What is Difference Between the Real Estate Apps Zillow Realtor and Redfin?
There are many popular real estate apps and webs in the market, but most people want to know the difference between the Real Estate apps Zillow, Realtor, and Redfin. Well, these are the successful and widely used platforms for sellers and buyers of homes.
Whether you are a customer or an enterprise who is looking for a real estate app development company, this blog will prove a great help for you. It is because here you will know which app to choose to buy or sell a home or make a clone of a real estate app.
97% of home buyers search for homes online before going to the actual location of the property. They read all the information about the property online. Thereby, they can save money and time.
People are becoming more addicted to their handsets because it is the easiest way to find information. So, if you are thinking of a real estate business, get it off the ground with an engaging and feature-rich app.
Significance of Real Estate App Development
Apps do a great job and help the owners to go the extra mile in delivering the best services. Today, almost all industries have apps and webs because they know the importance of online presence.
In the same way, the real estate market is also not devoid of the benefits of apps. Buying a new home and property is a long and tiresome job. So, real estate applications make the process far easy for buyers and sellers.
Here are the benefits of real estate applications.
- Improve the visibility of the business
- Better insights into homes and properties
- Help to reach a wider audience
- Provide a better user experience
- Easy to reach buyers and sellers
- Know about the current market trends
- Options for multiple listing services
- Create brand value and reputation
- Provide 3D virtual tours
- AI chatbot for 24/7 service
These are some of the important advantages of a real estate app for its users. If you know these benefits, you can develop a customer-centric software solution and increase your chances of success.
Various real estate apps prove effective for many people. That is why more than 70% of millennials search online for their perfect homes using different devices. I have highlighted the most popular real estate webs below.
You can notice in the image above that Zillow is at the top, Realtor is at number four, and Redfin is at the number five. You will get to know the difference between real estate apps Zillow, Realtor, and Redfin in the next sections.
It will help you decide on the requirements for on-demand real estate app development while hiring app developers or a development company.
Zillow is a platform for buying and selling homes. You can use its website and app as well. It is the most visited website. Likewise, it has 234 million monthly unique users and this number is increasing continuously.
Zillow attracted more than 1 million visitors in the first three days. It offers home value estimates and easy-to-access listing of the properties and homes.
How accurate is Zillow’s Estimate?
You can approximate the home value using the features of Zillow. The Zestimates have a median error rate of 6.90%, this is for the off-market homes. Likewise, 2.00% is the error rate for homes that are listed currently for sale.
So, we can say that Zestimate is more accurate than the Redfin estimates. Let’s have a look at the example below.
|Median Error Rate
|Homes currently for sale
Note-Based on Zillow data
Often the estimate is not accurate so buying and selling homes based on Zestimate only can be a big mistake.
Now, move ahead and know the pros and cons of the real estate app Zillow.
Advantages of Zillow
Access to non-agent represented properties.
- Agents can advertise skills to a wider audience.
- Easy platform for the new agents and agents without listings.
- Pay Zillow for more traffic to your listings using the Zillow premier agent.
- Premier agents get a WordPress website.
Disadvantages of Zillow
- Sometimes unrealistic evaluations on the Zillow by Zestimate.
- the First agent is the actual listing agent and the others are premium ones.
- Risk of replacing agents by sites because they are offering all the services.
- Sometimes the lead generated for subscribing agents is low quality
- The cost for subscribing agents is high
So this is all about the pros and cons of Zillow. To know the clear difference between real estate apps Zillow, Realtor, and Redfin, move further on the blog.
What Is Realtor?
Realtor is one of the most accurate listings platforms. It is affiliated with more than 570 MLS databases across the US realtor website. You can search real estate for sale, discover new homes, shop for mortgages, and find property records.
Moreover, you can take virtual tours of houses, condos, and apartments. Realtor.com is an older platform than Zillow and Redfin. The Realtor is also known as the official partner of the national association of Realtors.
You can also have such a platform and list most properties in your app by partnering with the best app development company in the USA. There are many things to consider while developing a real estate app. Check out them to put the best foot forward.
How accurate is Realtor’s Estimate?
Unlike Zillow and Redfin Realtor.com doesn’t share its median error rate. So, it becomes more difficult to trust the estimated value of homes provided by Realtor.com.
Although Realtor claims, it pulls data from three different sources Collateral Analytics, Quantarium, and CoreLogic, not sharing the error rate can be a drawback. Likewise, It becomes impossible for the buyers and sellers to register and put the price properly.
