In fact, after finishing the initial analysis with CondosCafe.com, I decided to sell one of my condo-hotel investments at the Fontainbleau II and it sold within 3 months for $527,000.00, 5% more than the platform predicted.
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Miami Beach, Florida (PRWEB) February 05, 2014
CondosCafe, Inc., a leading provider of real time analytics, market intelligence and social collaboration networks for the real estate industry, today announced the launch of its new Real Estate Market Investments Analysis & Collaboration software platform, Virtual Realtor Analytics, for a smarter & easier customer experience.
The new Virtual Realtor Analytics software platform, provides customers with a smarter and easier way to research, buy, sell, invest, rent and manage properties. The key technologies of the platform are Automatic Valuation Models for real estate analysis and pricing, big data analytics-driven top down predictive investments analysis, brokers & realtors performance-driven analysis tools, social collaboration network for instantaneous marketing and communications, and automated project & property management.
The Virtual Realtor Analytics platform allows customers to streamline and solve the complexities of the research and selection management processes of their real estate and lifestyle needs, including realtors, properties, financing, property closings, and third party vendors for real estate remodeling, property management and lifestyle luxury concierge services. The platform also supports multiple languages (English, Spanish, Portuguese, German, and Russian) and multiple units (Square Feet and Square Meters). The platform empowers local and international customers to address the multi-billion dollar investment demand for niche markets like Miami, New York, San Francisco, Los Angeles and Chicago.
The real time platform improves the communication gap and shortens the sales cycle process between real estate buyers, sellers, landlords, tenants, investors, realtors, and third party concierge services vendors. It also provides the information needed to make the right decisions utilizing real time data at each step of the way, based on the customer’s objectives and constraints.
The efficiencies of the platform ecosystem, translate into real estate and lifestyle concierge services transactions that are completed faster, and in a more reliable, predictable and repeatable way, while saving time and money to customers.
“Real estate transactions are generally complex” said Elias Echeverri, Founder and CEO of CondosCafe. “Some of the main challenges of the real estate industry today are:
- The property price setting and selection processes are time consuming because the information needed is either not fully available, difficult to obtain and understand, or very subjective. The real estate ecosystem of pricing and best location behaves differently from city to city, zip code to zip code, building to nearby building and even amongst apartments within the same building. This type of information is not readily available in a form that is up-to-date (in websites such as Trulia, Zillow and Redfin), easy to get to or easy to understand. Most people that are web savvy normally look up the information on a case by case basis. Other people rely on the knowledge of real estate agents which is limited to a specific area. Both ways of getting the information are manual and can lead to a much higher probability of getting the wrong pricing and/or the best location information, thus most likely leading the customer into the wrong and potentially costly decision. The end result is that sellers and landlords end up spending a lot of time setting the pricing for their property listings. Buyers and renters also spend a lot of time digesting the available information in order to select the properties that meet their requirements.
- There is a huge fear factor when it comes to investing in real estate in other cities and countries. Customers that seek to buy properties in cities, other than their home towns, are presented with other challenges such as, which areas are good for investment, what prices are competitive, what are the visa requirements, what type of financing is available, who is going to manage their properties, and the types of risks that properties may have.”
Buyers and investors can easily use the Predictive Real Estate Market Investments analysis tools to, Search for Condos to Buy and Search for Homes to Buy, to get the information needed to research and select properties that meet their requirements and investments objectives. Customers can automatically generate very detailed property reports with listing's information, pictures, map location, comparable condos’ sales and listing prices, market trend analysis & charts, estimated purchase price & rental income, operating expenses, real estate taxes, and estimated Return On Investment (ROI) - Cap Rates; all with the touch of a button. “Our worldwide Global Partners tell us that all of their customers want to know right away many aspects of each property, such as whether or not they will be paying a fair price, the market momentum in the area and the building, current inventory, inventory absorption rate, monthly costs, potential monthly rental income, and the Cap Rate” said Elias Echeverri, CondosCafe’s CEO.
The platform computes all of these data by using proprietary predictive & historical properties purchase price algorithms, in order to analyze large amounts of real estate market data (Big Data) from sources such as the Multiple Listing Service (MLS) and County Records. “I was very impressed with the efficiency of the process and the reports that CondosCafe provides for all listings that are in the Miami area MLS.” Said Dr. Ino Halegua, who has a practice in Executive Corporate Medicine in Coral Gables, and who is a Miami Beach resident as well as a real estate investor. “ I could find out easily and quickly how all my properties are doing with respect to comparable properties price and price trend, inventory, how long it takes to sell them, etc. In fact, after finishing the initial analysis with CondosCafe, I decided to sell one of my condo-hotel investments at the Fontainbleau II, which sold within 3 months for $527,000.00, 5% more than the platform predicted. Some other comparable properties were listed much higher and therefore are still on the market. I also purchased another condo-hotel unit at The W South Beach for a price 2% within the projected purchase price of $850,000.00, and the price negotiation process took only two days.”
There are two other powerful integral parts of the platform solution. The first one, is the capability to create Top-Down Market Analysis Reports. These reports show customers a very clear picture of an area’s macro and micro real estate market conditions, price variations, and trends by location (city, zip code, and building name), and by market segments (condos, homes, and number of bedrooms). The real time market analysis reports generate automatically critical 7-year historical Trend Analysis and Charts data such as, Last Year Sales & Listings Avg. Sales and Listing Price per SqFt (or per SqMt), Sold and New Inventory, Avg. Number of Days On The Market (DOM), and Avg. Sales To Listing Price (SP/LP) Ratio. The other key part of the platform are the Top Most reports. These reports allow customers to monitor the pulse of the market by knowing in real time which properties are the most expensive and cheapest, biggest and smallest, latest sales and listings, top selling buildings, etc. for each city, zip code and building.
CondosCafe is a leading provider of real time analytics, market intelligence and social collaboration networks for the real estate industry. CondosCafe Virtual Realtor Analytics flagship platform, offers an integrated real estate market investments analysis & collaboration software solution, that provides customers with real time, real estate information and analysis, which empowers customers to make smarter & easier sound decisions.