Authentic Real Estate Marketing: Realtor.com adds home valuations???

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Realtor.com adds home valuations???

A little poking around the realtor.com site revealed a pretty interesting feature.  They now have a home valuation comparable (in features, not in accuracy) to Zillow.   Definitely something I would think teh AR community would be interested in exploring.  :)

Comment balloon 12 commentsDustin Luther • June 09 2008 07:40PM

Comments

Hi Dustin ... that's interesting.  And does it take the place of a realtor:)  I'll have to check it out.

Posted by Marie Meyer, Orange County New York Realtor (Keller Williams Realty) almost 11 years ago

Very interesting -- I wonder how useful this really is.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) almost 11 years ago

Interesting.  Yes, I would hope it's not comparable in accuracy.  The first time I saw Zillow pick a 3 bedroom 2 bath 1600 foot single family as a comp for an 800 square foot 2 bedroom 1 bath condo, I was torn between crying and laughing my butt off.  Oh, ok, I'll admit it, I wasn't torn -- I just started laughing.

I haven't looked yet at what Realtor.com put together, but given their database, a reasonably competent broker and developer could code up something better in a week or two.  What galls me about Zillow is that it's really not a hard problem if you have the geocoding data and everything else you need -- draw a circle, pick like style homes from the same zip code that are alike in year built, size, and acreage. 

while (not sufficient_comps() ) {

widen_criteria();

}

Homes on acreage make it harder to do well just from a database, but the general case is pretty easy to teach a computer to do.

Posted by John Lockwood (Lockwood Real Estate) almost 11 years ago

Marie and Joan:  I'd be curious to learn just how useful you think consumers would find the new service...  If you get a chance to check it out, let me know!

Posted by Dustin Luther (4Realz.net) almost 11 years ago

John:  I agree that Zillow can also be spectacularly off at times.   AVMs are such an odd game... but have become an expectations for consumers at this point.

Posted by Dustin Luther (4Realz.net) almost 11 years ago

Morning Dustin,

Thanks for sharing. I hadn't noticed the feature. Will check it out and see if the comps are in the ball park.

Posted by Harold "Hal" Place (A1 Connection Realty, Inc.) almost 11 years ago

Hal, my guess is that you'll be disappooined if you set your expecations too high, but I'd be curious to get your feedback!

Posted by Dustin Luther (4Realz.net) almost 11 years ago

Zillow still is a non-presence here due to the lack of online tax data. I assume that r.com will have the same problem although they do have access to listings which zillow does not. I'm glad I don't have to re-educate the consumer about AVMs everyday, but maybe they'll improve before they reach the hinterlands.

Posted by Geordie Romer, Serving Leavenworth, Lake Wenatchee, and Plain (Windermere Real Estate / NCW) almost 11 years ago

HI Dustin,

I am way underimpressed with Realtor.com, they are in the 90's in my opinion in what they offer other than the IDX, I think their market share will dwindle because they seem to be throwing ideas at the wall in reaction to what they hear or see. Good CMA's always trump the tax record ballparks.

Thisis the first post I read of yours thanks to Susie Blackmon marking youa s one of her favorite bloggers.

Posted by Ross Quintana, Real E Smarter Real Estate Coach - 509-362-1966 (Real E Smarter) almost 11 years ago

Thanks Ross for reaching out! and no doubt I tend to agree with your assessment..

Posted by Dustin Luther (4Realz.net) almost 11 years ago

Thanks for the heads up Dustin - it does seem like Zillow has been proactive and diligent in improving their methodologies, but they're a long way away from putting appraisers out of business. When it comes to real estate, where every single property is unique, it is extremely tough to automate systems. Still, it's progress!

Posted by Carey Pott (January Financial) almost 11 years ago

I post my listings on Zillow now because of a recent post on AR, and I was pleasantly surprised that all of my listings were in the price range I had them already! Big improvement over last year when the "zestimates" were indeed laughable or cryable, depending on your view. I will check out Realtor.com, thanks for the heads-up.

Posted by David M. Childress, I would love to be your Realtor® in Akron Ohio! (Howard Hanna Real Estate Services) almost 11 years ago

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