Zestimate Forecast
Zillow’s newest innovation, the Zestimate Forecast, was announced yesterday…
I’m a big big fan of the strategy.
Is the data perfect? Nope. Are the forecasts accurate? Who knows.
But that doesn’t matter at the end of the day. This is yet another innovation to win the consumer. And those who win consumer mindshare long term, will clean up business wise at the end of the day.
Well done, Zillow.
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Will Wertheim
Posted at 15:35h, 09 MayMust be nice not to be a brokerage or an agent and have to abide by all those rules. If an agent did that and a client said they were influenced by such forecast and the forecast was wrong…. well, the lawsuits just might fly! But this is zillow so they don’t need to worry. Yes, well done… all the attention and none of the responsibility.
Mike McGee
Posted at 03:50h, 10 MayI just don’t get this attitude that it “doesn’t matter” whether you’re giving bad information or not. Just putting out any BS is a completely valid way to “win the consumer?” It’s a gimmick, and nothing more.
Drew Meyers
Posted at 09:39h, 10 MayHow is it different than an individual person/agent predicting a home value? It’s an “opinion of value” either way. Neither a person or a computer knows for sure what will happen..that’s why it’s a prediction.
Mike McGee
Posted at 14:17h, 10 MayFirst, it’s a logical fallacy and false equivalence to say that, “because predictions can be wrong, all predictions have an equal possibility of being true.” Second, I didn’t say it would be any better if an individual did it. Be it a computer or an individual, anyone publishing mass predictions of the future value of individual properties is not adding value, just gimmickry. JMHO, YMMV.
Drew Meyers
Posted at 14:35h, 10 MayI agree with you on the “adding value” part. I don’t see this fundamentally improving the real estate experience/transaction.
All I’m saying is, this is a smart move in their shoes. Even if it’s gimicky, it will draw consumer eyeballs. Consumer eyeballs will help them make more money.
I think gambling is gimicky too, and a massive drain on economy. But millions and millions of people think it’s a good use of time and money. Nothing about the industry “adds value” to the world. If people want to waste their time with it, that’s their prerogative. Same as it’s up to each individual person to decide whether looking at zestimate forecasts is a good use of time.