{"id":17905,"date":"2021-02-27T08:03:35","date_gmt":"2021-02-27T15:03:35","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=17905"},"modified":"2021-02-27T08:05:31","modified_gmt":"2021-02-27T15:05:31","slug":"overnight-news-sy-simms-an-educated-consumer-is-our-best-customer-zillow-yeah-not-so-much","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17905\/overnight-news-sy-simms-an-educated-consumer-is-our-best-customer-zillow-yeah-not-so-much\/","title":{"rendered":"Overnight News: Sy Simms: \u201cAn educated consumer is our best customer.\u201d Zillow: \u201cYeah… Not so\u00a0much.\u201d"},"content":{"rendered":"

\"Ya

\u201cTo understand \u2018informed discretion,\u2019 consider all the things your dog has devoured that he shouldn’t\u00a0have.\u201d<\/p><\/div>If you sell your home to an iBuyer, you will net around 94% of the offered price, after the accumulated impacts of the fine print you did not read are deducted.<\/p>\n

If you list your home for sale with me or any good lister, you will net around 92.5% of the purchase price, after real estate commissions and miscellaneous closing costs.<\/p>\n

Advantage iBuyer?<\/p>\n

Not hardly. Until now, iBuyer offers have been below Fair Market Value, where listed homes have been selling above market \u2013 well above market and for the past seven years, where I work.<\/p>\n

So, a year ago, before the lockdowns, if your home was worth $300,000, they might have offered you $290,000 \u2013 netting you $272,600. I would have listed at $300,000 and sold then for $305,000 \u2013 netting you $282,125. I sell in a weekend and my prep costs are running under $1,000, so convenience back then cost the price of a steller vacation or a decent used car.<\/p>\n

But now everything has changed. For one thing, I can reliably sell at 5% or 6% above FMV right now, so I might start at $305,000 and finish at $315,000 \u2013 netting the seller $291,375.<\/p>\n

But the other big change is that Zillow will now use the Zestimate for many houses as its “instant offer.”<\/a> They should have done this three years ago: Zestimates are reliably erroneous \u2013 I could tell them how if they but had the nerve to ask \u2013 but the errors would tend to cancel each other out. Plus which, Zillow is playing with lives as if they were Legos: They don’t give a shit about money.<\/p>\n

So what now? In our example, Zillow offers $300,000 \u2013 netting you $282,000. I’m beating that by nine grand and a nice dinner for two.<\/p>\n

Any comparison shopper would list in this market. But every other iBuyer knows where to start, now, to beat Zillow. And there are a lot<\/em> of them out there.<\/p>\n

