As a real estate broker, how can you ensure your broker price opinion (BPO) is informed by the best research, in order to accurately assess the value of a property and secure the highest price for both you and your client?
When conducting a BPO on an asset there are several factors you need to accurately weigh up in order to derive a property’s true market value. In this post, we explore how demographic, neighborhood, and property data can be used to streamline and enhance your analysis.
Contrast and Compare Your Client’s Property to Other Assets on the Market
Comprehensive real estate data can help you conduct in-depth research on current comparable properties in your client’s market. A property’s value can be deduced by comparing properties based on key features, such as square feet, number of rooms, and stand-out property features – such as an outdoor pool. In addition, the condition and age of a property are also crucial for determining its worth.
Partnering with a leading property data provider can ensure you have access to up-to-date, accurate information on each of these principal property characteristics for a swift, hassle-free appraisal of a client’s asset.
Stress-Free Access to Tenant and Lease Information
You’ll also need access to reliable data on the tenant and lease information for a particular property. This includes data on a property’s expenses, such as home insurance, past mortgage payments, and values and taxes. Our tax data and recorder data provides information on over 99% of the U.S., allowing you to quickly access data on any U.S. property.
Moreover, you can also use this data to find out how much similar properties have sold for or are on the market for currently. In addition, providing evidence-based rationale for pricing by comparing a client’s property to others on the market can help illustrate and justify your pricing recommendations.
Embrace Neighborhood and Demographic Data for a Well-Informed Price Analysis
In order to enrich your understanding of a property’s value, having access to thorough demographic and neighborhood data is vital. For example, properties close to the highest ranking schools and the best local amenities – such as shopping malls, local entertainment options – like sports venues, clubs, and bars, and connections to the best local transport networks have a marked advantage when it comes to the value they can command from prospective buyers.
The broader and more exact your data is on the local neighborhood, the greater the leveraging power you possess in terms of your price negotiations following your property analysis.
Our neighborhood data includes rich data on over 155 million U.S. properties, including detailed information on: restaurants, transport links, points of interests, emergency services, and more.
Weigh-Up the True Value of an Asset to Parents Looking to Buy a Home
In addition, homes located in the best school districts will have a huge impact on the value of a property. A recent study found that 91% of respondents said that school boundaries were a powerful factor influencing where they chose to buy a home.
In addition, the latest research also found that one in every three buyers would purchase a smaller home in exchange for access to a good school. Our school data includes in-depth information on local school boundaries, school ratings and reviews, enrollment, grade span, test score rating, class size, quality of staff, and more.
Produce an Exact Broker Price Opinion with Reliable Neighborhood and Property Data
In order to produce an accurate broker price opinion, you’ll also need extensive data on a property and the surrounding neighborhood. Our neighborhood and realty data, verified by our team of property data experts, is a key asset for top real estate brokers. Investing in a partnership with a leading data provider ensures you have access to the data you need to accurately assess the real value of an asset.
