The business woes continue with the announcement that Zillow.com is laying off 25% of their employees.
Zillow arrived on the scene just a few years ago and provides home valuations taking data Sold data from County offices. Some (most?) Realtors don’t like Zillow as the price they show for a home is sometimes way off of reality and complain that it makes their job tougher.
There are many stories I hear from other Realtors about their Zillow experiences. Most are about homesellers that say they looked up their home price on Zillow and it’s x% higher than what the Realtor is saying it’s currently worth. You hear Zillow mentioned from Buyers when Zillow shows a home they are interested in way below the asking price.
I actually welcome Zillow. Zillow is providing data. Some of it raw data on solds, some presented as their guess-timates. Every piece of data should be looked at when buying or selling a home, IMO. It’s a Realtor’s job to also gather all the information, perform an analysis, and present their recommendations to their client with details to back it up. If a Seller still believes Zillow’s number and not the Realtor, the Realtor doesn’t have to take the listing.
On the Buyer’s side, if the Zillow price does show lower than asking, a good Realtor will use that in the price negotiations, no matter if it’s accurate. Then it’s up to the Realtor representing the Seller to prove value. If they aren’t prepared to show the home is priced right, then the Seller picked the wrong agent to list their home.