Kirkland, WA · Member since 2015 · 3 posts · 0 votes
Hi,
I'm new to BP and wanted to reach out and see what the community thought about the rise of Zillow, Redfin, etc.? I've read a lot of really interesting articles about them and being Seattle-based myself they are local rising companies. Should people opt to use these services over a traditional real estate agent or maybe in conjunction with an agent? Thoughts? Thanks!
Developer · Philadelphia, PA · Member since 2014 · 65 posts · 60 votes
11y
While nothing beats the advice of a local, seasoned realtor, these tools definitely help you refine your ARV estimates and knowledge.
I'll advocate for Redfin being able to create better ARV values and comps than Zillow. Look at the nearby sold properties $/Sq.Ft. it will give you one of the better ballpark ARV estimates.
Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
11y
Zillow is something like 20% off generally on their "zestimate" I have heard that redfin is better. Personally I just have a Realtor who I work with who will pull comps for me and send me tax data whenever I ask.
Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
11y
Z&T are lead generation sites for now. They take data and sell it to real estate agents for a profit. According to a study done by the Austin MLS, their data is inaccurate. Personally, many new buyers I meet gets frustrated with Z&T after they find out their dream home has sold a month ago but it shows active on those sites. Redfin is an agency that is in a few markets. They rebate $$ back to their buyers.
I am obviously biased, but I like my clients to have good data & service so that they can make the best decision for themselves. That is what a traditional agent offers. Redfin may, but I don't have any experience with them, & a lead generation site can't offer much because they just sell you to the highest bidder.
Kirkland, WA · Member since 2015 · 3 posts · 0 votes
11y
Thanks everyone's comments have been really helpful. I had one follow up question. If you are an agent, what about using Zillow Premier Agent? I read this article: http://fitsmallbusiness.com/zillow-premier-agent/ and was curious to see everyone's opinion.
Developer · Philadelphia, PA · Member since 2014 · 65 posts · 60 votes
11y
While nothing beats the advice of a local, seasoned realtor, these tools definitely help you refine your ARV estimates and knowledge.
I'll advocate for Redfin being able to create better ARV values and comps than Zillow. Look at the nearby sold properties $/Sq.Ft. it will give you one of the better ballpark ARV estimates.
Investor · Virginia Beach, VA · Member since 2013 · 84 posts · 26 votes
11y
These sites tend to get a lot of heat on BP for inaccuracies, but I personally love zillow for helping me with quick estimates.
Like anything, you have to take the data for what it is - a computerized estimate. Nothing will beat actual experience and a little strategic thinking, but i use zillow as a starting point almost every day.
Investor · Park ridge, IL · Member since 2014 · 84 posts · 33 votes
11y
I use zillow and trulia and Redfin ect for listing my rentals and they work great! I had one of my properties listed on all three last month and within a day I had plenty of qualified renters calling me. Rented the unit in 2 days. I would say that is awesome!
Residential Real Estate Agent · Austin, TX · Member since 2013 · 38 posts · 5 votes
11y
One of the big things with Zillow is that they pull info from public records and rely heavily on agent feedback. So they try tricky things like asking agents to submit their sales records in order to be entered to win agent of the year, etc.
Non disclosure states like Texas, which is where I live, doesn't give sold information as public records so there "Zestimates" are way off. There is actually a disclosure page on Zillow, you have to dig around for it, that will tell you how accurate they rate their information on their site for any given state. If you click check Texas, and I'm sure any other non disclosure state, they rate themselves 1 star. That's they confidence they have in their own product.
Washington, DC · Member since 2014 · 2 posts · 1 vote
11y
Full-disclosure, I work for Redfin in Washington, DC! Just wanted to weigh in here with my thoughts. Redfin is a real estate brokerage. We employ agents who help people buy and sell homes, in addition to having a great search site and mobile app. Because we are a brokerage, we have access to the MLS listings, so our data is the most accurate and up-to-date that you'll find. This makes us different than Z +T, which are advertising portals, not brokerages. If you're looking for an expert on local market trends and comps -- contact a Redfin agent in your area!
When it comes to our agents, we have a unique model that truly puts our clients first. Redfin agents are employees and are paid based on customer satisfaction, not commissions. Which means that our agents are working for you and not the quickest or biggest commission for themselves. At the end of every transaction, clients are asked to review their Redfin agent. Redfin posts all of these reviews (the positive and the negative) on our website for full transparency.
Because of our model, we are able to give a portion of the commission back to our clients. You can see the amount of the refund you would get back from Redfin on every listing -- just look in the upper right side of the listing where the agent photo is.
When you sell we Redfin, you'll get the best service for the best value. Redfin agents charge a 1.5% listing fee and provide full-service. We offer pro-photography, 3D tours, targeted marketing, the works -- all for about half the fee of other brokerages. And in DC, MD and VA -- we are currently offering a 1% listing fee! Because our site is one of the most popular brokerage sites for buyers, we know exactly who is looking for homes on Redfin in your neighborhood and price range and we can market your home directly to those buyers.
OK, I'll step off my soap-box now :) Please feel free to connect with me if you'd like to learn more about Redfin and what we can offer to real estate investors!
Real Estate Agent · Tampa, FL · Member since 2016 · 38 posts · 18 votes
10y
Sigh. Why do these websites have to be SO TERRIBLE? Zillow's information is way out of date. Neither Zillow or Redfin have even basic drawing tools for the map features. I have to draw a freehand rectangle (or worse, circle) with the mouse? Really? Redfin seems to have extremely limited search criteria; either that or it's well-hidden and I can't eve find it. There are no features for turning off ads. Why? I'll pay. Who is designing these? It's like a contest to see who can create the clunkiest tools What do the pros use? Surely there is something better. Ugh.
Realtor · Fresno, CA · Member since 2013 · 471 posts · 225 votes
10y
So many times I have had clients ask me about properties that they have seen on these sites and they are no longer available as the information is out of date many times - I would especially avoiding using any of their pricing tools or 'zestimates' which seem to ALWAYS be way off the mark.
Find yourself an agent that is willing to pull comps for you and doesn't mind running CMA's for you - just be sure to be be respectful of their time and toss them a few Starbucks gift cards once in a while - and even better - buy a house from them or refer people to them every chance you get - a good agent will recognize the opportunity to keep the leads flowing and if you are a serious buyer, then it will be well worth it to them.
Real Estate Investor · Los Angeles, CA · Member since 2013 · 2k+ posts · 694 votes
10y
Hi Peter Barnett
Like David Ross I'm a big fan of Redfin because they have the MLS data and fairly decent coverage across the US though not everywhere.
The trick is to find the most recent and complete data, and that's just going to be on the MLS. So you can use Zillow to get an idea of value compared to other properties that they have from public records, but it won't give you market value, unless the market doesn't change very much.
Once you have the most recent, closest comps, then you have to compare similar homes based on their features to get at true value. Neither Zillow or Redfin will do that for you, you're going to have to do it yourself or have an agent do it. Many don't go that far.
Cheers!
Kuba