Market Analysis: The Power Of The Web

*The Web/Client Server Debate is Settled*
**By Tony Garritano**

***I remember the days when we debated about client server technology vs. Web-based technology. The consensus was that mortgage lenders would never embrace the Web. Boy were those industry experts wrong. The Web is everywhere and lenders are increasingly turning to Web-based tools. Vendors are turning to the Web more and more, too. For example, CoreLogic has launched HomeStandingson RE/MAX Mainstreet, a members-only extranet website exclusive to the RE/MAX organization, including RE/MAX Affiliates, RE/MAX Employees and RE/MAX Approved Suppliers. The HomeStandings report provides property specific, easy-to-understand, professional-grade data and analytics that enable RE/MAX Agents to accurately assess the overall purchase quality of a home. HomeStandings combines property, neighborhood and market characteristics to provide a complete local understanding of a home’s value, marketability and rent potential and is available for virtually every property in the United States. Additional data taken into consideration include area pricing, surrounding market conditions, crime rates, schools, estimated market rent and investment opportunities.

****“RE/MAX is pleased to work with CoreLogic to provide our agents with detailed property data that produces a significant competitive advantage,” said Mike Ryan, executive vice president, RE/MAX Global Communications and Branding. “Home buyers and sellers are always anxious to understand the true value of their home, and increasing numbers of investors will appreciate this information in analyzing the specifics of their real estate investments.”

****RE/MAX Agents gain a greater competitive advantage with insight into the complex mix of property, neighborhood and market trends that drive property values, rental prices and market potential. Agents will provide further value to buyers, sellers and investors with essential data to help manage risk, decide whether to sell or rent properties, and perform due diligence prior to buying properties or distressed asset pools.

****Use of the HomeStandings report also has a unique component that can help agents quickly identify potentially profitable foreclosed properties that are eligible for resale based on the grade generated by the report for each property. To confirm this capability of HomeStandings, CoreLogic reviewed more than 115,000 properties that were sold as foreclosures and then resold within six months. The study revealed that properties that earned an A grade with HomeStandings had a resale profit averaging $81,000 higher than those with D and F grades.

****“HomeStandings is recognized as an important, relevant property research tool and has already delivered more than two million reports for three of the largest mortgage companies in the nation,” said H. Harper Thorpe, vice president of Real Estate Solutions at CoreLogic. “While limited information is available on consumer websites, stakeholders with real dollars on the line rely upon the increased comprehensive and accurate information brought together by CoreLogic.”

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.