You may have noticed on your own or read in another post that when you click to get more information about a property in Zillow, you may connect with the listing agent or a buyer’s agent who is known as a Premier Agent. Often buyers are a little surprised to be quickly connected to someone only to find out that the person they are talking to isn’t the actual listing agent.
There is another frustrating factor that buyers often experience when using online real estate aggregator’s services. Many are the times when a buyer develops an interest in a particular property and goes ahead to connect with an agent only to realize later that the property is no longer available.
Such frustrations make online real estate aggregators appear dishonest or misleading. However, this has more to do with how the system works than a deliberate effort to mislead or bait and switch potential property buyers. Granted, it can inadvertently work that way but the problem seems to be more systemic than malicious.
All across the country, real estate professionals have organized and created a system in which, they can include the information about properties they have listed for sale on behalf of others. That listing often is included in a list with all the listings of other brokerages into one database. This service logically is known as the Multiple Listing Service. And there are hundreds if not thousands of Multiple Listing Services across the country.
In today’s world, each MLS has a component known as an Information Data Exchange. This is a feed that a subscriber can pay to connect to so they can have access to the data at that MLS. That’s how individual brokerages, agents, and specifically related to this article, online aggregators capture listing information and regurgitate it on their own websites.
Online aggregators pay a fee to be able to pull and update information from MLS’s that they subscribe to. The challenge comes in regards to how much information can be updated and aggregated in a timely manner. There are simple software glitches, human data entry glitches, and other issues that can make the output of anyone subscribing to the Information Data Exchange information less that completely accurate or current.
Since agents are constantly changing and updating information, and different areas have different regulations the create a different status, it becomes impossible for aggregators to perfect.
The main focus of the aggregator is to get the basic information out there. When this happens, it leads to the very quick propagation of new listing as well as change in property prices. When a property changes a price, gets withdrawn, goes under contract, enters escrow, attorney review or it is sold out, that becomes another avenue for a new discrepancy.
One more problem comes when aggregators pull information from other aggregators perpetuating some misinformation. If you get into the weeds of a listing you’ll be able to find where their current information comes from. In some occasions, you will realize that the information is not coming from an MLS but from another source, maybe the listing brokerage’s website or the owner trying to sell it on their own.
Online real estate aggregators services are most often free to the user but they are not always complete, current, or accurate. That is where an agent and brokerage comes into play. They have direct access to the MLS and to the other agents and brokerages.
A good agent should be in a position to give you all the necessary information about a particular property which is more accurate and up to date. While they may not have all the information you need in their head, they do have it at the tip of their fingers and they can get it to you relatively quickly.
The best system that can work for you as a buyer is to connect to a reliable agent. In Zillow, you can connect with that agent so they are the only one notified when you are interested in a property. That way, any properties you look at will be sent to them and you can avoid the never-ending line of agents trying to get you to buy their listings or trying to get you to buy something so they can pay this month’s rent. It’s a great way to simplify things and develop a relationship that should serve you best.
The truth of the matter is that Zillow has created a brilliant system. It motivates anyone who hopes to be a successful agent multiple reasons to pay to be considered Premier and it motivates those interested in real estate to use them as a one-stop-shop for information.
It may feel like top agents wouldn’t need or use this service but indeed they do and frankly, the top agents spend the most overall.
The truth is that the barrier to entry into the real estate market is incredibly low while the barrier to success is incredibly high. Beginner, seasoned, and top performing agents and teams are all deeply integrated into the Zillow platform. It’s incredibly hard to tell the difference by just relying on Zillow reviews. There are terrible agents who are great at curating glowing reviews and long time very successful agents who don’t care much about Zillow beyond their basic needs who have few reviews because they aren’t concerned about curating them.
The best advice is to find someone you trust and who you believe to be competent. Add to that the use of online aggregators to get to know the market and to supplement your agent’s efforts to find places you might love.
Finding a great home isn’t particularly easy but it doesn’t have to be hard either, especially when you have people you can trust, like a great agent, helping you.