Zillow CEO Spencer Rascoff sold home for much less than Zestimate
If you’re an agent, you’ve probably worked with a buyer or seller that has found the “Zestimate” on Zillow of the property they’re selling or interested in buying. It can work as a good conversation starter with the client. But until they realize the Zestimate isn’t as accurate as they thought, it can quickly make a disgruntled client.
Earlier this year, Zillow CEO Spencer Rascoff sold his Seattle home for $1.05, 40 percent less than the Zestimate of $1.75 million shown on its property detail page a day later. Zillow readily acknowledges that Zestimates can be inaccurate, but consumers can still take them at face value, causing headaches for agents.
The next time your clients handcuff themselves to the Zestimate they’ve seen on Zillow, have them take a look at this recent Inman News article. It should give them second thoughts.