Posted on 15 Jan 2016
15 January 2016. StreetSine Technology Group announces the launch of its new application X-Listing Price™.
This app, which is available on the Agent Connect™ work station, seamlessly integrates licensed, full valuations into the process of buying and selling property. The end result is a more efficient and transparent real estate transaction.
What is X-Listing Price?
X-Listing Price is a pricing mechanism that combines computer-generated values with expert opinion. It consists of four principle components:
X-Listing Price = X-Value + Professional Adjustments + Valuer Adjustments + Negotiation Gap
X-Value serves as the foundation for X-Listing Price. Using web services, database management techniques, and algorithms, StreetSine computer systems collect all the pricing information that is publicly available in the property market. In calculating X-Value, the computer use Comparable Market Analysis (CMA) as the primary methodology for estimating the value of an apartment or a landed home. This approach is also known as the Sales Comparison Approach. It is the most common method for pricing a home for the purposes of buying, selling, renting or analyzing it.
The X-Listing Price application allows real estate agents to account for renovations in the computation.
In addition, agents can also order a licensed valuation to add an expert's assessment of pricing factors that include view, orientation, and market conditions. The valuer on the other end operates a valuer field app designed and developed by StreetSine. The field app allows the valuer to provide a full valuation for a standard home in as little as 24 hours.
Finally, the agent can add or subtract Goodwill. Goodwill arises when a buyer acquires an existing property at more than the fair market value. As such, goodwill amounts to the excess of the X-Valuation Price. Goodwill is usually either zero or positive. However, it can be negative when the seller is willing to sell below fair market value.
Who Benefits from X-Listing Price?
All market participants benefit from the transparencies and efficiencies X-Listing Price brings to the market.
Sellers. X-Listing Price provides sellers with a fact-based, valuation-backed listing price. It is transparent and documented so that the seller can be completely confident in the listing price.
Real Estate Agents. X-Listing Price provides agents with three benefits.
First, it makes it fast, easy, and inexpensive for the agent to appoint a valuer. This allows the agent to provide fact-based advice to the seller and establish the right listing price.
Second, X-Listing Price helps the agent market the home. Not only can potential buyers be confident in the listing price, but listing portals SRX.com.sg and STProperty.sg reward listings with X-Listing Price by displaying them prominently.
Third, X-Listing Price facilitates the matching of the right buyer with the right seller.
Buyers. The valuation conducted to derive X-Listing Price can then be used to secure mortgage financing.
Valuers. Any valuer can plug into the X-Listing Price and become part of the valuation process. This allows valuers to offer detailed, documented expertise using the most comprehensive property database in Singapore. At the same time, the integration of field app with the Agent Connect platform allows valuers to be more efficient and, thus, more productive.
Where can I find X-Listing Price?
The application is housed in Agent Connect, which is a digital platform for professional agents. Ask your agent about X-Listing Price, and he or she would be happy to walk you through it.
Below are three screenshots.
Is X-Listing Price available for Landed homes?
Absolutely. It employs a different methodology, as depicted in the diagram below.
About Streetsine Technology Group
It operates SRX Property and its two internet portals, SRX.com.sg and STProperty.sg.
How can I learn more about X-Listing Price?
For further information or to receive a White Paper on X-Listing Price, send your request to firstname.lastname@example.org.