Zillow is a Real estate company that helps you buy, sell or rent a house. The “Smart Valuation Process” is the one thing that makes Zillow a unique online resource to buy, sell or rent a house. A home seller or a realtor, themselves, cannot set a price. Zillow’s algorithm calculates the price of the house based on several key factors. For instance, it calculates the value of a house based on the rate at which other similar properties(in it’s surrounding area) were sold recently. This makes buying, selling or renting a house safe and simple. You don’t have to be an expert.
About the creators of Zillow
Zillow is a Seattle based company co-founded by Spencer Rascoff and Gordon Stephenson. Both have a ton of experience in the real estate field. It is active since 2006 and now has become one of the best online resources for real estate agents, home buyers, and sellers. It has many other brands in the real estate field like Trulia, StreetEasy, Naked Apartments and Out East.
Features of Zillow mobile app and website
1. 3D home tours- For home buyers and sellers
3D home tours are a new type of listing content available only on select real estate mobile apps. With this technology, a home buyer can get a closer look at the property without actually visiting the house. Plus, it is very easy to create these 3D tours. Just download the Zillow app on your iPhone and select “Create a 3D virtual Tour”. Capture the images of your home–as the app tell you to–and a 3D tour will be automatically created for you.
2. It caters Gen X and Millenials
The feature of the Zillow app benefits both the home buyer and the seller. According to research done by the team at Zillow, millennials are the largest segment of home buyers(42 percent). Plus, in the recent past, 46 percent of Gen X and 58 percent of millennials have found their homes via a mobile device. The above data says it all.
3. Easy to brand your listing photos-For Real estate agents
Good news for the real estate agents out there. Zillow has spent more than $65 million on its advertising and marketing campaigns. Now you can make the best of this investment by putting your agency’s logo, email address and phone number on the listing photos. Zillow permits real estate agents to do so.
What I like about Zillow
As a home buyer, I like the 3D home tour feature Zillow has to offer. As I mentioned above, Zillow calculates the value of a house based on the rate its surrounding houses were sold and not on the physical condition of the house itself, it becomes imperative for a buyer to have an in-depth look at the house. A 3D home tour makes it possible.
What I don’t like about Zillow
The “Valuation Process” of Zillow is indeed unique and legitimate, but there are some holes in the algorithm that I along with plenty of other real estate agents don’t like. For instance, while estimating the value of a house, the algorithm does not consider the physical condition of the house. Neither does it take into account other factors like air quality, noise levels, or accessibility.
How does Zillow make money? Do I have to pay to use it?
Don’t worry! Zillow does not charge a home buyer or a homeowner to use the website. It generates revenue by charging real estate agents for ad space on the website. So, real estate agents are Zillows actual clients. They have to pay a monthly fee to get featured on the sidebar of the website.