So with such appalling accuracy why doesn't he correct or delete zestimates when requested by homeowners to do so. Is he so stupid that he doesn't understand the misery he inflicts on millions of homeowners with these wildly inaccurate zestimates and the arrogant behavior of his company in refusing all requests to correct or delete the nonsense valuations? It is time that AVM companies like Zillow were subjected to some form of regulation to protect homeowners from greedy fatcat executives like Spencer Rascoff who understand the failings of the computer generated home valuations but refuse to accept any responsibility for the financial damage and misery that these wildly inaccurate valuations cause homeowners.
Just started a position in Z.
Appreciate your frustration Surbiton99. I actually despised Z for some time because of what they had my Zestimate at too. I gave up/gave in/moved on. Not to imply that you should do the same. You obviously have the right to do whatever.
I would point out to others who don't already know that what Rascoff discussed isn't really news as Z publishes Zestimate accuracy stats regularly. I think they even let you download it all into an Excel spreadsheet so you can do your own analysis. Pretty transparent of them IMO. Sure enough they do far better than 25% error rate in many places and worse than 25% in others. For all those interested in their Zestimate look up your county to see the accuracy for your area. You can also make a comment on your home about what your home is really worth. I did that. I'm not a cheerleader here but I do choose to take advantage of the resources available to me while my Zestimate is still published. Sure I wish I could take my Zestimate off. Unless it was as high or higher than what I really thought it was worth of course! But it's free, it's quick, it gives me an idea to some published degree of accuracy and I use it to understand my neighborhood so hard for me to complain really.
But that's me! I do appreciate having other perspectives on Z the stock and Z the business.
I didn't realize this thread was compelling enough for someone go to the trouble of setting up a yahoo account to share their thoughts, but I do appreciate you doing so. Being a cynic my first thought was it was the Zillow PR team, but then reality set in that they are too arrogant to care what consumers think of Zillow and their zestimates.
I do appreciate your advice about making a comment on your home but in my case that is not possible as Zillow has taken control and refuse me access to my home, even to correct missing and incorrect information. When they 'confiscated' my home the zestimate dropped $30,000 from an already substantially incorrect zestimate. Understand now why I have strong views of the arrogance that Zillow displays when stamping out dissidents who have problems with nonsense zestimates?
Regarding the zestimate being free there is a saying that "If the product is free then you are the product". That is so true with zestimates which are basically a means to generate advertising revenues irrespective of accuracy. In fact there is a view that the more inaccurate zestimates are the more revenue generated.
You are aware that you can't have a shareholder revolt in a company that has more than 75% of the voting shares controlled by the founders, aren't you? While you do have a constitutional right to agitate here, I don't see how it is productive.
Why don't you start you own website about so will appear on the search engines and allow like minded people to join, find a pro-government regulation forum to push your regulatory agenda, or work with an attorney to see if their is any basis for a class action suit? I think you are completely wrong on all counts, but you could at least improve your strategy on how to affect changes. Continuing to monopolize an financial board, where the maximum potential voting shares of the participants is less than 25% is not really productive. Small investors, which make up these message boards, buying or not buying are not going to change the course of any company period.
If I only influence 1% of shareholders in Zillow then I will consider that as a measure of success. My intent has always been to highlight the failings of Zillow as a business in how it imposes unwanted and inaccurate zestimates on 110 millions homes and refuses all reasonable requests from a homeowner to correct or delete erroneous valuations. The fact that 17% ie 18.7 million, of these zestimates are more than 25% incorrect demonstrates the nonsense that Zillow peddles to investors and advertisers.
The real question is why Zillow is so arrogant to refuse reasonable requests from homeowners to correct erroneous zestimates when they clearly understand how flawed their algorithm and source data is. It is scandalous that messrs Barton, Frink and Rascoff are allowed to perpetrate a scam on this scale in their greed to get rich irrespective of the misery and financial damage they cause to millions of homeowners because of garbage zestimates. Just read the thousands of similar complaints on the Zillow website and you will better understand the vindictive modus operandi of these fatcat executives as they rely on a handful of zillow cheerleaders to put down any complaints with snide and snarky comments with the result that almost all just go away in disgust. Some of us don't go away and will continue to highlight Zillows BS on investor websites as well as other websites.
Perhaps the real question is why does Zillow deliberately perpetrate zestimate controversy? Maybe they have decided that having 17% of zestimates more than 25% incorrect is necessary to attract homeowners attention and to generate advertizing revenues. When Spencer Rascoff talks of zestimates as a brand in the Bloomberg interview it certainly makes one wonder if that is his agenda. What other company prides itself on brand as garbage as zestimates? None come to my mind .
NASA admits today that meteor in Russia was more powerful than originally thought. Estimates are now 470 kilo tons, rather than 300 kilotons. Should we go post on NASA message board for their metestimates?