The HomesEstimate For Agents: Simplified

As a Premium Agent here’s how you can change the HomesEstimate.

This is something that other property insight websites in New Zealand do not allow you to do.

You can now easily adjust the HomesEstimate on the go by using the new Premium Agent app. Download the app from the link below.

 

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You can also  submit your expectation of market value by a range or single value to cma@homes.co.nz.   Include a clear description of the address and date of appraisal. It will be reviewed and updated for the next HomesEstimate rollout, which is around the fourth of every month. If it’s urgent, please tell us and we’ll try to action it earlier.

Your expectation of value will be weighted against the HomesEstimate on a case-by-case basis to ensure that a more accurate HomesEstimate is achieved.

Your appraisal remains confidential. Users of homes.co.nz can’t tell that you’ve submitted one either.

Why should I update the HomesEstimate?

Win listings & diffuse unrealistic vendor expectations.

If a vendor points to the HomesEstimate as a firm guide on price, you can explain that it’s just a computer model, and you’ll have it updated prior to marketing the property. This adds loads to your credibility in regards to price guidance and digital marketing expertise.

As an example, you meet a potential vendor…

They say they are looking to sell their property and you become aware that they’ve used the HomesEstimate as a guide to see what they might be able to achieve.

You can then reassure them that you are an expert in their neighbourhood, and the HomesEstimate is a computer model that you can update with a more accurate view when selected as their listing agent.

Get more buyers through the property

If the HomesEstimate is clearly wrong, it could be putting buyers off. Given 300,000 people look at 1.6m HomesEstimates each month, updating the HomesEstimate gives these buyers clearer guidance surrounding expectations of value.

What is the HomesEstimate?

The HomesEstimate is an estimated value for an individual home, calculated from recent sales and public data. It is a starting point in determining a home’s value and is not a formal valuation. We calculate it monthly.

It uses physical attributes like location, land area, house size, and the number of bedrooms and bathrooms.

It also uses rates assessments, property rates information, actual rates paid, exceptions to rates valuation assessments and other information provided by the local council records.

Most important are the prior and current transactions of the house; actual sale prices over time of the home itself and comparable recent sales of nearby homes.

 

How accurate is the HomesEstimate?

Check out this table for our metropolitan centres and rural districts. Our median errors are getting lower by the month!

With these accuracy scores, our algorithm is world class. We’ve also had improved results this year, with accuracy within 1% in quite a few sales. We even wrote about it. Here’s a snippet from the article…

 

We hope these insights will help you to stand out as an expert to the vendors and buyers you speak to.

 

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Fiona D'Silva Moiyadi

About the author

Marketing Manager at homes.co.nz (Brand & Strategy Consultant)

Fiona is a passionate strategic marketer, brand specialist, entrepreneur and writer. She is a perfectionist at heart, very enthusiastic and has successfully launched and marketed several products, both locally and globally.
Fiona enjoys cooking, reading, going for long drives with her husband and is currently writing her first book - and it's all about love!
To connect with her or know more, find her on LinkedIn.