Propertyfinder’s new Price Finder tool is a game changer for UAE Real Estate, with the most accurate pricing tool available in the region using Propertyfinder proprietary data, government transactions data, and verified self-reported transactions from brokers
What if sales transaction data was the key to a healthier real estate market?
A pricing tool, Price Finder, released by Propertyfinder Group will allow real estate agents across the country to compare advertised prices to achieved prices for hundreds of thousands of properties in real time.
Over 6,000 real estate agents will now have access to this new feature for free, bringing more transparency to the market.
Mister Seller wants to sell his 2 bedroom apartment in City Walk at AED 2.8 million. Mister Agent says, “You shouldn’t expect more than AED 2.5 million.”
Is Mister S. too ambitious or is Mister A. too pessimistic? How do you confidently answer this question? Propertyfinder Group might finally have an answer…
The key to any real estate transaction is the ability to define the right price, resulting in satisfaction on both sides of the deal. Real estate agents play an instrumental role in helping to find that sweet spot, however, as data scientist W. Edwards Deming puts it, “Without data you’re just another person with an opinion.”
Price Finder is a newly released feature that allows all Propertyfinder clients (more than 1,200 companies, representing over 6,000 real estate agents) to compare advertised prices to the actual transacted prices.
It is the most accurate pricing tool available in the region, and the first of its kind to be completely free of charge. It uses Propertyfinder proprietary data, government transactions data, and verified self-reported transactions from brokers.
With this new feature, Propertyfinder is moving the industry forward as the first to offer an accessible, transparent view of the market to real estate professionals.
Beyond bringing more transparency to the market, Propertyfinder believes that this type of initiative will drastically reduce the number of days properties stay on the market by making sellers more realistic on pricing expectations, and consequently bridge the negotiations between a buyer and seller or a renter and a landlord, and help bring the proper expectations to the buyer/renter.
For now, depending on which side of the transaction you sit (seller, buyer, renter or agent), your perception of the ‘right price’ is very subjective, and thus highly variable.
“Price Finder takes the subjectiveness out of the process. When an agent is working with a buyer, seller, renter or landlord the truth is in the actual transactional data,” says Lynnette Abad, Head of Data & Research at Propertyfinder Group. “This gives the agent leverage from the very beginning, as well as credibility with their client which saves the agent and client an immense amount of time to complete a transaction.”
Reducing the gap between perceived value and real value requires a lot of effort, with each player pulling the price in his or her own direction. Price Finder will help reduce that gap, arming agents with the tools they need to make the discussion rooted in actual transaction data, resulting in deals getting done faster — for both sales and rentals.
In more mature markets, we have witnessed that the more transparency we bring to the table, the more credibility and confidence is built, not only for the pricing of the properties but for the market as whole. The end result is more deals happen.
How Access Price Finder
Here’s the link to the new tool. Simply register and start using!