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Real estate agents: use AVMs to your advantage

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

You've done your comparative market analysis (CMA) and know the price where the property should sell. After making your case the seller pulls out a Zestimate for the property and says, "Well, Zillow says my house is worth ...!" What do you do?

Today, most sellers will search for their home's value online. One of the most popular destinations to obtain this information is Zillow, which has a great series of apps for mobile devices that allow you to see its "Zestimates" (automated valuations) simply by pointing your mobile device at a specific property.

Pricing properties in many areas is pretty straightforward. If you have comparable sales in the same subdivision with comparable amenities, the most recent comparable sales are good indicators as to what the ultimate selling price will be.

In other areas, it's not as clear. In some areas you can have a large, new McMansion next to a 100-year-old teardown. In other areas, ...