Zillow, a prominent Property Technology (PropTech) company, has transformed the real estate consumer experience with its data-driven approach and housing super app.
While Zillow's Zestimate automated valuation model has been revolutionary, its reliance on unreliable data sources has led to significant inaccuracies, highlighting a fundamental issue in the real estate industry.
The core problem in real estate lies in the lack of trustworthy foundational data, with on-market properties providing more accurate information compared to off-market ones.
First-wave PropTech platforms like Zillow have improved user interfaces but have not addressed the foundational issue of unreliable data sources, indicating the need for innovation at a foundational level.