Innovative App Seen to Put an End to Real Estate Underquoting
By Vittorio Hernandez | August 12, 2014 4:00 PM EST
Melbourne real estate technology professionals have launched a mobile application that could prevent realtors from undervaluing a property and could eventually lead to the creation of similar apps.
A visitor looks at a model of a new apartment complex at a showroom of Evergrande Real Estate Group in Wuhan, Hubei province, in this November 9, 2013 file picture. China's third largest property developer, Evergrande Real Estate, has joined smaller peers in offering zero-interest downpayment loans, a practice reminiscent of the U.S. housing boom that precipitated the global financial crisis. REUTERS/Stringer/Files (CHINA - Tags: BUSINESS REAL ESTATE) CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA
According to a report on Business Review Weekly, the app called "realAs" relies on a predictive algorithm that could forecast a home valuation that is within five per cent of the actual selling price with 75 per cent accuracy, and within 10 per cent of the selling price with 90 per cent accuracy.
The app was inspired by an algorithm developed by George Mason University in Washington, D.C. The Royal Melbourne Institute of Technology adopted and improved the technology for the application.
Melbourne buyer's agent David Morrell has launched the app with help from Hawthorn Football Club President Andrew Newbold, the report said.
"It's very clever and its going to be very disruptive. It will put underquoting to bed," Morell said of the new app.
Newbold told the publication: "We've done a lot of testing and we're very confident that it will provide accurate real time predictions. I've dabbled in property and property investment and one of the most frustrating things is a lack of transparency and a lack of information."
To use the application, buyers should first create an account on the app and then enter the home's address. Everybody is free to download and use the app, comment on listings, and input price estimates. The app will then make calculations based on data entered by users.
The report revealed that the app is expected to become more accurate as more people use it. "Apart from crunching past sales data and current market information, it will also use crowd-sourced data," the report said.
The report also noted that the app could provide buyers better market insight and whether an agent is underquoting a property.
Disruptive online real estate technologies are set to change the playing field in property marketing, and works significantly to the advantage of agents who are starting out in the industry.
In the United States, Realbiz Media Group, Inc. (OTCQB: RBIZ) is one company on the forefront of developing disruptive video marketing tools for "technology-starved" agents who wish to gain a competitive edge in the industry.
Realbiz Media is a pioneer in designing video marketing and virtual tour platforms that allow agents to easily create property videos as well as professional profile pages where they can build their reputation and connect directly with potential clients.
Realbiz Media is especially known for its Nestbuilder.com consumer site which is the largest video listings service in the United States today with over 1.6 million property videos, and its Microvideo App platform, an automated marketing platform for the company's enterprise clients.
Realtors and property shoppers can learn more about Realbiz Media's products and services by contacting Realbiz via its toll free number: 1.888.REAL.BIZ (888.732.5249) or email: email@example.com.
To learn more about the company's affairs, SEC filings and expansion plans, contact Kevin Homes of Investor Relations at Chesapeake Group via telephone: (410) 825-3930, and email: firstname.lastname@example.org.
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