1:12 Minute Read.
When asked why the Zestimate is so far off from our CMA, the common response is “Zillow cannot see your home, neighborhood, your upgrades or smell your neighbor’s cat’s litter box.” That may be changing. New technology has arrived that will shake up our industry in ways never imagined.
”Embrace new technology. Learn how to use it in your business.”
In the August issue of their magazine Boundaries, ARELLO discusses the use of AI and how it applies to online algorithms like Zillow. “Zillow said that its Zestimate system can now, in a sense, ‘see’ in photographs, features that humans would instantly understand, such as curb appeal and natural light. The new Zestimate uses neural networks and computer vision to distinguish between high and low-end finishes and to incorporate the value of features like updated bathrooms fixtures, fireplaces and remodeled kitchens.”
Zillow can evaluate photos and incorporate it’s findings into it’s Zestimate, creating a more accurate assessment of value.
And further, “homeowners can claim their home on Zillow.com to edit, add or remove photos at any time in just a few simple clicks.” In other words, they want to take your job.
When Zillow and the other algorithms came on the scene a few years back, I watched too many agents live with the fear of income loss in the new reality. As those websites grew, it became harder for those agents to avoid them. My advice then is the same as today. Smarter agents embrace every new technology and learn how to use it to their advantage.
Good, personalized service will always reign. And there will always be some things that Zillow will never be able to "see" in photos, like the smell of the cat litter box. ;) At the end of the day, there's nothing like an actual human.
And speaking of smarter agents, does your current broker give you as much value as they take from your commissions? Why stay with a broker that takes too much of your money? With us, you earn 100% commissions. Check us out…