Wednesday, January 15, 2020 / by Drew Nicoll
When it comes to the public getting information on real estate, Zillow seems to be the go-to for consumers to see what properties are available to buy, or for finding an agent, but is Zillow then "end all be all" of real estate information that the consumers thinks it is?
I’m Drew Nicoll with the Nicoll Pallini Group Home Selling Team, and in this blog I am going to expose FIVE things Zillow doesn’t want you to know!
We also have this blog in video format. Please like and subscribe to our YouTube channel to get tons of insider information and secrets that are helpful to anyone interested in real estate, or to anyone who wants a real education on what’s really going on in the real estate industry.
OK, so lets get into it! Here are 5 Things Zillow Doesn’t Want You to Know About Its Site and Its Information.
- Zestimates are not accurate - not even close.
There are so many important factors about a home that determine its value that aren’t taken into consideration for your Zestimate: views, lot location, custom finishes, outbuildings... the list goes on an on.
Sometime the Zestimate is high, but often times it's lower than the property is actually valued at.
- Homes show they are available for purchase, but actually already have accepted offers on them.
Zillow gets its information from a syndication of realtors' Multiple Listing Service or MLS. Offten there is a lag.
- All the homes that are available for sale aren’t on Zillow.
Many people believe if they search on Zillow, they are seeing everything available. This couldn't be farther from the truth. Up to 30% of the homes that sell never make it on to Zillow. Some of the best homes and the best deals get sold before they ever make it onto Zillow. This is why it's good to get an agent who can get you a list of off-market properties or access to the home before they get syndicated.
- When you call or inquire about a property, Zillow does not connect you to the listing agent.
Zillow makes money selling leads to real estate agents. Buyers Agents pay thousands of dollars a month (good money) to get the buyer leads through Zillow off of the listings of other agents. That means when Zillow connects you to an agent, often that agent knows less about the property than you do.
- The agent Zillow connects you to may not even be that good.
The criteria for getting leads from Zillow has nothing to do with how many houses an agent has sold, their track record, or even their ethics. They choose the agent they connect you to based on how many leads that agent has paid for through Zillow.
So, there you go; I have exposed 5 things Zillow doesn’t want you to know. Take it from an industry insider. I am not saying Zillow is bad, but what I am saying is it may not be what you think it is. There is real value to hiring the right agent to suit your needs and get you access to hard-to-find properties.
If you have more questions about this topic or want to talk to an agent who can help you locate real estate opportunities that are not on Zilllow, call me at 707 380-8057 or go to the www.TheNicollPalliniGroup.com. Hope I have brought you some value today, Be well!
The Nicoll Pallini Group