The long anticipated launch of Zillow.com occurred last night in Beta form. The company unveiled the product which will provide valuation services for homeowners. By providing the service online, Zillow hopes to provide an accurate valuation for homeowners and buyers in the real estate marketplace.
While others charge for this service online, Zillow is going to be working off of an advertising revenue model so the product will be free for consumers. I personally think this is the way to go, as people are reluctant to part with their money if there is a free alternative available. The initial feedback
Richard Barton, founder of Zillow.com says on his blog:
We experimented with several different ideas early on, but, after talking with many consumers and agents, we landed on the ambitious goal of trying to place a value, what we cleverly call a “Zestimate,” on every house in the country and making this freely and anonymously available to anyone — kind of a “Kelley Blue Book” for homes. Additionally, we have tools with which anyone can analyze home price histories (like analyzing a stock), look at “comps,” and refine our Zestimates with information that only someone who has been in the house could know.
(It looks like the site is getting pounded right now as people are checking it out, so if you are trying to get onto Zillow.com be patient.)
It is definitely the buzz of the real estate blogworld today and the media.
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