..brings out a who’s who of online real estate companies. Don’t miss out on the comments!
…Real Estate Shows. It’s a tool that automatically turns a Real Estate Shows virtual tour into a video format that can be widely distributed on the internet. Jeff gave me the low-down on this project a little bit ago, and he convinced me that this was not an easy task to do right… But that he felt really good about the technology they were using to convert and compress the video.
I know that some would say that virtual tours aren’t video (they said it today during our roundtable on video), but by simply exporting their shows to video format, the Real Estate Shows team is opening up a ton of new distribution opportunities…
…didn’t even notice:
- Introducing: Realtor.com Home Values
Apparently, Realtor.com launched their answer to Zillow recently without much fanfare!
The first thing to note is that the new tool mixes estimates for home values along side listings from the Realtor.com database. This would have been unthinkable just a few years ago, but even with an announcement from NAR, the blog world has been silent. (And I’m told by someone-in-the-know that it has been live with a link from Realtor.com for a few weeks already!)
The part that seems to be missing is accuracy of the listings.
For example, the VERY first comparable I tried shows a home value estimate that is clearly way off base… The home at 26227 Adamor Road in Calabasas, CA which recently sold for $575K is listed on Realtor.com with an estimated value of $925,399 and Zillow with a zestimate of $564,000.
OUCH! If I was a REALTOR trying to sell a home on Adamor Road, I sure would be pissed if REALTOR.com was estimating homes were selling in the million dollar range, but actual sales were closer to the $600K range! A “beta” label only goes so far!
The second example I tried (by simply typing in Seattle, WA and then zooming in randomly until I could see a listing) was the home at 7352 26th Ave in Seattle, WA showed a recently sold price of $880K, the Realtor.com home value is $690,000, while the zestimate is $900,500.
For the third example, I decided to head further east to Chicago (no real reason other than NAR is located in that area). I randomly landed at 1729 N Melvina Ave in Chicago, IL which recently sold for $225K. the Realtor.com home value is $218,183, while the zestimate is $247K.
- 26227 Adamor Road. Realtor.com: +61%, Zillow: -2%
- 7352 26th Ave. Realtor.com: -22%, Zillow: +2%
- 1729 N Melvina Ave. Realtor.com: -3%, Zillow: +10%
Two horrible estimates and one decent estimate out of three tries. It makes sense that the realtor.com team has not made a PR push around this feature yet! 🙂
On a related note: Things get even more interesting when you think that NAR took on a similar project (was called “Gateway”, now called “Real Estate Channel”) to aggregate home information across the country. These types of projects are not cheap… so why create duplicate efforts?
… with their latest home price trends.
With the colorful charts and maps, the Zillow team has done a great job becoming the de facto standard for home price trends. The free press they’re getting around this data is incredible.
Aren’t you glad to know that Ryan Erickson is one of the people who will be handling your transaction if you buy with Redfin in Seattle??? LOL! And people wondered why Scoble went the traditional route.
- Uniqueness and dimensionality
- Inexperience of buyers
- Psychological security
- Appreciation baseline