Beware: If That Value Seems Too Good To Be True . . . Well, You Know

Last week, my neighbor Mark woke up to some very exciting news!

There it was in his email inbox - a message from a well known brand telling him his house was worth a whopping $1.4 million dollars! "This is amazing," he thought!  He walked over from his driveway while I was out in my yard to run it by me. "What do you think?" he asked. "If I can get that," he said," I want you to list it tomorrow!"

I asked if he had clicked through the notice for more information. He hadn't, as he is a very smart regional vice president for a prominent bank, and thought the email seemed "off." I asked, is the email from XXXX? He smiled, answering, yes.

I gave him a couple of predictions, he checked further on the solicitation....


I've received similar emails. Now this isn't a real estate company, but an information aggregator you've probably heard of or about which you've seen TV commercials. They get real estate agents to pay them to have their photos and contact information posted next to listings, sucked out of the MLS -- listings the "premier" agents have nothing to do with. The aggregators often get square footage wrong. They often use improper comparable values. They often think single family homes are condos, and vice versa.

Once more, they have NEVER stepped foot into a single neighborhood -- let alone a single residence -- in any Paradise Coast community. Its all done from a distance with computer algorithms. And they make millions of dollars with this disinformation.

Sadly, my neighbor's house is not even close to the $1.5 million dollar mark, though it is gorgeous.

I think these emails are designed to get readers to share a lot of personal information by filling out an online questionnaire - or to pick up the phone and call the smiling "premier" agent on the page where this photo appeared.

PLEASE -- If you are relying on information and data that you see online, you could be in for a rude awakening when you step out from behind your computer or tablet, and begin a serious investigation of your own market.  And while the price valuation information that this and other aggregators has on homes in my particular development is frequently way off, there are some sites that are even worse.

As a real estate professional, I can look at this type of solicitation and know that it is not what it seems.  I know all of the recent comparable sales in my neighborhood and have the expertise to know the actual value of my home -- and yours, with a little research.

When it comes time for you to make a move, you need this same professional expertise to help you establish the value of the property you are selling or acquiring.

Frankly, there is no substitute for "boots on the ground" expertise from people who KNOW neighborhoods, and entire development communities.

Okay, I'm climbing down off my soapbox now . . . .