Everybody wants to know where the real estate market is headed. In the absence of a crystal ball, today’s agents, investors and homeowners are looking for current and accurate insights into what a home is really worth, and, perhaps even more important, what it will be worth in the next three years.
Market analysis is not a new concept. For years, agents have prepared a Comparative Market Analysis (CMA) for potential clients as part of their listing strategy. But an accurate and trustworthy valuation model can be difficult to find—especially one that can forecast the home’s value three years down the road.
That’s why the data scientists behind the HouseCanary platform set out to make the process easy and precise—and it’s why they wanted input from agents to be certain their product delivers.
“I’ve been a licensed agent for eight years, and a RE/MAX agent for three, and the truth is, I’m as much of a techie as I am a committed agent,” says Kimberly Bean, associate broker/REALTOR® with RE/MAX One in Southern Maryland. “I’d been doing some research into CMA technology, and I read that Kobe Bryant had invested in a product called HouseCanary, which was then still in beta mode. I figured if someone like Kobe was putting money behind it, it must be something special. So, I signed up to be a beta user, and the rest, as they say, is history.”
Bean, who last year closed 16 transactions valued at over $4 million, was excited to see that the HouseCanary model was both expedient and graphically appealing.
“It was comprehensive and easy to use, and the graphics were amazing,” she says. “Even as a beta tester, I was creating great-looking CMAs with ease, and the feedback from clients was fantastic. It was information they could immediately understand—concise, accurate, visually appealing, and very easy to read. In terms of winning listings, there’s no question those reports set me apart from the competition.”
For one thing, Bean says, the HouseCanary product helps her drill down on comparables based not just on the location and features of a home, but on condition, square footage, recent sale data and other important distinctions. For another, it enables her to pinpoint the reasons behind the value of a home, such as supply factors, current market demand, and the property’s rental value.
Having this deep dataset to rely on is invaluable when it comes to forecasting accuracy. “I have at my fingertips data that was once available only to lenders and appraisers.”
Another feature of the product Bean appreciates is the report she creates for potential clients that has her photo and contact information on it.
“It supports my standing as both a market expert and pricing specialist,” she says. “It helps me build a reputation in my market area as the agent you want to represent you.”
With some property valuation models, she adds, it’s hard to get a handle on the functionalities and benefits. That’s not the case with HouseCanary.
“I call it a WYSIWYG,” says Bean. “That’s short for, ‘What you see is what you get.’ This is a product I truly appreciate. It’s a product I will never be without.”
For more information, please visit www.housecanary.com/ris.
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