""RE/MAX"":http://www.remax.com has deployed ""CoreLogic's"":http://www.corelogic.com HomeStandings technology, which is configured with a reporting component that the companies say can help agents quickly identify potentially profitable foreclosed properties that are eligible for resale.
[IMAGE] The HomeStandings report combines property, neighborhood, and market characteristics to provide a complete local understanding of a home's value, marketability, and rent potential. Additional data taken into consideration include area pricing, surrounding market conditions, crime rates, schools, estimated market rent, and investment opportunities.
Based on this property-specific data and analytics, HomeStandings generates a grade for each property, enabling RE/MAX agents to assess the overall purchase quality of a home.
To confirm the technology's ability to pinpoint profit-producing foreclosure opportunities, 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.[COLUMN_BREAK]
HomeStandings is accessible through RE/MAX Mainstreet, a members-only extranet website exclusive to the RE/MAX organization, including the Denver-based real estate franchisor's affiliates, employees, and approved suppliers.
Beyond the technology's ability to assess the value of foreclosed REOs, HomeStandings reports and grades are available for virtually every property in the United States.
""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, EVP of global communications and branding for RE/MAX.
""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,"" Ryan added.
RE/MAX says its agents will gain greater insight into the complex mix of property, neighborhood, and market trends that drive property values, rental prices, and market potential.
The company notes that the technology also allows its agents to provide added value to buyers, sellers, and investors by sharing essential data to help them manage risk, make decisions on selling or renting, and perform due diligence prior to buying properties or distressed asset pools.
H. Harper Thorpe, VP of real estate solutions at CoreLogic, says HomeStandings has already delivered more than two million reports for three of the largest mortgage companies in the nation. He says stakeholders with real dollars on the line need the type of comprehensive information delivered by HomeStandings.