Opportunity for Zillow. Hello and welcome to Todd Miller TV. The other day I shot a video and talked about Zillow and there is estimate and within about 5 minutes of putting it out the CEO is of Zillow was on site and of course he responded to it and so anyway I appreciated that,
but I wanted to kind of go back because I have some ideas I think that we make the site and the whole process a little more palatable but the way I see, the most real estate agents see it is that Zillow was sort of put out the prices and that is why a lot of people like them.There is a sticky thing is that they have this price estimate of your house and it is not super accurate and I think they are aware of it. The public is maybe not aware. To give it too much credibility but I think that there is a lot of ways that this could be solved so the obvious thing here is that the real estate agents really have a better idea what a home is worth.So let us give you an example so let’s say if you have a bunch of houses, okay and you know someone types in their street address and houses come up and it says you know this one is worth 135. This is worth 180 and this one is worth you know 150, right, and people are like, well why they can’t figure out the difference. Well what I would do is I would have a little button here maybe for something that says like you know I don’t know a dispute.A dispute of that number or order a review maybe and then they put that in their, they have to put it in their information like it has to be their house that can just go disputing anybody. You have to say, “I look at the house, I’m the owner of the house and I want to dispute it” and they put in their contact information, they are going to give their name, their address, their phone number, their email and what is going to happen is this is going to go to a local real estate agent.So the agent is going to show up and actually take a quick lock through the house maybe write down some features, get a feel for what the inside looks like, the upgrades and things and then to go away and they will go back and do basically a BPO and I think they way that would be really good is they have a very short form that they feel that online they just put in the addresses maybe of this comparable solds that they thought were the most similar to this to this.Maybe some listings to, very simple basic information and then in addition to having these values you can also sort by BPO value. So a good example would be is maybe this agent said you know what that is not worth 135 it is actually worth 160k and then what would happen is— and then this get displayed is like a special value maybe however it calculates these it could use this to adjust these or it could just say look an agent of the BPO said it was worth 160 and then of course if you want to be super transparent about this when the person clicks on that value it is going to pull up like on the map or something or just the lines of the properties that they used.You know this agent can maybe show a picture of the agent right thought that this house is most likely 3 houses. Picture the agent to show the houses and I think this could be something realistically that is done without any cost of the person to dispute. No Zillow could either sell the lead or the agent could pay a lovely fee to be available to take these and put them in, but anyway they could add a thing at least to say hey display you know these values.I think that is maybe a good mechanism, I don’t know maybe it is a little sought to that. I would definitely want to see something like that. You know we do thousands of BPOs a year for our bank clients and REOs properties they don’t know and properties are a good way to foreclose on and they can be done pretty quick and I think you make it real easy on the agent. The good thing is it puts the agent in touch with the homeowner. It gets the homeowner some exposure to a real estate agent and makes this data, the values more accurate and it probably is a revenue stream that the Zillow could definitely find a way to monetize this.So anyway I think that would be sort of a model I would like to see that Zillow will put that maybe depending on what they are trying to do and how accurate they are trying to make this. I think if they do that maybe this have in the value sign here makes it a little more sticky, makes it a little better of a tool for people and in the end makes the whole company work more money. So anyway I just wanted to share that just taking to that today that is my update and I hope to see you on another video. Thanks a lot.