Sellers expect their listing agent to toil for weeks and months searching for the right buyer for their home. Let’s face it, that’s how other jobs work - the desired result comes at the end of the effort.
But it’s the opposite when selling a house. The tight inventory has left anxious buyers waiting for the next new listing to come along, and when it does, they pounce on it in the first few days.
This is why Zillow has become the go-to website for buyers. Zillow provides transparency with several great features (and the zestimate is down the list):
1. Zillow shows how long the property has been listed for sale, and how long the property has been on Zillow. The ‘re-freshing’ of listings isn’t fooling buyers, because Zillow divulges the truth.
2. They track how many times the property has been viewed on Zillow, which is a secondary ‘sniff test’, much like the days-on market stat. Once a property has been seen hundreds of times, the buyers start wondering why it hasn’t sold (much like the DOM count):
3. Savvy buyers know that the zestimate is a rough guess of actual value. But Zillow backs it up nicely with three similar listings nearby, AND the last three closed sales – all on the same page!
4. They also show how much the seller paid, and when. Buyers will grant sellers the right to make a profit, so only the greedy are harmed here.
5. The categories of homes for sale on Zillow are prioritized by date listed.
These data points are all in a seller’s favor during the first few days the home is on the market – use them wisely!
The best thing that could happen to the market is a mass marketing campaign by Zillow (or anybody) to explain to sellers that the urgency created in the first few days on the market should be used as a selling tool. Then, at some point, maybe we can convert to an auction-like format to sell houses!