Has anyone used Property Resume http://www.propertyresume.com/simpybudgets
for property valuation? Is there other/better software to value your properties?Thanks
sa
Is there other/better software to value your properties?Yes…comparable sales of the same property type in the same area.
Cost – a couple of phone calls to local agents and a few hours max to possibly view them
If that was spam, then you got me to look![wink]
Originally posted by woodsman:Is there other/better software to value your properties?Yes…comparable sales of the same property type in the same area. Cost – a couple of phone calls to local agents and a few hours max to possibly view them.
Hi folks
Once you own a big enough portfolio, you can usually ring up one of your property managers and ask them to do you a favour. This is what I do.Since virtually all RE agents subscribe to “RP Data”, they are more than happy to do a Real Property search online and give me a printout of the results in the same street /price paid for the particular property the last time it was sold (ie., how much the current owner paid for it, its Sales History etc etc.)
Good luck.
GregGreg,
How quickly after a sale is the information be updated with RP Data?
Thank you both for your replies.
Woodsman, I really was asking a genuine question – didn’t know whether it was worth investing in software if there was a better way to establish a property’s value according to the experts out there. Thanks for your reply despite your skepticism!
Greg, thanks also. Think I’ll take your advice.
Thanks both again.sa
Originally posted by woodsman:
Greg, How quickly after a sale is the information be updated with RP Data?Hi Woodsman
I assume rp data is updated the same way our credit ratings are updated. For example, my PM is currently chasing one of my tenants for unpaid rent through the magistrates court (I’ve already received two $50.00 cheques, and apparently he’s so well known by the courts that he’ll go to gaol if he doesn’t keep paying. He’s living back at home with his mummy, who’s the person liasing with my PM and getting the $50 lots out of his hide on our behalf. Gotta love these longsuffering mums and dads!!). The magistrate gives a judgement, it’s recorded online, from where it is downloaded AUTOMATICALLY as a ‘black spot’ against his name by the two biggest credit reporting agencies:
* http://www.baycorpadvantage.com.au (go to http://www.mycreditfile.com.au)
* http://www.dnb.com.au (Dun & Bradstreet)These 2 credit reporting agencies are fully upfront about how they collect their information, because they’re governed by privacy legislation, including provisions which give all of us free access to our credit files by snail mail (takes about 10 days).
If anyone has detailed info on how quickly rpdata info is updated after a sale, I’d be interested also.
Cheers
GregOriginally posted by Greg F:Originally posted by woodsman:
Greg, How quickly after a sale is the information be updated with RP Data?Hi Woodsman I assume rp data is updated the same way our credit ratings are updated.
Hi again
Just spoke to one of my PM’s, who tells me RP Data takes about 3 months to get updated after a sale. I was wrong assuming the RE industry was as up to date as the credit industry.If anyone has any more precise information, it’d be much appreciated
Cheers
GregRP Data and similar companies buy their info under contract from the relevant state department which records land sales, collects stamp duties and title info. In Vic this is the Department of Justice under the State Revenue Office, Land Titles etc.
Now these agencies will commonly take a few weeks to process things but most of the delay often comes from the banks. They can take months to make the necessary changes to a title (I mean months after settlement).
In a rapidly rising market figures from companies like these are not as useful as your own research when determining actual property prices.
Cheers,
Greg
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