Investigating a New Real Estate Listing – Tips That Can Save You Big Time
Investigating a new real estate listing can take up a lot of time and money. But there are ways to speed up the process and save big.
Consider these tips to create a more efficient due diligence process:
- Check how much other homes in the neighbourhood sold for.
Knowing how much other houses in the area have sold for can give you a good idea of how your new listing stacks up. Technology makes this easier than ever. For instance, the GeoWarehouse Comparable Sales Report lets you perform a property search by radius, sales time-frame, and price range.
- Find out what previous buyers got for their money.
Sales history data can help you uncover how much previous buyers paid for your new listing. These figures can be found in tools such as the GeoWarehouse Property Details Report.
- Track area house price trends.
Perhaps you want to cast a wider net than just the neighbourhood and see how the city is forecasted to change. Reports, such as the Teranet House Price Index (HPI) can give you a city-wide, provincial, and even national look at home price trends.
- Use AVMs to quickly get an estimated valuation.
Automated valuation models (AVMs) can give you an idea of what a property is worth almost instantly. Tools like the GeoWarehouse Property Details Report or the Client Report can provide MPAC assessment data, Land Registry information, pictures of the property, and more.
- Check if instruments are registered against the property.
If the property has a lien, multiple mortgages, or another instrument registered against it, you’ll want to know about it. That’s where the GeoWarehouse Parcel Register* comes in. This real time, up-to-date report lets you exercise due diligence by identifying registered encumbrances and obtaining an instrument number.
* An official product of the Ontario government pursuant to provincial land registration statutes.
- Look at neighbourhood demographics.
Demographic data can tell you who lives in the neighbourhood — age distribution, marital status, owned/rented properties, average household income, and more. This can help you target your marketing and understand what buyers might be attracted to the neighbourhood and the listing. GeoWarehouse’s Demographics Report puts all this information at the tip of your fingers.
Some important property information can be gained by simple footwork — driving around the neighbourhood, walking through the house, etc. — but technology is letting you delve deeper, faster. Tools, such as the ones provided by GeoWarehouse, give you a new level of due diligence that can help you investigate real estate listings and determine property valuation quicker than ever, saving you time and money. It’s a win-win!
Learn about how you can harness the power of GeoWarehouse for yourself at www.geowarehouse.ca.