Property analytics firm StreetSine reckons it has the answer to that most crucial of questions - how should I price my home?
It launched an application called X-Listing Price yesterday which integrates licensed valuations into the process of buying and selling property.
X-Listing Price builds on X-Value, StreetSine's existing computer- generated valuation of a home, by adding factors such as renovation costs and valuer adjustments.
X-Value draws on all pricing information publicly available, which StreetSine collects using Web services, database management techniques and algorithms.
StreetSine then uses comparable market analysis, or the sales comparison approach, to estimate the value of an apartment or landed home.
The X-Listing Price application subsequently allows real estate agents to account for renovations in the computation.
Agents can also order a licensed valuation to add an expert's assessment of pricing factors.
The valuer will communicate using an app that has been developed by StreetSine.
This app allows the valuer to provide a full valuation for a standard home in as little as 24 hours, StreetSine said.
Finally, the agent can add or subtract adjustments for negotiations between buyer and seller.
"All market participants will benefit from the transparencies and efficiencies X-Listing Price brings to the market," StreetSine said yesterday.
X-Listing Price provides sellers with a fact-based, valuation- backed listing price while real estate agents benefit in three areas.
First, it makes it fast, easy and inexpensive for the agent to appoint a valuer.
Second, X-Listing Price helps the agent market the home.
Listing portals SRX.com.sg and STProperty.sg also support listings with X-Listing Price by displaying them prominently.
Third, it facilitates matching of the right buyer with the right seller.
For buyers, the valuation used to derive X-Listing Price can also be used to secure financing.
And for valuers, any valuer can plug into X-Listing Price and become part of the valuation process.
This application is in StreetSine's Agent Connect, a digital platform for professional agents.
For further information or to receive a white paper on X-Listing Price, requests can be sent to email@example.com.
Property agent John Ho said that X-Value has been useful to him in dealing with clients.
He is able to give buyers a good idea of the valuations of the properties they are eyeing.
For HDB properties, he is able to analyse whether these are good buys in terms of the cash-over-valuation amount buyers have to pay.