All Topics / Help Needed! / How to understand RP data a little better.

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  • Profile photo of Paterson00Paterson00
    Member
    @paterson00
    Join Date: 2013
    Post Count: 65

    Hi all, 

    I have been looking at RP data a little recently to see if I can educate myself some more and I would like to know if you are able to explain something for me. I did a search on the street I live in and it gave me a list of the houses, some of which were for sale.  It has a green dot next to some and a yellow next to others etc. If I hover over the dot it tells you their confidence score. What is that refering to?  Would that be the chances of the property selling at the given sale price?

    For example..   http://www.myrp.com.au/street/wa/halls_head/6210/tennyson_avenue

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,416

    Hi Patterson,

      I clicked on your link and saw mostly green dots.   Most of the green confidence levels were up to +/- 10%.  In one case though, even with a green dot, it should a conf level of +/- 14%, so not quite so confident about their estimate with that one.   And there was one Red dot, with a conf level of +/- 23%…….

      Guessing, I would think the confidence levels would be high if they had dealings with the home and had seen it internally, etc.   Where they don't know what the inside looks like, or external signs point to possible issues, their confidence level of their $ estimate would be quite shaky – and fair enough too.  

      That is a good system.  It beats taking their values as gospel, only to find they were "guessing" e.g. the red dot.

    Benny

    Profile photo of FreckleFreckle
    Blocked
    @freckle
    Join Date: 2012
    Post Count: 1,680
    Benny wrote:

      That is a good system.  It beats taking their values as gospel, only to find they were "guessing" e.g. the red dot.

    Benny

    They are guessing Benny. Anyone who says I think the price is X give or take 10% is talking a 20% spread. Might as well just pluck figures out of the air. These are gimmicky tools  they invent to make it look like they know what the hell they're talking about when the reality is they're just collecting data and shaping it into a marketable product for all the Patterson's of the world to muddle over.

    Profile photo of thecrestthecrest
    Participant
    @thecrest
    Join Date: 2004
    Post Count: 992

    Hi all.

    Any idea of the cost of subscription to RP Data per postcode or for all of NSW ?

    It's a great tool, could sure use some lessons on it.

    Cheers

    thecrest

    thecrest | Tony Neale - Statewide Motel Brokers
    http://www.statewidemotelbrokers.com.au
    Email Me | Phone Me

    selling motels in NSW

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