How to Use Teranet’s Property Insight Reports – An Interview with Philip Roe
As part of Teranet’s ongoing effort to enhance our offering to real estate sales professionals and with the input of our Teranet Insighters members, we introduced two new reports to the GeoWarehouse e-Store late in 2020 – the Property Insights Report and the Enhanced Comparable Report.
We recently spoke to Philip Roe, a Senior Product Manager at Teranet to dig a bit deeper into the value that these new reports offer.
Q: Tell us a little more about why Teranet introduced these new reports in the GeoWarehouse e-Store.
A: We’ve heard for a while that our GeoWarehouse customers would like access to title check data as well as Teranet’s Automated Valuation Model (AVM) values, which is why we’ve launched the Property Insights Report and Enhanced Comparable Report. Now GeoWarehouse customers have the ability to access this data on a property-by-property basis at any time, through the GeoWarehouse e-Store. These reports remove a lot of the guesswork involved in the due diligence process, and help our customers make decisions informed by title data and valuation information.
Q: What is the main difference between the two reports?
A: I’d like to first give a brief description of the two reports. The Property Insights Report provides a trusted valuation when making listing or bidding price decisions and authoritative title check data that will alert you to potential fraud and encumbrances on title. The Enhanced Comparable Report contains all the AVM and title check data included in the Property Insights Report, in addition to mapping, address, sales and area data for up to six automatically generated comparable properties. The main difference between the two reports is the comparable property data that is included in the Enhanced Comparable Report.
Q: Why is due diligence such an important step in the buying and selling of real estate?
A: Due diligence helps you verify material facts about a property, including title, which is critical if you want to ensure your clients are fully informed throughout a transaction. When you conduct due diligence at the beginning of a transaction ultimately saves time, money and headaches down the line.
Q: These reports were designed with the help of the Teranet Insighters members, can you tell us a bit more about that process?
A: The Teranet Insighters community allows members to provide regular feedback through monthly activities, which is how these reports were developed. Over the course of a few activities in 2020 we were able to focus on which data points our customers needed access to. These activities included highlighting elements of prototype reports that were of value, weighing in on potential price points and ranking what data attributes would be of most use. Customer feedback is very important to us and will continue to be at the forefront of any decisions we make about the future of GeoWarehouse. If you’d like to weigh in on enhancements that will impact your business, click here to answer a few questions, and become a member of Teranet Insighters today.
Philip joined Teranet in 2018 and is the Senior Product Manager on the Real Estate team. Philip oversees the solution design, development and day-to-day operations of our suite of real estate products, including the flagship GeoWarehouse application. Philip is passionate about empowering real estate sales professionals with software, data and solutions that solve real-world problems and add value.