Comments on: Birth of a National MLS? Meet Zillow . . . http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/ Learn, Network, Invest Mon, 01 Dec 2008 23:55:35 +0000 http://wordpress.org/?v=2.6.5 By: Brendan King http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-19975 Brendan King Sun, 31 Dec 2006 16:11:22 +0000 http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-19975 Zillow might have the ability to be a National MLS with respect to public advertising of listings. However, is this really what a National MLS is? MLS's are created by real estate professionals for real estate professionals. Should their be an national MLS - you bet. I would love for you to take a look and read what I mean. Check out my blog post here at http://point2agent.wordpress.com/2006/12/25/60/ Best, Brendan Zillow might have the ability to be a National MLS with respect to public advertising of listings. However, is this really what a National MLS is? MLS’s are created by real estate professionals for real estate professionals. Should their be an national MLS - you bet. I would love for you to take a look and read what I mean. Check out my blog post here at http://point2agent.wordpress.com/2006/12/25/60/

Best,

Brendan

]]> By: Jeremy http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15805 Jeremy Tue, 12 Dec 2006 04:33:05 +0000 http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15805 There a lot of things that can go wrong with Make Me Move, but for real estate investors, this is definitely a good feature. Let's say you own 10 different rental properties, why not set Make Me Move prices on all of them and let the right buyer come along. Since you aren't putting the property formally up for sale, you're a lot less likely to upset your tenants. There a lot of things that can go wrong with Make Me Move, but for real estate investors, this is definitely a good feature. Let’s say you own 10 different rental properties, why not set Make Me Move prices on all of them and let the right buyer come along. Since you aren’t putting the property formally up for sale, you’re a lot less likely to upset your tenants.

]]> By: Joshua Dorkin http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15803 Joshua Dorkin Tue, 12 Dec 2006 00:40:51 +0000 http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15803 Jeff - You're dead on. Like I said before, in order for the system to work, the "Zillow MLS" needs to be seperated from their Zestimates. Why would someone want to list their property on a site for $X if it is going to say right next to it that the property is worth something else? On top of that, there is a very good chance that that "valuation" is completely wrong. Makes no sense. Jeff - You’re dead on. Like I said before, in order for the system to work, the “Zillow MLS” needs to be seperated from their Zestimates.

Why would someone want to list their property on a site for $X if it is going to say right next to it that the property is worth something else? On top of that, there is a very good chance that that “valuation” is completely wrong.

Makes no sense.

]]> By: Vince Talerico http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15788 Vince Talerico Mon, 11 Dec 2006 23:08:47 +0000 http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15788 I've been reading all day long for the past few days regarding the ZillowMonster! The Zestimator is off, placed in the wrong location, and uploading property photo's are next to impossible...at least in my previous attempts to add my listings to Zillow.com. As a few others have stated, the Zillow needs some updating, either way, they are progressing nicely. Listings are being added in my market by the hour and if Zillow could offer agents/realtors some type of benefits (besides "free listing exposure"); I think they could capitalize on their goals of providing consumers with the information they usually have to submit contact info for. I’ve been reading all day long for the past few days regarding the ZillowMonster! The Zestimator is off, placed in the wrong location, and uploading property photo’s are next to impossible…at least in my previous attempts to add my listings to Zillow.com. As a few others have stated, the Zillow needs some updating, either way, they are progressing nicely. Listings are being added in my market by the hour and if Zillow could offer agents/realtors some type of benefits (besides “free listing exposure”); I think they could capitalize on their goals of providing consumers with the information they usually have to submit contact info for.

]]> By: jf.sellsius http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15776 jf.sellsius Mon, 11 Dec 2006 22:13:16 +0000 http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15776 Wholeheartedly agree with you Joshua. An of opinion of value is not the same as factual information. Yet watch all the people throwing around the transparency buzzword as justification for the zestimate. Who controls the listing? Seems zillow want to have a say that it's opinion of value should be on your listing, even if it's wrong. That's sure to sit well with everyone. Wholeheartedly agree with you Joshua. An of opinion of value is not the same as factual information. Yet watch all the people throwing around the transparency buzzword as justification for the zestimate.

Who controls the listing? Seems zillow want to have a say that it’s opinion of value should be on your listing, even if it’s wrong. That’s sure to sit well with everyone.

]]> By: Joshua Dorkin http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15595 Joshua Dorkin Sun, 10 Dec 2006 19:30:00 +0000 http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15595 I agree that it may be both as well. Regardless, Jeff you're dead on with the Zestimates being a problem as well for Zillow if they remain next to the sales listing price. Zillow is going to have to make a decision at some point. Are they a MLS or are they a "price estimate" tool. These two are not consistent with one another in their present form. There are many more issues that arise here. Is there a conflict of interest between being a listing platform and "appraisal" (I hate to say that b/c it is not one) tool? I think so. I agree that it may be both as well. Regardless, Jeff you’re dead on with the Zestimates being a problem as well for Zillow if they remain next to the sales listing price.

Zillow is going to have to make a decision at some point. Are they a MLS or are they a “price estimate” tool. These two are not consistent with one another in their present form. There are many more issues that arise here. Is there a conflict of interest between being a listing platform and “appraisal” (I hate to say that b/c it is not one) tool? I think so.

]]> By: jf.sellsius http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15514 jf.sellsius Sun, 10 Dec 2006 15:37:03 +0000 http://www.biggerpockets.com/renewsblog/2006/12/09/zillow-national-mls-realtor/#comment-15514 We ask the same question Teresa. We think it may be both. Realtor.com traffic indicates that national may work to attract buyers. But local (MLS) also works as a reference for local agents. Buyers may not be aware of how to access the local MLS so they go to realtor.com. Another issue with zillow: the really inaccurate zestimate REQUIRED to sit next to an owner's list price. Bad call. Give owners, or their agents, the option to hide the zestimate. A really bad zestimate is an obstacle to marketing and may cause a buyer to bypass your listing. Shouldn't an owner or agent have the right to object to inaccurate information on their lisitng or which may affect it? Other than that issue, zillow has given value by providing a free venue to list. We ask the same question Teresa. We think it may be both. Realtor.com traffic indicates that national may work to attract buyers. But local (MLS) also works as a reference for local agents. Buyers may not be aware of how to access the local MLS so they go to realtor.com.

Another issue with zillow: the really inaccurate zestimate REQUIRED to sit next to an owner’s list price. Bad call. Give owners, or their agents, the option to hide the zestimate. A really bad zestimate is an obstacle to marketing and may cause a buyer to bypass your listing. Shouldn’t an owner or agent have the right to object to inaccurate information on their lisitng or which may affect it?

Other than that issue, zillow has given value by providing a free venue to list.

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