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Experts: Big data home valuation are inaccurate

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With real estate data providers like Zillow, Trulia and Realtor paving way for easy home search endeavors, new home shoppers no longer have to endure long back-and-forth drives to property listings. One tech expert, however, argues that these real estate sites are not reliable all the time in terms of providing accurate listing values to consumers.

Mashable contributor James O’Brien stated in a report that agents say big data tend to deliver valuations that are higher than their actual market equivalents.

O’Brien noted that this could lead new home buyers to spend more money than the amount they should be paying. In addition, sellers may end up expecting to get paid more for their homes.

"Buyer beware," Jerry Pinkas of Jerry Pinkas Real Estate Experts told Mashable. "An expert real estate advisor knows what recent sales have been, what developer incentives are offered, and inside secrets to getting the best deal. The Internet is a good place to start, but you always want to work directly with an expert working in your best interest to get the whole story before buying. It's the shortcut to success."

Another agent agrees. "As a tool to help start your property search, big data sites may be useful," said Jim Esposito of Fort Lauderdale Real Estate. "However, when you seriously start to focus in on an area or a neighborhood, you really need a local agent who is plugged into the local Multiple Listing Services to give you reliable information."

Real estate agents are indeed better off marketing their listings on their own to avoid running into some troubles from inaccurate big data forecasts. One way agents can get it done is by using independent online real estate marketing technologies that allow them to gain full control of how to run their marketing campaigns. An example of this technology is the Microvideo App platform developed by RealBiz Media Group, Inc. (OTCQB: RBIZ).

“We brought the company to market to create a new solution for real estate agents. The problem is, in the market today, the status quo is to go out and have major websites like Trulia, Zillow, and Realtor.com, which do a great job at capturing millions of unique visitors, host their listings,” Kerby said.

“As real estate agents view it, they are the people that have to pay to put leads into the system, and in turn because they don't have the marketing machine in order to create lead generation, they have to turn around to buy leads from these companies,” he explained.

According to RealBiz Media CEO Bill Kerby, the platform allows “technology-starved” agents to “customize and create home solutions, home events, what's happening in their neighborhoods, home listings that they can target to individual, to consumers, through emails, to social media platforms like Facebook and Pinterest.”

After sending out these updates, real estate agents can then identify leads through the platform’s built-in analytics dashboard.

"We see this platform as a breakthrough for agents in the marketplace and for consumers, allowing them to capture the information that they want and be able to expand on that to other key searches on a nationwide platform," Kerby noted.

RealBiz Media has been an industry leader in creating virtual tour platforms for real estate agents for over 10 years. It caters to large real estate companies by the likes of Keller Williams, Era Real Estate, Century 21, and Prudential Select Properties.

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