We’ve all done it, and for some of us it’s become a weekly ritual. We turn on our computer and before checking social media or email, we Google our address to see our most recent Zestimate on Zillow. But how accurate are Zestimates, and how can you best understand where your property rests in the evolving Atlanta market?
According to a report published by Zillow.com itself on November 14, 2017, the Zestimate margin of error for the Metro-Atlanta area is 4.1%.
If we dive deeper on a county by county basis, we begin to see that Metro-Atlanta’s average margin of error is composed of percentages ranging anywhere from 2.9% in Gwinnett County to 11.4% in Decatur. That means that if you have a $1500 rental property in Decatur and decide to rent it at the Zestimate, you could be leaving over $2,000/year on the table due to under pricing. You could also be advertising it $170/month over market value, and while that seem reasonable, the carrying costs associated with having your property vacant in excess of the average days on market as a result of overpricing, immediately begin costing you money, rather than making money. Even at Atlanta’s average margin of error of 4.1%, you still risk losing money either due to under pricing or excessive days on market. So why is there such a large discrepancy, and what does Excalibur do to help close the gap?
The answer is very simple, and it starts with a question,
“Has Zillow ever been inside of your house?”
Zillow pulls its data from tax records, and if you’ve ever taken a close look at your property tax bill, you might find this information isn’t always correct. Have you ever noticed that your property listing on Zillow has the incorrect room count or square footage listed? This is why. Additionally, Zillow does not have the capabilities to factor in condition, finishes, market projections, and market competition.
In the Metro-Atlanta market, getting the most money out of your property is just as important as doing so in the shortest amount of time. This is why Excalibur puts a great deal of effort into analyzing those properties that are currently listed for rent so that a strategy can be put into place ensuring your property is selected first. Not only is this analysis done prior to the property going on the market, it’s done throughout the listing period to ensure your property is strategically placed so that you get the most money in the shortest amount of time.
To guarantee this, our first step is to have a licensed Realtor® conduct a comparative market analysis on your property. Our reports are not automated and will not be immediate. They may take an hour to get to you, but the value you get in waiting that extra hour is well worth the accuracy you will receive by having your analysis done by an actual agent who will call you to talk through the report.
Additionally, Excalibur will arrange to have a Leasing Agent specializing in your area walk your property with you, document condition & finishes, and provide you with an in-depth analysis and strategy that considers much more than just tax records.
There is no cost for any of this and no sign-up required.
We are by no means trying to discredit Zillow. In fact, our agents will look at Zillow as part of their strategy as we know potential tenants will be comparing your listed rental rate with the Zestimate. What we want to do is educate you so that you can make the best decisions possible for your situation and to show you how Excalibur will go the extra mile to ensure your home is rented for top dollar in the shortest amount of time.
If you are interested in having one of our agents conduct a detailed market analysis or if you’d like to meet an agent in person to talk about your specific property needs, please let us know.
Did you know we are giving all new property sign-ups during the month of January 3 MONTHS OF FREE PROPERTY MANAGEMENT? No catch. No additional paperwork. Get more information with our free home report!
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