iBuyers sell very slowly, by my standards. Buying from you, they can beat me to Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cTo understand \u2018informed discretion,\u2019 consider all the things your dog has devoured that he shouldn’t\u00a0have.\u201dIf you sell your home to an iBuyer, you will net around 94% of the offered price, after the accumulated impacts of the fine print you did not read are deducted. If you list your home for sale with me or […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29,26,6,5],"tags":[],"class_list":{"0":"post-17905","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-group-therapy","7":"category-lending","8":"category-marketing","9":"category-real-estate","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":18332,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18332\/overnight-news-were-you-rooked-by-an-ibuyer-so-was-everyone-else-and-all-of-you-may-have-grounds-for-litigation\/","url_meta":{"origin":17905,"position":0},"title":"Overnight News: Were you rooked by an iBuyer? So was everyone else \u2013 and all of you may have grounds for\u00a0litigation.","author":"Greg Swann","date":"July 20, 2021","format":false,"excerpt":"If you sold a home to an iBuyer over the past 12 months, you were probably rooked \u2013 and you may have grounds for litigation. If the iBuyer did not explicitly disclose to you that listing on the MLS would be to your best financial interest in a madly accelerating\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":17031,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17031\/if-youre-an-ordinary-salesmonster-and-you-rook-some-sucker-into-a-raw-deal-youre-just-a-sleaze-but-if-you-are-fiduciary\/","url_meta":{"origin":17905,"position":1},"title":"If you\u2019re an ordinary salesmonster and you rook some sucker into a raw deal, you\u2019re just a sleaze. But if you are fiduciary…","author":"Greg Swann","date":"September 16, 2020","format":false,"excerpt":"Me, this morning, at LinkedIn: The words that are going to matter, when all this #iBuyer nonsense all blows up, are: \u201cAgency with an interest.\u201d Real estate brokers are fiduciary. They are obliged as agents to put the interests of their clients ahead of all others \u2013 including their own.\u2026","rel":"","context":"In "Egoism in Action"","block_context":{"text":"Egoism in Action","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/egoism-in-action\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/09\/steve-harrris-aTuAKskNy7Y-unsplash-320x480.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":18457,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18457\/overnight-news-if-the-ibuyer-idea-is-any-good-whats-the-rush-to-go-public\/","url_meta":{"origin":17905,"position":2},"title":"Overnight News: If the iBuyer idea is any good, what\u2019s the rush to go\u00a0public?","author":"Greg Swann","date":"September 7, 2021","format":false,"excerpt":"As a matter of news, OfferPad went public last week \u2013 meaning none of the iBuyers are now backed by wide-awake entrepreneurs, just pie-eyed punters. The \"offering\" was done by Wall Street chicanery to avoid even the casual due diligence white-shoe investors normally do. But, of course, no due diligence\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":18740,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18740\/opendoor-shows-the-world-how-the-ibuyer-idea-will-die-death-by-days-on-market\/","url_meta":{"origin":17905,"position":3},"title":"#OpenDoor shows the world how the #iBuyer idea will die: Death by Days-on-Market.","author":"Greg Swann","date":"July 13, 2022","format":false,"excerpt":"Ask any old-timer in real estate what's wrong with the iBuyer idea and he'll tell you right away: \"What happens when the market turns?\" It would be charitable to argue that the iBuyers actually thought this mishegoss would work. Perhaps that's so: They're flippers, except they are very bad at\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2022\/07\/20220617_092249-1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2022\/07\/20220617_092249-1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2022\/07\/20220617_092249-1.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2022\/07\/20220617_092249-1.jpg?resize=700%2C400 2x"},"classes":[]},{"id":17816,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17816\/overnight-news-if-an-ibuyer-talks-you-into-taking-a-lowball-offer-in-the-midst-of-a-market-frenzy-how-sued-should-they-be\/","url_meta":{"origin":17905,"position":4},"title":"Overnight News: If an #iBuyer talks you into taking a lowball offer in the midst of a market frenzy, how sued should they\u00a0be?","author":"Greg Swann","date":"February 5, 2021","format":false,"excerpt":"The world I live in is routinely selling at around 5% over market: If a house lists at or above its current Fair Market Value, when it closes it will turn out to have sold for ~105% of FMV. That's bidding wars, and it's less the agents' skills than the\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":16626,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16626\/whats-your-new-ibuyer-strategy-steal-this-script-and-run-with-it\/","url_meta":{"origin":17905,"position":5},"title":"What’s your new #iBuyer strategy? Steal this script and run with it.","author":"Greg Swann","date":"August 21, 2020","format":false,"excerpt":"When I built iBuyerSpy.com, I had anticipated writing software that would have generated the main content of the site. This never happened. I ended up blogging there, which I should have done here \u2013 an error I am now correcting. By now, the big-foot iBuyers have switched to upselling traditional\u2026","rel":"","context":"In "iBuyers"","block_context":{"text":"iBuyers","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ibuyers\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/ThaliaRelocated.jpeg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=17905"}],"version-history":[{"count":2,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17905\/revisions"}],"predecessor-version":[{"id":17907,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17905\/revisions\/17907"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=17905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=17905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=17905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}