You're in the listing presentation, showing your potential clients the comparable listings in their neighborhood and making a recommendation about price, and it comes -- the statement you've been dreading: "But Zillow's Zestimate puts our house at $X higher than that price." Clearly these sellers didn't read the company's own fine print on its value calculation mechanism -- so you can point them to that, or respond as Anne M. Rubin suggested in a session at Century 21's One21 conference this year: “Are you familiar with how Zestimates work? “Zestimates take the deed recordings in a geographic area to determine the number. They don’t include the condition of the home or any upgrades. They can often be too high or too low. “I will supply you with accurate information from the MLS, which includes interior photos, of the properties that are most likely to be seen by buyers when they are also looking at your house. In addition, I can show you the recent sales in the a...
- Zestimates do not take the finishes or updates into account -- the insides of the properties.
- Agents should describe to sellers how the Zestimate is calculated, and they can use the explanations on Zillow's own website.
Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel