“Zestimate” – I had to laugh

I listed a condominium on Lake Washington in Madison Park on Wednesday for $830,000.  Zillow gathers information on new listings in the early morning hours and posts the listing on their web-site the next day.  An agent can log onto Zillow and update incorrect information and add additional information the day following it going “Live”.

Zillow has permission to pull information from the Keller Williams Listing Service (KWLS) and other web platforms but, not the Northwest Multiple Listing Service (NWMLS).  On Thursday, when I logged onto Zillow, their “Zestimate” for the condominium was $720,000.  I made all of the corrections and added quite a bit of information that is on the NWMLS but, not available to Zillow.

The following Day, Friday, I logged back on to confirm I had all of the information correct.  Low and behold, the “Zestimate” was now $845,000, a 17% increase in less than 24 hours.  I encourage each agent to enter their information on our KWLS and then log onto Zillow the following day to make the corrections and additions.  Your seller will be very pleased to find the “Zestimate” substantially higher.

Zillow now provides agents and visitors easy access to the comparable properties uses to come up with its’ “Zestimates”.  Unfortunately, it doesn’t allow the agent to input the most comparable properties.  This is a conversation you should have with your sellers if the “Zestimate” is different from your educated Comparable Market Analysis.

If you would like a more thorough explanation of how Zillow is so far off with their estimations, please contact me and I explain it further.


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