Sept. 19, 2016
Alan Smith Realtors | How Accurate Is That Listing Information?
Well I’m usually not shocked by what I read in Realtor, the magazine for Realtors ®.
I believe I stay on top of what is happening in my industry. After all, I read Active Rain the real estate blog by other Realtors®, Realtor magazine, on-line chats, books and I am in The Realty Classroom a coaching group of agents from around north America. So I believe that I know what’s happening.
That is until I read the article in the March/April 2013 edition of Realtor. The article entitled What’s Your Data Source? Quotes Curt Beardsley, vice president of product marketing for REALTOR.com. He said, “that his company blocks 1.5 million information “scraping” websites per day.“ That’s 1.5 million per day!
You can watch the video on this topic by clicking the photo below or continue reading.
He goes on to say that there is huge marketplace of code scrapers and that “about 900,000 new scraping IP addresses and codes debuted in December 2012.” That just amazes me. I know that all this may be a little geeky but hold on just a minute more to see how this affects you.
The article goes on to quote Jay Thompson, director of industry outreach and social media at Zillow. He acknowledged in the article “the issues caused by the site’s “zestimates,” may give consumers unrealistic ideas of property values.”
So how does this affect you? Well it does, it’s stealing our content from big sites like REALTOR.com to my websites and postings and all the other marketing I do and on and on. Then providing you the consumer with volumes of information that’s inaccurate and obsolete.
This was brought to my attention when I recently had a buyer client who sent me 6 active homes that she wanted to go see. She had found them on one of the big real estate aggregators. When I pulled them up on the MLS 3 had already been sold or were under contract, 1 had never been on the market but was showing for sale and the other 2 were available. That’s a pathetic 33% accuracy.
I had a seller prospect call me last month about possibly selling his home. He wasn’t sure that he could. When I inquired further he said that he had gone on-line and found that his home value was estimated to be about $180K to $190K. I scheduled an appointment to review what was currently happening in his neighborhood and he was shocked to find that in it’s current condition his home would sell for about $219,000 and if he did a few things I recommended it could bring between $245,000 to $255,000.
As Jay Thompson pointed out in the article “a piece of software cannot consistently determine the exact worth of properties in all situations and settings.” Which is to say that these aggregators of data and Automated Value Models (AVM's), all this technology cannot factor in the condition of a home, timing and motivation of buyer/seller and current market trends.
You are probably asking, thenHow can you get accurate and up-to-date information and data? It’s very simple, find you a full-time, experienced Realtor®. We have access to the most accurate, local and up-to-date information to help you the consumer make the best decision for you.
If you are considering a move in the Lakewood/ East Dallas area in the next 3 to 6 months contact me at 214-347-9023 so that I can help you navigate this fast moving market.
You can also search homes for sale or find out what your home is worth by going to SearchIntownDallasHomes.com And remember at Alan Smith Realtors we don't just promise you excellent service we guarantee it in writing!
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