Online Real Estate Databases: Zillow.com

Purchase includes free access to book updates online and a free trial membership in the publisher’s book club where you can select from more than a million books without charge. Excerpt: Zillow.com is an online real estate database that was founded in 2005 by Rich Barton and Lloyd Frink, former Microsoft executives and founders of Expedia. The website uses a proprietary algorithm called the “Zestimate” to appraise property values based on undisclosed factors. Sellers can use Zillow as a marketing tool by appraising their properties, posting property information such as improvements and access to major roads; and comparing nearby property value appraisals. Buyers can freely access and track such information online. The website currently tracks 52 million valuations throughout the United States . Although Zillow is ranked in the top 300 U.S. sites in terms of traffic by Alexa , it has encountered controversy over appraisal licensing violations in some states and inaccuracies and inconsistencies of its Zestimate appraisal algorithm . Zillow has stated that it is a media company that generates revenue by selling advertising on the Web site.In April 2009, Zillow announced a partnership to lend its real estate search engine to the Web sites of more than 180 United States newspapers as a part of the Zillow Newspaper Consortium. Zillow shares advertising revenue from the co-branded sites with the newspapers and extends its reach into local markets. Zillow has data on 92 million homes across the United States, not just those homes currently for sale. In addition to giving value estimates of homes, it offers several features including value changes of each home in a given time frame (such as 1, 5, or 10 years), aerial views of homes, and prices of comparable homes in the area. Where it can access appropriate public data, it also provides basic information on a given home, such as square footage and the number of bedrooms and bathrooms… More:

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