dom.einhorn01's  Instablog

Send Message
  • Innovative App Seen To Put An End To Real Estate Underquoting 0 comments
    Aug 12, 2014 12:50 PM | about stocks: RBIZ

    (click to enlarge)

    Melbourne real estate technology professionals have launched a mobile application that could prevent realtors from undervaluing a property and could eventually lead to the creation of similar apps.

    According to a report on Business Review Weekly, the app called "realAs" relies on a predictive algorithm that could forecast a home valuation that is within five percent of the actual selling price with 75 percent accuracy, and within 10 percent of the selling price with 90 percent accuracy.

    The app was inspired by an algorithm developed by George Mason University in Washington, D.C. The Royal Melbourne Institute of Technology adopted and improved the technology for the application.

    Melbourne buyer's agent David Morrell has launched the app with help from Hawthorn Football Club president Andrew Newbold, the report said.

    "It's very clever and its going to be very disruptive. It will put underquoting to bed," Morell said of the new app.

    Newbold told the publication: "We've done a lot of testing and we're very confident that it will provide accurate real time predictions. I've dabbled in property and property investment and one of the most frustrating things is a lack of transparency and a lack of information."

    To use the application, buyers should first create an account on the app then enter the home's address. Everybody is free to download and use the app, comment on listings, and input price estimates. The app will then make calculations based on data entered by users.

    The report revealed that the app is expected to become more accurate as more people use it. "Apart from crunching past sales data and current market information, it will also use crowd-sourced data," the report said.

    The report also noted that the app could provide buyers better market insight and whether an agent is underquoting a property.

    Disruptive online real estate technologies are set to change the playing field in property marketing, and works significantly to the advantage of agents who are starting out in the industry.

    In the United States, Realbiz Media Group, Inc. (OTCQB: RBIZ) is one company on the forefront of developing disruptive video marketing tools for "technology-starved" agents who wish to gain a competitive edge in the industry.

    Realbiz Media is a pioneer in designing video marketing and virtual tour platforms that allow agents to easily create property videos as well as professional profile pages where they can build their reputation and connect directly with potential clients.

    Realbiz Media is especially known for its consumer site which is the largest video listings service in the United States today with over 1.6 million property videos, and its Microvideo App platform, an automated marketing platform for the company's enterprise clients.

    Realtors and property shoppers can learn more about Realbiz Media's products and services by contacting Realbiz via its toll free number: 1.888.REAL.BIZ (888.732.5249) or email:

    To learn more about the company's affairs, SEC filings and expansion plans, contact Kevin Homes of Investor Relations at Chesapeake Group via telephone: (410) 825-3930, and email:

    Stocks: RBIZ
Back To dom.einhorn01's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.