Article

Hopefully other state appraisal boards will follow suit.


'automated valuation model' and are not a formal appraisal=garbage

I'm glad for the ban. But for the reason that they are so misleading. The figures, especially for my area, are so far off that they are worthless. Only thing is sellers use it to try and justify their prices.

I know the prices are far off in my area also.

They are all over the map where I am. Either too high or too low - by large margins.

Headline at Fark:

"Arizona realtors get Zillow banned in state. Because a computerized algorithm could never be more accurate than a high-school dropout housewife in a gold blazer.

So you guys want all the benefits and advantages of technology at your real estate fingertips -- and nobody else dare expand the playing field because you might lose your jobs.

Rough world!

Realtyeyes

Realtyeyes, I noticed that you have posted some disparaging comments about REALTORs here before, and I refrained from responding, however, now, I feel compelled to defend my chosen profession. First, let me ask you a question...exactly what do you have against REALTORs, and more importantly...why? Secondly, you are aware that this is a public forum whose primary membership is REALTORs correct? I anxiously await your response.

Ummm..........if you guys against this ruling read the article, this was brought about by APPRAISERS!!!! not REALTORS!!!!

Realtors in AZ cannot get paid for BPO's either - same reason, we are not licensed as appraisers.

It's amazing what people can read into when their brain is hoping for a certain outcome. This is actually an "opportunity" for zillow to clarify their business model. Arizona also filed a cease and disist against instantapprisal.com. That company is still in business all they had to do was change the domain name. My guess is Zillow will have to put a disclaimer on the front page that they are not a appraisal company. DONE.

A BPO is closer to being an appraisal than the often inaccurate zestimate.

Realtyeyes, the web will create a lot of listing companies and fewer listing agents but the value of a selling agent should increase. The value of our services from the past will decrease and agents will have to learn to create new services.

New services = internet driven services.

Rising:
The forum heading says "Agents and Brokers" but let me answer your question.

I think that the promise of honesty purported by the industry is far too often undermined by dishonest dealing. I would like to see a level of parity between the recital of the code of ethics and day to day machinations of Real Estate agents.

Realtyeyes

realtyeyes.

To be frank, I don't think what we are dealing with, for the most part, is dishonesty on the part of most real estate agents. I believe it is simply that too many have no idea what the hell they are doing. They have good intentions but don't do their homework and end up doing things that are not dishonest, but just plain dumb, incomplete or inappropriate for what their goal was. Those actions then get interpreted as dishonest.

By the same token, there are lots of real estate folks out there who take their job very seriously and get things right.

I don't like the fact that so many of my peers fall into this category of incompetence. It probably frustrates me more than you since those of us in this business have to hob-nob with them just about every day. On the upside, most of these folks end up being failures in this business. We lose over 85% of new licensees in the first 18 months after they get their license.

Are there still some incompetent agents out there that do manage to make enough to survive? Yeah... and that makes me crazy.

So while it may feel good to paint the profession with the brush you have chosen, understand that there are those of us in this business that feel the same way and work at raising the standard every chance we get. But also understand that most of the frustrating things in this business have nothing to do with dishonesty and more to do with incompetence wrapped up with good intentions. Not putting it out there as a valid excuse, just addressing the implied motivations.

R

I guess to increase an appraisers and REALTORS value is to do away with companies like Zillow, at least that's what they think in AZ.
It will also protect the public and REALTORS from Zestimates?
Thank you for protecting me from bad Zestimates.

Realtyeyes, Rebel summed it up quite accurately. Additionally, I too, would love to see a balance, or parity as you so eloquently stated, between alleged service from some "professionals", and the reality in several industries, both real estate related, and otherwise. I do not, however, assume, nor proclaim that because I have had bad dealings with certain members of a particular group, or industry, that ALL members of said group are inherently equal in the attribute with which I find contempt. That type of behavior would be unfair, to other members of that group at best, prejudicial, or blacklisting, at worst.