As our love for technology increases and our lives become more convenient by having the ability to complete any task from our smartphones - and things like e-commerce are defining the way we shop. However, not every industry should be made available at the touch of a button. The online world is coming for real estate, as many online platforms are claiming to be the next best thing for the real estate market.
Platforms of this nature could be ideal for some if they performed the way the companies claim, which is why we recommend sticking with a traditional realtor over any online resource intended to do the job of a realtor..
Pitt Meadows, BC, is a beautiful area in Metro Vancouver, with a very competitive and popular real estate market. Hiring a traditional realtor has many benefits over using an online brokerage, so here’s why you should use a conventional realtor to buy or sell your home in Pitt Meadows, BC.
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What’s Zolo?
Zolo is an online brokerage that has been around since 2012. They currently operate in Vancouver, Calgary, Toronto, and Regina, and the platform is available for home buyers, home sellers, and renters.
Zolo offers a free experience for people to browse local listings, and the site claims to provide accurate data and will connect them with a Zolo agent in their area.
The company claims to have an algorithm that offers exclusive insights to the market, which means users can find out the value of their home in an instant online, based on the values of similar homes in the Pitt Meadows area. They also provide updates on the latest trends, activity, and real-time updates for the market.
If Zolo is free to use, how do they turn a profit?
To keep Zolo as a free platform for anyone to use, they have several revenue streams to help them turn a profit.
Just recently, in 2018, Zolo launched their mortgages service. They have partnered with specific lenders to be proprietary, and when someone applies for the Zolo mortgage, these companies compete for the best rate for the client.
The primary source of revenue is partnering with realtors around the country, much like their mortgage service. A realtor will pay a premium fee to be considered a partner of Zolo, so they get the proprietary details and leads. When you’re browsing Zolo, and you find a home that interests you, you can ask for more information about this home. The information you input will be shared with the proprietary agents to follow up on, and hopefully, lead to a sale. Many of these online brokerages use this type of lead generation, and it isn’t necessarily well-received. This process can be unorganized for both the realtor and the client, and the realtor that contacts you probably won’t be the listing agent, so they might not be able to provide you with the best information.
Zolo also practices ‘commission splitting’ with their agents. Realtors that have partnered with Zolo to be commission-only will split the paycheque when their clients buy or sell a home on the platform.
Using a traditional realtor versus using Zolo
In a perfect world, buying and selling real estate online without a problem would be awesome. A seamless process like that is just not available from any of the online brokerages just yet. Zolo’s use of algorithms and estimates are what make up their ‘proprietary market insights,’ but they have been criticized for being inaccurate. They can’t possibly give you an accurate estimate of your home without completing a visual inspection to view the exact condition of the house. Most companies like Zolo offer this as a service, and most of them are criticized for their accuracy.
When you research and seek out a professional realtor in Pitt Meadows, you are meeting them in person, finding out if you feel like you can work together, and you discuss what you’re looking for in a home. When you use a site like Zolo, your information gets sent to the next available realtor. You don’t know their experience, you don’t know if they know anything about the area you’re interested in, and you don’t know anything about them until you get started. You can also hire a realtor based on your friends' and family's recommendations, which is not possible on Zolo.
Another claim that Zolo makes is having a real-time market and listing information on hand available at all times on their site. They also seem to have access to homes that aren’t registered yet. Unfortunately, Zolo does not have a partnership with the MLS, which is the holy grail in listing information, so their accuracy is still an issue.
For the partnered realtors on Zolo, commission-only realtors, and now the mortgage brokers on Zolo, the leads they receive aren’t that solid. To browse photos on Zolo, you need to input your information, so if you’re not looking to buy a house right now, you will still be contacted.
If you are interested in a property that is on the Zolo site, if you do request more information, you will be paired with an available realtor, not the listing agent. They might not even be able to answer the questions you have, as it’s not their property. When you deal with a realtor in person, they are contacting the listing agent directly for you, and it’s who you will meet upon seeing or showing the home. Several of these websites will even give your information to several realtors, or all the available realtors, and you will receive many phone calls, but it’s not well known how Zolo handles these leads.
A traditional realtor in Pitt Meadows, BC, is your partner as soon as you say you’re hired. They want your business, and they will typically make that known by the effort and experience they bring to your sale. You know exactly who you’re contacting if you’ve done your research.
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The benefits of sticking with a traditional realtor
There are some pretty big issues with Zolo, and many other online brokerages, that a traditional realtor just doesn’t have.
First, due to the nature of how realtors get paid, which is by commission only, that immediately means they will work hard for the selling or buying of your home. Their livelihood depends on it. If they’ve been doing this job for a long time and have excellent customer feedback, they are committed to finding your dream home in your budget.
A realtor with experience will know how to market your home to get it sold in Pitt Meadows fast. An area expert is even better because they know what works in the area and what doesn’t. They will have connections for marketing, photography and professional tips to stage your home so it looks the most appealing to new buyers. Even if you’re looking to make some upgrades, they will know which features sell the best. They will get your home in front of the best potential home buyers.
If you’re on the other side and you’re looking to buy a home, they will find out precisely what you want in your home. From the necessities to the wants, they will do their best to find a home that has everything on your list, or can be modified once you move in. They will also provide their professional opinion on all of your concerns and issues along the way.
If your chosen realtor has been in the industry for a long time, like many other jobs, they have a problem for every solution, which a newer or inexperienced realtor may not. Zolo just provides information, which isn’t always correct and connects you with the next available realtor. A Pitt Meadows realtor can also tell you great things about neighborhoods, schools, activities in the area, and more. They can also connect you with someone who can appraise your home correctly, unlike Zolo’s proprietary system.
Why you should stick with a realtor when buying or selling your home
Pitt Meadows, BC, is part of the beautiful lower mainland, which is one of the most popular and expensive real estate markets in the country. People love living here because of the mountains, ocean, and the endless activities they can do, no matter the time of year. Pitt Meadows is a popular city because it has small-town charm while being close to nature. It’s also perfect for young professionals who want to work in Vancouver, but live without paying Vancouver prices. This area has recently grown quickly in a short time because of these benefits, and it’s a competitive market.
A realtor who has worked in Pitt Meadows will be a massive win for you to have during the buying or selling process. Using an online service like Zolo in Pitt Meadows, BC, is not the ideal option for many people, as they like to have a specific realtor who is on your side and can negotiate to get you the best price. Their years of experience, their skills, the pay structure, and many other reasons are a winning combination for an excellent experience with a seasoned pro, which is not something that Zolo can offer to its clients.
