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Information is Power
Information is PowerWe’ve all heard the term, “information is power.” But what does that mean in the Real Estate Industry? Let’s take a look at big time investors. What do they look at. Price of course. How do big time investors know if they are getting their best price? This applies to both the seller and buyer side. They check comparable properties in the general location. This is far more difficult for an industrial or retail property than for a single family home. They also look at local demographics. The key here is, “local.” It doesn’t matter what is on the other side of town with 32 competitors in between. The smaller the area is in the report, the more concentrated the information is. A new fast food store is concerned with local traffic. How many cars pass by in an hour and how many per day. What attractions are near by. You heard the term, “the most important thing in Real Estate is location.” Then why do people rely on websites to tell them a market price on a home they are going to buy or sell?
Website estimated values have major draw backs. They typically look at the zip code. ... more
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