Zillow :The Real Estate Technology Tip Mbark BALLAHI

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Kindle Edition

70 pages


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Zillow :The Real Estate Technology Tip  by  Mbark BALLAHI

Zillow :The Real Estate Technology Tip by Mbark BALLAHI
| Kindle Edition | PDF, EPUB, FB2, DjVu, AUDIO, mp3, RTF | 70 pages | ISBN: | 9.55 Mb

illow is the creation of Richard Barton and Lloyd Frink. You may have heard ofRichards last project, founding the internet travel site Expedia.In his launch press release, Barton says, We believe you shouldnt need a computerscience degree or aMoreillow is the creation of Richard Barton and Lloyd Frink. You may have heard ofRichards last project, founding the internet travel site Expedia.In his launch press release, Barton says, We believe you shouldnt need a computerscience degree or a real estate license to find out what a home is worth.

Thats whywe created Zestimate values, providing free and instant valuations for millions ofhomes in America. This beta is just the beginning... Zillow will continue adding toolsand services to empower consumers to make smarter real estate decisions.With Zillow, 60 seconds is all is takes for anyone to find the current market value ofany home in the Zillow database - whether or not it is on sale (currently they havedata for about 60 million homes).

Zillow computes its valuations based largely onpublicly available data (tax records, etc.), which leads to some pretty interestingresults.In some cases, Zillows estimates seem to be accurate within the 10% margin oferror they list on their site. Many of the tests we ran and have read about, however,show Zillow is regularly off the mark by as much as a few hundred thousand dollars.A lot of properties dont even show up, my house included.Regardless of the accuracy of the data (which we assume will improve the longerZillow stays in business), the idea of Zillow is angering many real estateprofessionals who feel that publicly accessible information like this puts the successof their business in the cross hairs.Good technology is disruptive, meaning it interrupts the status quo and forces us tochange (hopefully for the better) or get left behind.

Whenever a new technology likeZillow comes along, you can view it in one of two ways: optimistically orpessimistically.Lets choose the former.So how can you use Zillow to your advantage?Start using their biggest asset (pricing information) to boost YOUR biggest asset(the VALUE you deliver to buyers and sellers).Zillow concentrates on price and makes that pricing information readily available toanyone. And while price is important, it is only one part of buying and selling realestate.Fortunately, your business is not built on information alone.

What good isinformation without the knowledge required to interpret that information and turn itinto action?I could go out and buy the entire curriculum used by the top medical school in thecountry, but having the information doesnt help me DO anything. Knowledge andexperience are required to turn that information into real VALUE for me and others.Its kind of the same thing for Zillow.

Your goal is to make sure your potentialbuyers and sellers understand that.So heres just one way to make Zillow work for you:If you study the Zillow results carefully for properties you know well, you will findthat it is particularly poor in keeping up with major improvements made toproperties that substantially increase their value. This is just ONE of the holes thatexists right now.Next time you are heading to a listing presentation, take the Zillow results with you.Study the report and use it to your advantage to show the seller just how muchvalue you bring to the table.

Use the Zillow Zestimate (their word not mine) as ateaching tool with your seller. Show them why or why not the data is accurate andmake it clear that your knowledge can either make them more money or save themfrom the frustration of trying to sell at an inflated price.



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