Real estate data providers can be a real lifesaver when it comes to prepping a home for sale, especially when a seller is strapped for cash or not the tidiest.
Sure, every broker and agent would love to see a seller upgrade that ancient kitchen.
Or, for a homeowner to remodel an ugly bathroom.
But how willing are sellers to dish out the money for upgrades?
Also factor in today’s marketplace, where it’s hard to find a reliable contractor.
Who charges reasonable prices. And happens to be available during the right time frame.
Normal prep costs, such as painting and minor repairs, can run into the thousands. About $3800 in most markets.
But what about major improvements?
According to a recent article in Realtor.com, the national average cost to remodel a kitchen is $20,000.
To upgrade a bathroom, a seller will have to spend $9,000 on average.
A new roof? Expect to pay $20,000 on average.
Replace the floors with wood floors – $4,000. Laminate floors will be about half that cost.
Not too many sellers are eager to part with that kind of money. They expect the agent instead, to perform miracles.
So what can an agent do when they have a home with a kitchen from 1950, a crummy bathroom, worn out floors or a leaking room?
One strategy is to turn to real estate data providers such as Home Junction.
Real estate data providers offer a different view of a property
Because while the home might not be in the best shape, the real estate market data tied into that property could be the catalyst that turns that old horse into a Preakness winner.
Home Junction is an aggregator of millions of bits of data that is all relevant to the purchase of a property.
The company has gathered detailed, in-depth information from a number of sources to create detailed, in-depth datasets about properties, neighborhoods and schools.
Say for example, Mr. and Mrs. Lazy Homeowner don’t want to bother fixing the shutters hanging sideways near the front windows.
Or, they don’t really want to clean the rug in the living room with all the wine stains.
They use the bathrooms every day to get ready for work. Why should they clean them for an open house?
When an agent takes a potential buyer to a property like this, they know they have a challenge.
But that’s where the real estate data providers can be a lifesaver.
Sure, Mr. and Mrs. Reluctant Homebuyers, this house does need work.
But, have you seen the latest chart on my website for Recent Home Sales. They are trending up. Like Space X rocket trajectory upward. You might reconsider.
Yes, the house is not pretty.
The agent knows the young couple have a young child with one more on the way.
But if you check the school data on my website (provided by Home Junction’s proprietary school data API coding), you will see that Charming Middle School down the street is a top-rated school with a fantastic ratio of students to teachers.
Back at his or her office, the agent is able to show the couple the demographics of that particular neighborhood.
The information (provided by Home Junction’s real estate data API) shows this particular neighborhood has lots of young families with children. Plenty of friends for their children to play with. Plenty of moms and dads to meet at the local park.
Check out the Home Value Estimator on the agent’s website. The results show that particular home is in the lower 20% range when it comes to price per square foot. If you want to live in this neighborhood with those great schools, this house is a bargain.
Agents don’t control condition of the home, but can control the data picture
As agents know, the home buying experience is an emotional one. If a couple walks into a home and sees walls marked by crayons, a towel rack barely hanging from the bathroom wall and a kitchen with puke-colored cabinets, it’s gonna be a tough sell.
But those items can be repaired. Those are cosmetic factors. Items an agent will try their best to get out of the minds of buyers.
Or, they might be talking to sellers who need to get out a home quickly or don’t have the funds to replace those ugly kitchen cabinets. Or maybe they are sellers, who tried their best, agreed to paint the walls, and the crayon marks still show through.
Those crayon marks are only a small part of the picture.
There’s a bigger picture out there. The picture you paint with the information you gathered from real estate data providers such as Home Junction and embedded on your website.
The numbers picture. And boundaries as well. All those datasets that come together to show this is a desirable property in a rising sales marketplace.
Priced below other homes that recently sold in this market. With a low crime rate. In the right school attendance zones. Located in an area with a low tax rate compared to other areas that are within city limits.
This data is so powerful, an agent could almost print it out and tape it over the crayon marks on the wall and say, “Which image is more important to you? Those red scribble marks or this chart showing property sales moving quickly in this community?”
There’s emotion and there are facts. When emotions are running in one direction, real estate market data can help counter those feelings and point them in another.
That’s why in this day and age, before you encounter your next Mr. Messy Homeowner, it’s smart to get in touch with real estate data providers such as Home Junction.