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Redfin and Zillow. So these are online valuation tools where clients, buyers, tend to rely a little too much on this type of site.
The problem with these sites, let’s take Zillow as an example, is that you need to understand how it works. It first connects to our MLS, which is its foundation. Then, to provide valuations, it connects to official sites like the Land Registry, Fannie Mae, Freddy Mac, and other sites like insurance companies, so it can generate estimates, as they say. In trying to connect and
create a finished product, the end result is inaccurate information.
Often, the properties listed are no longer available, and even the valuation.
Let’s take the example of an automatically generated valuation. For example, two absolutely identical apartments… The same layout, the same square footage, the same materials, the same kitchen, the same bathroom, exactly the same. Same floor, they’re right across the hall. They’re practically next-door neighbors.
Except that the difference between the two units, even though they’re on the same floor, may be between $100,000 and $150,000. That is, they’re in a building that is on the bay, for example.
One will have a magnificent view of the bay, and the other will have a view of the city, which is also very beautiful. But it’s not the bay.
And the reason is quite simple: when you enter a building that you know is on the bay, you don’t expect anything other than a view of the bay, not the city, even if it’s beautiful. And Zillow can’t see that, nor can Redfin, nor anyone else.
The difference will be made manually, quite simply. You have to interact with it. The agent needs to intervene and provide this variable, which will make all the difference.
