Who is Zillow, and why is it important? Posted on Reply with quote Who is Zillow, and why should you care? In the uncertain market in the US, a group of words often emerge in conversations between agents, financial institutions and owners: zillow this, please make this home, make me move if you offer me what is necessary. In the new dictionary of convergence between the real estate market and the internet, the game is being won not by those established institutions (MLS, Real Estate.com etc) but by a small company in Seattle, Washington whose website receives 4 million visitors Per month: zillow.com. Zillow has all the elements to become a phenomenon not only in the US, but in those countries that have enough databases of real estate valuation. This company has more than the necessary funds ($ 51 million in private equity), the popularity of the moment and management to forever change the real estate market. Founded by the same characters that Expedia made the new method for getting airline reservations causing a radical change in how people plan their vacations, Richard Barton and Lloyd Frink, with only 116 employees, are leading Zillow in the same direction. Data that count continues to expand, the credibility of its valuations are more in line with the market, and an avalanche of new functions are creating a nervousness in real estate agents. The subjectivity of property valuation continues to disappear under Zillow's unavoidable footsteps: consumers carry them in hand, they have made purchases, there is less scope for discussion. The last of Zillow has made an impression: Make me Move. Make me Move I think it's the basis that Zillow will use to change the dynamics of the real estate market. The foundation of Make Me Change is simple: tell me how much money has to be on the table for me to move. While zeestimate (Zillow's approximate estimate of what the house-let's say, the secret recipe of the company) is meant to be objective, make me move puts the subjective factor of the real estate transaction on the table. Real estate agents criticize the process for the difference between what is estimated, and what people believe their property is worth. Zillow proves that the difference between one and the other is usually 17%, an extraordinarily approximate figure considering the novelty of the system. My prediction is simple: the number of real estate transactions processed by Zillow will increase dramatically when it reaches a critical point between the two figures (say 5%). Zillow Operation Operation Zillow adheres to basic principles of Google; Requires only the minimum necessary information and provides the necessary detail if you need it. The entry point is basic: property address, code, and state. It immediately takes you to a detailed map of the property very similar to google maps provided by mapquest. It indicates the value of the approximate property by zillow (the so-called zestimate, the secret formula of zillow). Below is an impressive detail of the property (number of rooms, bathrooms, area and date of last sale). The system also includes a search for comparable, those properties that are usually used as similar to establish price certainty. This feature indicates the magnitude of the databases. For example, when entering the data of my house, the system gave 50 properties. Although the characteristics of the properties varied a lot (almost 200 thousand to 300 thousand of difference with some), it was easy to choose which of them seemed more due to the presentation of the data. In the details of the property, the level is impressive: photos of details, legal description, and a chart of historical value that indicates the local evolution of prices for a period of 4 years. Make Me Move The process is very easy. After an uncomplicated registration, you enter the most basic data of the property, a simple agreement that you are the owner of the property, and a box to enter the price you require for someone to buy you the house. The system also provides options for uploading photos, updating house data, adding house features, and what kind of neighborhood and schools there are. Main page for Zillow Zillo3.gif Zillow4.gif Conclusion It is easy to understand why Zillow is in the best position to change the real estate market. Like Expedia, the system has the fluidity, simplicity and extensive database to be an indispensable tool if you are in the process of selling or buying a home. Although Zillow insists they have no interest in competing with agents, the fact is that the position to make such a transition is marked. Apparently Zillow executives understand that you can not alienate a group as powerful as real estate agents, and prefer to put enough in front of the consumer so that they come to their own conclusions. The point is once they have consolidated their position as the main agent in the US, whether the transit to Europe or other markets deserves the work that would lead. Meanwhile, Zillow is in my opinion a new business model; Put at the customer's disposal the database that allows you to go to the market with the only indispensable tool: the information that usually we always have to pay others to get it. zillow ga zillow group zillow gainesville fl zillow greensboro nc zillow gilbert az zillow greenville nc zillow glassdoor zillow galveston zillow great falls mt zillow gig harbor zillow homes zillow hawaii zillow houses for rent zillow houston zillow house for sale zillow henderson nv zillow house value zillow home value zillow homes sold
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