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Many Real Estate Professionals in the Community view Zillow and others like them with disdain for their lack of accuracy and it would be wise for the public to be wary. While some in the professional real estate community feel threatened by the competition for placement that has been created on these platforms among agents, overall this may not be as good a thing for the public as common wisdom would think.
What Zillow provides is access to Real Estate data on a platform that is user friendly with the ability to research properties for sale and community information with reasonable accuracy. Even though they may potentially to find an Agent there too when they are ready to buy or sell, there is no PRESSURE or OBLIGATION created with the use of their site. This is a WELCOME characteristic for most and there is no doubt they (Zillow) have accomplished this goal and achieved public acceptance!
However, the accuracy of the information they provide is a problem in particular because we live in a non-disclosure state and sales data is restricted. Whether or not this changes in the future remains to be seen but for now, sales data can not be published in Texas because it is the law.
The ironic thing about Zillow is that most of their revenue comes from Agents! Listing data is supplied from the local Brokers through syndication and because of this platforms like Zillow have become large enough to have gained a foothold in the "Directory Style" structure of the Internet. In turn, they gain revenue by SELLING advertising space to Agents and Lenders for the privilege of obtaining a higher level access to potential leads on the internet. This gives the typical Agent more potential traffic with fewer dollars spent than it would cost to create an individual "organic" SEO campaign.
Does it mean this is the best place to find an Agent or the data provided is always reliable? Maybe not.
Using Zillow or any other Search Directory doesn't necessarily mean you are finding accurate data OR the best Agents! Rather what is found is there is"ballpark" information and Agents who are willing to spend the most money for placement. This is no different than previous models, going back to the days of print advertising?
I believe that an informed public who assesses the value of Zillow and the other platforms like them carefully, will seek the support they need by finding higher expertise. The same kind that many of us in the professional real estate community are qualified and ready to provide!
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