Realtors vs. Appraisers vs. Zillow
“347-0″.
That’s approximately the number of times ” most recently this afternoon ” that I’ve been called by Appraisers wanting the scoop on a property I’ve recently sold, vs. the number of times I’ve called an Appraiser to find out the same.
Inside Scoop (Literally)
Which makes sense: as the listing agent (representing the Seller), I’m the foremost authority on the property in question.
I know about such intangibles as the home’s floor plan; condition; updates (or not); the quality of those updates (there’s a big difference between a DIY Kitchen remodel, and one for $150k); and the home’s overall aesthetic appeal.
A good listing agent will know the same things about the relevant Comp’s (“Comparable Sold Properties”), too.
Which is why debriefing them is like one-stop shopping for Appraisers doing their due diligence.
One-stop Shopping
Without that input, all Appraisers have to go on — besides the Comps’ sales price — is limited, objective data such as finished square feet, number of bedrooms and baths, lot size, and home style (one-story, two-story, split-level, etc).
Algorithm-driven Web sites such as Zillow are even more blindered, because they rely on publicly available (and frequently stale) sales data.
You know what they say: “(digital) garbage in, (digital) garbage out . . . ”
P.S.: Why “347” when I’ve only been involved in perhaps 250 deals? Because appraisers also handle refinancings.
See also, “Cultivating Good “Appraisal Karma”; and “Proper (& Improper) Purposes of Realtor Previews.”
