realAs predicts property prices to beat underquoting and unrealistic guide prices from agents. Backed by a sophisticated algorithm developed at RMIT, realAs predictions are within 5% of the sale price on average, including auctions as well as private sales. Almost 9 out of 10 of realAs predictions are just 10% off the final home selling price. Armed with realAs.com or the realAs iPhone app, buyers can get right price to pay for a home.
realAs was conceived by David Morrell, a veteran buyers’ agent and advocate responsible for changes in law in his crusade against under-quoters. He has long known that it’s buyers who decide how much to pay and that knowing what a sale price will be levels the playing field – and puts an end to agents’ manipulations.
In addition to the quantitative algorithm, realAs also offers estimates and commentary from agents and buyers on properties. Users input their own estimates, and the algorithm will weight them in determining a price, depending on how accurate the user has been in the past. By comparing the accuracy of past quotes against realAs predictions and selling prices, buyers would also be able to form a view about the market knowledge of a particular agent and whether they underquote.
We think realAs represents another invaluable, and free, tool for buyers and investors. If you like Microburbs for the facts the property ad left out, you’ll love realAs.com for the right price to pay.