Advantages of Realtor
- Realtor only allows licensed agents. It reduces your competition on the web.
- Being the second-largest real estate online platform, it offers you more potential customers.
- You can buy exclusivity in a Zip code.
- Agents can get in and scale up quickly.
- Better quality leads are provided because buyers and sellers share their information willingly.
Disadvantages of Realtor
- Your leads can be sent to multiple agents, which sometimes causes competition among agents.
- Calls from many agents can irritate the customers and they can leave the web.
- Exclusivity is expensive and most zip codes are already taken.
- The schedule shifts vary and the PTO is not as competitive.
What Is Redfin?
Redfin is an app that provides real estate brokerage services. It is the best alternative for traditional realtors. You can deal at low rates exactly what you can expect from a real agent. 1 Out of 10 home tour requests to Redfin agents is for video tours.
The use of Augmented Reality in Redfin has made it popular among buyers and sellers. This technology makes the app interactive and advanced. It helps to retain and make more customers.
The use of the best-emerging technologies is now common in Real estate apps. Moreover, Redfin received more than $590 million in revenue in the first quarter of 2022. It is 123% more than the first quarter of 2021.
People also like to know: How emerging Technologies are Shaping the Future of the Real Estate Market
How accurate is Redfin’s Estimate?
Redfin estimate is good to get an idea about the price. However, it is not accurate to rely only on it. Because typically it is less accurate than the professional home valuation from a licensed realtor.
Redfin and Zillow use the publicly available data like recent property sales, local market trends, and tax records also. Likewise, Redfin shows listings in locations where Redfin has a team of in-house agents. But, if you are out of the service area of Redfin, it would not be much useful.
|Median Error Rate
|Homes currently for sale
Note-Median error rate based on Redfin data
According to the website of Redfin, its estimate has a median error of 2.84% for homes currently on sale. And 8.39% is the error rate for the off-market homes.
Advantages of Redfin
- Redfin gives you a portion of their 3% buyer commission. So, it’s the best for cost-saving.
- More focus on online tools than making the personal relationship between the client and agent.
- Redfin pulls information from the MLS (Multi Listing Services) to update weekly or monthly.
- Offer 1% commission, if you buy a home within 12 months using Redfin.
- Redfin agents work as a team. It increases efficiency.
Disadvantages of Redfin
- Less hands-on details than the traditional realtors.
- Premium listing packages cost as much as hiring a realtor.
- Refer you to a local partner agent in case of the house is too expensive.
- Concierge services seem to increase the selling price.
- Many homes don’t come under the RedfinNow service by Redfin.
These are some pros and cons of the Redfin app. If you know them, you can create an impeccable app that has no drawbacks.
People also like to know: How emerging Technologies are Shaping the Future of the Real Estate Market?
Comparison Table at a Glance: Zillow, Realtor, & Redfin
You got to know the difference between apps Zillow, Realtor, and Redfin in the above section. Now you can look at the table below and quickly know the difference. It will help you understand better.
|Automated Valuation Model
|Home Value Estimate
|Has license but doesn’t hire agents
|Register as an agent
|Register as an agent
Operates as a technology-driven brokerage
|Shop homes and browse listings
|Real estate listings
|Lower listing fees
Cost to Develop a Real Estate Application
A simple Real estate app can cost you around $20,000-$45,000. However, the price can differ if you need a customized application and advanced features. The app developers have to analyze the app development trends so that they can incorporate the latest features in your product.
Consequently, this type of app can come under the complex one and the cost of a complex real estate app is around $40,000-$120,000. Well, the cost depends on many factors which is why most companies tell you the estimated cost.
But once your project and requirements are discussed you can know about the exact cost of your project. You can talk to the experts at Technource and know the cost of app development without any charges.
5 Important Frequently Asked Questions
Which real estate app provides the most accurate home value?
Is Zillow better than Redfin?
Can I really save money using Redfin?
What is the difference between Realtor.com and Redfin?
How reliable are the Real estate site estimates?
You must have understood the difference between the real estate apps Zillow, Realtor, & Redfin. These are the most popular apps and you can also have such an app for your business. Focus on the sources used by these apps for collecting data so that your app can offer a more accurate estimate. Hire top talent from Technource and get a robust, feature-rich, and scalable, real estate app.