea?
All I know is that every one of those values was so far off that it made me sick. What chance do our sellers have of getting a fair price for their properties when buyers come in with an expectation that they can buy a property for what Zillow says it is worth. It just isn't right.
Second complaint here, out of date information. I can't tell you how many times I get calls from my buyers asking about something they saw on Zillow and when I look it up it either sold or expired a year ago. If they pull their data from the MLS systems, how can they not pick up that something is sold or expired. I had one buyer get really angry with me because they found their perfect home on Zillow, only to find out it had sold to someone else over a year ago. I had a heck of a time explaining that I didn't have any control over that information and that Zillow was the one that was wrong, not me.
Anyone have any ideas how we can make a lot of noise about this? NAR is the one who promoted syndication of our listing information with Realtor.com. Now there are too many sites to even guess at that are distributing this information all over the globe. When it's not correct, who is responsible?
Any thoughts?