The First AMC for Agents
Zillow, The First "Agent Management Company" (AMC) for the Real Estate Agent
Brokers and Agents, welcome to the appraisal world. Zillow is the first "Agent Management Company" (AMC) for your side of the Real Estate Industry. Yes you read that correctly. Zillow’s actions have many similarities to Appraisal Management Companies, so it is fair to say, they are the first "Agent Management Company"
“Zillow is hurting the people you are licensed to protect”
Doesn’t that sound very familiar to what appraisers have been saying about Appraisal Management Companies? On the website www.stopzillow.com, Greg Hague, a Real Estate Attorney, Broker and Huffington Post writer, describes Zillow’s actions as “deceptive, defective, and a glorified lead gen scam.”
According the website, Zillow’s “Instant Offers” helps sophisticated investors buy homes from unknowledgeable consumers at thousands below market. In contrast, Appraisal Management Companies have been selling appraisals to unknowledgeable consumers hundreds above market.
According to the website, Zestimates have misled consumers for years regarding their homes value. Zillow continues the program as they profit from the sale of leads back to the agent. In contrast, Appraisal Management Companies have misled lenders on the value of their services. They continue as they profit from taking a percentage of the appraisers fee.
And the kicker in all of this, the website is a petition for the National Association of Realtors to take a stand and force Zillow to stop. It has over 33,000 signatures. In contrast, Appraisers have been asking the Appraisal Institute and National Association of Realtors to take a stand and put a stop to Appraisal Management Companies abuses.
And now we have silence from the two largest National Trade Organizations…
In the article Zillow Doesn’t Even Own the Photos it Threatened to Sue a Popular Blogger Over by Nilay Patel, posted on theverge.com on 06/27/2017, Zillow attempts to brow beat an independent blogger for copyright infringement for photos they do not even own. In contrast, The FTC, encouraged by AMC’s, filed action against the Louisiana Real Estate Appraisal Board for enforcing The Dodd-Frank Federal Law.
There is a quote on the website www.stopzillow.com by Margaret Mead,
“Never doubt that a small group of thoughtful
committed citizens can change the world;
indeed, it’s the only thing that ever has.”
Join your state coalitions. Make a difference in your future. Please share this with your Brokers and Agents.
Phil Crawford with Voice of Appraisal covers Zillow in his podcast.
- AMC Engagement Letter: Appraisers Do Not Include Your Invoice - July 28, 2023
- We the People… - April 9, 2023
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022