|
Home Figures & Facts contains X-ValueTM, X-TrendsTM, and gross rental yield for a specific property unit.
Property Tracker caters for X-Value Sale and Rent for every home in Singapore, including HDB flats, private apartments, and landed homes.
X-Value is a computer-generated appraisal of a home’s market value. Developed with government and private funding, it sources from the nation’s most comprehensive property database and instantaneously calculates a single value for every home using best practices methodologies, including comparable market analysis.
X-Value factors in all comparables and adjusts them for differences in important variables like location, size, floor, and age.
“In Property Tracker, the subscriber can unlock the comparable sales used by our computer system to calculate the home’s X-Value,” said Andrew Chee, Head of Valuations, SRX Property. “The most common method in valuing a property is by comparing the sales transaction prices of other similar properties, which we call Comparable Market Analysis or the Sales Comparison Approach in valuation terminology. The computer adjusts these comparables, using Hedonic regression, so that apples are compared to apples. It then calculates an estimated market sale or rental value of the subject property, meaning the X-Value.”
The second section of the Property Tracker consists of real-time Neighbourhood Listings. The webpage starts with listings within an apartment building or HDB block and then moves outward, looking for other nearby listings.
“When we speak with homeowners, they like to keep tabs on the listed prices of nearby homes for sale,” said Jeremy Lee, Chief Technology Officer, SRX Property. “This information helps them gauge where their neighbourhood property market is moving. By employing our geospatial algorithms, we can easily link nearby listings to the subscriber’s home and help them stay abreast of movements in the listing market."
In addition, subscribers can identify undervalued property in the Neighbourhood Listing section of Property Tracker.
“We define an undervalued property as a listing or rental that is asking for a price below its X-Value,” said Mr. Chee. “Our geospatial algorithms start at the subscriber’s home and start searching, in a radial direction, for other similar properties asking below its X-Value. When the computer finds one, it reveals it in the subscriber’s personal webpage.”
The third section of Property Tracker contains Neighbourhood Transactions. Here, Property Tracker provides a monthly update of what homes sold in the neighbourhood. In many cases, the subscriber can compare the sold price with the original listing price.
“It’s always interesting to see how close a property’s transacted price is to its asking price” said Mr. Chee. “This is critical information in assessing the property market sentiment, yet until now, this information has not been available to the general public.”
Every month, shortly after SRX Property releases its property indices, subscribers to Property Tracker will receive an SMS update on their home value and a link to their personal webpage.
In addition, they can access their webpage at any time.
Property Tracker includes several other valuable information services. Subscribers of Property Tracker can receive a monthly property eNewsletter that provides unique analysis and commentary on the Singapore property market.
In addition, subscribers can increase the frequency of their property alerts. SRX Property defaulted the home value SMS updates to monthly so not to spam subscribers. However, subscribers can opt in for special SMS alerts that notify them of completed sale transactions in real-time. Also, they can opt in for alerts on nearby listings as they come online.
The final feature found in the inaugural version of Property Tracker is a mechanism for subscribers to invite a friend or colleague to sign up for a home and webpage. SRX Property makes it easy for people to invite via Facebook, Twitter, email, Whats App, and SMS.
“We’re asking subscribers to help make our property market more transparent by inviting friends and colleagues to sign up for Property Tracker,” said Mr. Lee. “By inviting someone to subscribe, you aren’t sharing your Property Tracker. You’re just inviting each friend to create his or her personal and private webpage. Plus, and more importantly, you are providing him or her with real-time intelligence for the smart homeowner or renter.”
|
