Sellsius real estate marketing blog

Zillow has finally confessed. After intense scrutiny by bloggers and visitors to its website, zillow now admits that the facts may not be accurate. And inaccurate facts lead to inaccurate zestimates. No kidding.

Zillow’s solution:

Zillow will now let owners correct zillow’s mistakes and create a new zestimate, which will now be published. We chided David that having a Zestimator tool to correct errors which would never be seen was of no use to visitors. It left an inaccurate zestimate on the public table. Zillow saw the problem, but will the solution create more problems than it solves?

We see the crack in the Zillow armor raising a lot more questions. Yes, the “facts” will be more accurate, if an owner takes the time to fix them. Facts are beds, baths NOT an opinion of value of improvements (an owner can overpay, or the work can be crummy). But:

1. What are we to think of the zestimates whose owners have not edited the data? Are we to still have confidence in them now that Zillow is on record that they may be wrong?
2. Maybe an owner would rather have the inaccurate data there (& a lower zestimate) so the tax man doesn’t send him or her a new tax bill (nod to Teresa Boardman).
3. And what about the owner who is about to sell his home and wanting to get a good price – let’s just try to jack up that zestimate shall we. Is this possible?
4. If an owner gets to change the zestimate, guess what? It sits there right next to Zillow’s. Now what? Now we really need a professional more than ever to untangle these worms.
5. Is the result that Zillow is moving toward a National MLS? – With owners cajoled into entering the listing data and doing the work for zillow? Brilliant plan?
6. If a owner does not want to participate in the zillow plan, can they opt-out and NOT have zillow’s zestimate tagged on their property?

Update: This poll was a one day poll. Due to emails we have received, we are extending the poll for one more week. So get your VOTE on.