What’s Your Real Estate IQ?

Who Determines homes values anyway?

Realius released its new “Predict It” interactive home pricing widget with ZipRealty. With all the Web 2.0 talk going on, this widget genuinely gives the client a reason to stick around on a real estate search site.  It is pure fun with some obvious practical benefits.  On one hand it is certain to create some controversy among sellers since anyone can stop by the site and make a prediction on the homes value. 

It feels more like a game than seriously evaluating a property’s value, the graphics are large and fun, the system keeps track of your price predictions.  Like a game, the system keeps track of your predictions relative to the other players and ultimately compares your prediction to the SOLD price.

Once you start playing with it, the whole thing becomes a bit addictive with the IQ score and gaming similarities.  It is the gaming attributes I believe that will prevent the random person from posting offensive price predictions.

Sticky factor

To be honest, this widget has enough sticky factor that I want it on my site regardless of the controversy or benefits.  But just in case you don’t feel the same way, let me present the benefits to you:

1. The sticky factor – like I said, it becomes addictive.  Think of the nosy neighbor who goes to the open house, once consumers learn that your site has this new widget they will want to visit your site over and over to predict home values.  The system will also email you when a home sales so that you can see how close you were with your prediction.
2. Transparency - unreasonable sellers will be forced to face the facts when it comes to pricing their home.
3. Agent knowledge – this could be a great way for Brokers & Agents to demonstrate how well they know their market

If you missed the original blog post by Drew Meyer at Zillow you can read it on Geek Estate.