Real Estate Apps and Websites
I've been using some apps and websites to research the Atlanta market and thought I would share some of my experience. Technology companies are focusing on the real estate industry and are starting to change many of the rules, so it's worth an update on what technology is being used and what's coming soon. I'm not a real estate professional and am writing this from a consumer, not a professional industry point of view, but that's probably what most of my readers would experience as they start to use these new tech tools.
Many of you are probably familiar with the Multiple Listing Service (MLS) operated by professional real estate brokers. Before the Internet made the MLS available to consumers, the only people with access to this information were authorized agents. It's now possible for consumers to access the MLS listings through apps and websites like realtor.com, Zillow, and Redfin.
I've been using a combination of realtor.com, Zillow, and Redfin in my home search and to learn about Atlanta neighborhoods, since it's all pretty new to me. All of these sites have some standard features which include:
- Listings of homes for sale
- Search options for price, size, descriptions, neighborhood
- Directions to the property
- MLS description
- Asking price
- Bedrooms, Baths, Square footage and lot size
- Year built
- Estimated monthly payment
- Nearby schools and ratings
- Property history, listing, and taxes
- The listing agent
- Mark property as a favorite
- Setup and save searches
- Recent comparable sales
- Median home price and the median price per square foot in the zip code or neighborhood
Most of the apps/sites (they work pretty much the same whether you use a smartphone app or the website) include a link to get pre-approved for a mortgage which will submit information you provide to lending partners with marketing agreements that receive referrals from the site.
Why you might want to use all three
Some differences make it worth using each site:
Realtor has a map that will display crime rate data as a color overlay, the specific tax ID, and utility information, useful for vacant lots. If you use the Contact Agent link in Realtor (which I did), you won't reach the listing agent but will submit your contact information to multiple agents who pay for leads. Call-center screeners qualify your interest and determine if you are already working with an agent, in which case they don't refer you to an agent. If you're already working with an agent, just let them know you found something on the site and they can pull up their MLS data.
Zillow includes listings from the MLS and also s lists rentals. While the Zillow name is known as a website and app, the Zillow group is an online real estate database company. Zillow is the site/app used for home buyers/seller/renters. The site includes the familiar features from realtor.com but also contains data from prior sales in a database of over 110 million properties in the United States. Zillow offers a Neighborhood value forecast of home values for the zip code of the property. The price and tax history is comparable to realtor.com. Requesting more information will take you through forms that submit your date to agents who purchase leads from Zillow. Agents can also advertise on Zillow to be featured in the agent list Zillow shows with each property.
Redfin is an online agent/brokerage that offers agent representation in addition to their website and app. Redfin provides a complete range of agent services with discounted listing rates and a rebate for buyers when using Redfin to purchase a property. In some markets, Redfin is offering a home purchase guarantee.
Redfin, like Zillow, includes an estimate of what they think the property is worth and shows if the property is offered above or below their valuation. Many people I've talked to use both Zillow and Redfin to check property value estimates. Since Redfin is a broker/agent, you can use Redfin agents to show your property, list your home for sale, or represent you in an offer. Redfin's app and website include a scheduling tool that for requesting a showing that contacts a Redfin agent who will confirm your time. It's a convenient way to schedule a way to look at a property, and there's no charge. Redfin also offers classes and seminars on home buying and selling in specific markets.
New Apps and Sites
Knock is a new real estate app I found the other day. It's got an interesting twist on solving one of the most common problems in moving, buying with a contingency on selling your existing home. Knock solves that problem by offering a “trade-in” service where they handle the sale of your current home by purchasing it directly and managing the buying of your new home by representing you as the buyer agent. It's a turnkey process handled by one company. Instead of relying on multiple agents, mortgage lenders, repair services, inspectors, etc. to coordinate, Knock is literally a one-stop shop, purchasing your home for cash, making repairs in preparation for listing, and putting it on the market after you move. Knock isn't in every market yet, but they are expanding rapidly and have significant investors behind them (including Zillow). If they operate in your market, you can enter your home address and get a purchase price for your existing home. I've heard that in some markets Redfin also has a home purchase program.
Homesnap is an app that was built for agents and consumers who wanted better smartphone app access to MLS data. Homesnap has a feature (where it got its name) that allows anyone to take a picture of a house and receive data on the property with or without a listing of the property. Consumers can use the app for free to browse for homes for sale and rent. Over one million agents also use the app which includes productivity tools for agents such as integration with smartphone calendars for booking appointments and means for sending and receiving information between the agent and client, and for agents to communicate with each other using their smartphone. Homesnap has a detailed analysis of home prices and trends for zip codes that were very informative about some short-term trends taking place in the market.
To my way of thinking
Real estate apps and websites seem to be moving into direct customer services. Redfin with its agent services and Knock with their trade-in approach to home buying and selling, the range of services available to consumers is increasing from large organizations that are using technology. I'm not sure if these apps and services will disrupt the real estate industry to the extent that Uber and Lyft have changed the taxicab market, just because a home purchase and sale is such a significant financial decision for people that there's a demand for personalized service, but the trend is moving in that direction, and the impact may be on traditional national brokerages that don't have technology as a foundation. For now, take advantage of the options and choices that I've mentioned and if you have anything new, suggest it as a comment on my Facebook page.
Not a subscriber? Don't miss a single issue: