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Three reasons why online home valuation systems should be avoided

You have probably experienced online systems for establishing real estate value. They want to know if you are the owner of the home which you inquiring about. This is for purposes of establishing the “relationship” between you (the inquirer) and the property. You can expect that the data researchers are going to run your name through a title program, even if you say you are not the owner. They want to verify who you are and if you are the owner, you are about to be peppered by a lot of interested parties who want to sell you! The better verified you are – the more valuable your name, email, physical address and phone number are!

Bad Data

We have been in the real estate business since 1998, providing for our real estate and home sellers and buyers exclusively. We have no “hidden agenda” and we are actual, Card Carrying Realtors, members of the National Association of Realtors, the California Association of Realtors and the Southland Regional Association of Realtors. Plus – We are members of REMAX International and are Award Winners related to consumer confidence and representation within and outside of our Top Level Real Estate Brokerage. In fact, I’m a member of the Southland Regional Association of Realtor Technology committee.

Online systems for valuation and establishing fair market value of real estate, homes, condos and townhomes are flawed. Most of these systems are attached to a money making website. Which makes money by selling your personal and private information in the form of a lead. (see “spammers paradise” below)

These systems pull data from tax assessors records and other “public document recording companies” which have online access and various types of recorded document collection services.

 

They are not Realtor Owned. Nor do they represent the National Association of Realtors – NAR.

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When it comes to these estimates of value, I have seen mistakes made to the tune of a property being undervalued at $150,000.00. On the other side of the coin, I have seen their estimates of value placing a home at more than $200,000.00 higher than it would actually appraise for.

Data is the key to getting what your or any home is worth.

  • Let us not neglect the “expertise” that is contained within an expert Realtor.
  • He will know the local market.
  • He will know the buyer drive.
  • He will know if there is any functional obsolescence related to the home you are wanting him to sell.
  • He will know the other agents and their buyer requests and home desires.
  • He will also know the days on market time frames, the standing inventory and the local market conditions.
  • He will know why certain homes are not selling and why other homes don’t last hours on the market before selling at more than listing price.
  • He is going to be able to relay to you if there is any corporate relocations coming into your city which may increase your home’s value – are any businesses leaving?
  • He will cover all of those aspects and also give you the insight as to the types of financing you can expect to come from any prospective buyers and what to prepare for. (these facts are only the tip of the real estate knowledge iceberg!)

No Accountability

These online systems are selling your personal and private information and there is nothing you can do about it. You entered your information because you were “teased” into believing you were going to get a “real number” aka – Factual Data. The real McCoy… However, all you got was a ton of emails, phone calls and your snail-mailbox started to fill more often by home repair, home service providers and furnishing companies.

Who do you call to complain to? There is no police nor enforcement mechanism. There is no pecking order as there is when you have inquired on a system which is backed by a real estate licensee. With a real estate licensee – pertaining to a Local Realtor, there is a Board of Ethics and rules in place where you can stop any action with a phone call and strong follow up email.

Try to do that on a website that promises you a home’s value, sells your personal and private information to many real estate agents and other home vendors, and you will be hearing crickets in response to your anger.

Furthermore, the data is not backed up with valid information in most cases. They are not licensed, therefore they do not care. As long as they are making money for their shareholders, they can get as creative as they want.

Spammers Paradise

While you maybe able to block certain calls, text messages and emails, it’s a real drag when you have to take valuable time out of your day to do so. All you wanted is to see what your home is worth. However, you did not know that not only the data would be bad, there is no accountability, but your personal and private information will be sold to many real estate agents, brokerages, real estate companies, home repair service companies, furniture companies, other online advertising and marketing companies and more.

Once you hit their radar, you are going to be hit for a long while from multiple angles by those who paid for your information thereby wanting your business.

As dad used to say, “Permission marketing always trumps Interruption marketing, especially when I’m eating dinner after a long hard day at work…” (truth be told, he hated that 6:pm knock at the door by someone want to sell him something)

Today, the interrupters are not knocking on the door, at least not as much as back when I was a kid. However, they do seem to fill a person’s inbox and have a way of texting my cellular phone at all hours.

I’m Connor with REMAX and I’m always glad to serve and protect your real estate needs. Be safe and please share this article where you see fit. Reach out to me directly when you are ready and I’ll take great care of you.  My offices are located in the Santa Clarita Valley in California. We have quite a radius where we operate our home seller and home buyer representation business. Just inquire and I’ll take you to where you want to go regarding your real estate goals.

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Connor MacIvor

Top REMAX Realtors in the Santa Clarita - Valencia and Greater Los Angeles areas. Local Real estate agents specializing in buyer and seller consultation and representation.

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