Smart Estimates: How does it work and how can you use it?
Getting a property valuation in 15 minutes is possible thanks to the wonders of artificial intelligence. What happens behind the scenes with Realo Estimate®?
Today, the uncertainties of the property market can quickly overwhelm anyone planning to sell their property or looking for a new home. Getting a good idea of a property's value is essential, but not always easy. Realo offers the solution to get an up-to-date and accurate property valuation in just a few clicks, right from your sofa.
What is Realo Estimate® and how can you use it?
Realo Estimate® is the expected sale price and rental price for an average property in a specific neighbourhood, with certain characteristics (plot size, number of bedrooms and bathrooms, etc.). After completing a few steps and providing additional information about a property, the algorithm automatically and quickly calculates a current property valuation.
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How does Realo Estimate® work and what makes it so accurate?
To arrive at an accurate estimate of a property's asking price, Realo has developed a complex model based on artificial intelligence. Depending on the property type, the model learns the best possible combination of different information sources to get as close as possible to the real asking price. The model then uses this knowledge to estimate new properties.
The valuation is based on three types of variables. Firstly, information about the property itself, such as living space, number of bedrooms and bathrooms, energy consumption, year of construction and other factors. Secondly, information is collected about the neighbourhood, such as the average list price, location and price per square metre of building land. Finally, Realo also calculates a number of important indicators, such as the M-score (mobility score), which takes into account the distance of the property from the motorway, schools, public transport and the like.
On average, the difference between a Realo Estimate and the asking price is less than 10%, better than the standard accuracy in the industry. The accuracy of the Realo Estimate depends on the amount of data points available for each property. The more information available about a property, the more accurate the estimate. To enable more accurate estimates, estate agents or property owners can adjust their property information on Realo.
Realo partners with leading companies in various industries, such as KBC, Matexi, the Flemish Government, Hillewaere Real Estate, Vivium, Logic-Immo, and other partners, who rely on our estimates daily.
Are you an estate agent and want to take advantage of Realo Estimate® benefits? Sign up now and increase your efficiency in estimating property values!
Realo Estimate®: The ideal starting point for your property transaction
Although Realo Estimate® provides an excellent starting point, it cannot take into account the quality of recent renovations, materials used, the level of finish, or the uniqueness of the property. Therefore, it is important that if you plan to put your property on the market or are looking for a new home, you have your current property assessed by a local, certified estate agent.
An estate agent can optimise the Realo Estimate® by entering more data points and providing a price range based on their own knowledge. This gives you a realistic view of the value of your current property. This way, you have a clear understanding of your budget when searching for a new home and can sell your current property quickly and at a fair value.
Estate agents who also work with the valuation tool no longer need to spend time on time-consuming manual analyses and can instead focus on the details that can make a difference in the asking price. Prospective buyers or tenants, on the other hand, are advised to visit the property themselves to better understand any discrepancies between the Realo Estimate® and the sale or rental price.
Curious about the value of your property? Start your smart estimate now and discover the importance of an estate agent in determining the right value! Click here