northjerseym…, Home Owner in 07043

What is the downside, if any, to having an estimate on Trulia that is grossly below what it should be?

Asked by northjerseymom, 07043 Mon Feb 3, 2014

I have a 2 family that I'll be looking to rent, and on Trulia it's estimated at $226k, but on Zillow, it's estimated at $831k. HUGE difference! I believe the true answer lies somewhere in the high $700s, but will the $226k hurt my chances of getting the rent I'm looking for? If so, what can I do about it?

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7
I really wouldn't worry too much about estimates you see on real estate websites. They are grouped by neighborhood, not style, size or condition. Most tenants do not concern themselves about the value of the landlord's home when looking for a rental to live in. To find the best tenant work with a local realtor that will market your rental in the right places to attract a sound, financially qualified tenant for you. They will screen prospective tenants for you, check their credit, employment history, and other vital information that is crucial to find the right tenant for you.
1 vote Thank Flag Link Thu Feb 20, 2014
Trulia is a real joke. I to had my house way under priced by them. I had two independent appraisals on the home and both came in $150,000 to $170,000 higher than there estimate. They just need to close down their site because their data is ridiculous. More people should reach out via social media about what is happening with their site and let the world know that there are serious credibility issues here.
1 vote Thank Flag Link Wed Feb 19, 2014
So call the tax man to INCREASE the already high montclair property taxes
Flag Mon Mar 31, 2014
These estimates are usually off however consumer consult them so it is best to point out that these numbers are merely a starting point and is provided by companies unfamiliar with the local area and that is why it is necessary to have pricing done by an agent from the area.
1 vote Thank Flag Link Tue Feb 4, 2014
I don't think tenants will make that kind of connection. The rent will be judged in relation to comparable rental units.
1 vote Thank Flag Link Mon Feb 3, 2014
There are many things to like about Zillow and Trulia but their estimates are often way off. They use the data of closed sale nearby and if a property closes that is either exceptionally high or low it can really skew the numbers. They also do not see homes so they cannot take into account improvements, condition or the appeal of a particular location. You should check with a local agent who can give you the most up to date market value both for sales and rentals. We don't charge for that service in the hope that you will list with us. We do charge a sales commission but rental fees are generally paid by tenants. There are many good agents in your area (myself included) and a couple have already replied. Feel free to give me a call at 973-960-0994 or if you work with another agent, good luck to you. Re
gards, Gloria
1 vote Thank Flag Link Mon Feb 3, 2014
These estimates are not usually correct by a long shot. Zillow can be a little closer to the real number but each use public record information and recent comps of similar homes but don't take into account the SIZE of the home and if the taxes assessments are low or high. We specialize in multi-family homes and rent out the apartments for landlords to whom we sell them. One apartment on Trulia was estimated at $1600 per month and we rented it for $3,200. Go figure! We always educate or buyer/renters as to the real value of a home for sale or rent and explain how we came up with that information.

Educated buyers are your best customers!

Do contact me if you need further information regarding true home values or rents.

Regards
Sandra Bolcar
Broker Associate
201-247-5768
1 vote Thank Flag Link Mon Feb 3, 2014
Your example amplifies the point that these numbers can't be taken as gospel. My response is always that these mechanically produced estimates is that they are right as often as wrong.

Be prepared to deal with it since it is public info - that is the way I walk into discussions - with awareness of the info that is out there and a command of the facts.

Good luck,
Jeanne Feenick
Unwavering Commitment to Serivce, Unsurpassed Results
1 vote Thank Flag Link Mon Feb 3, 2014
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