Pricing an apartment is not easy. Much of the necessary information is not easily accessible and others are estimates, often wrong. After all, there is no exact formula for setting a value for your apartment, only approximations of what the market is most likely to ask for or accept.
“Today, the person needs to ask the doorman, the broker and visit the ad website. All of this information is inaccurate, explains Diego Bechara, from the Loft data science team. "Whoever is asking for a value asks for more and the neighbor will say that he sold for more", he continues.
Values uneven with reality end up making it difficult and even impossible to sell real estate, causing a lot of damage and frustration for all parties involved in a process that has already taken, on average, a year and a half in Brazil.
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What's more, add emotional reasons, such as affection for the property, to the informational opacity involved in pricing. They end up creating values on average 40% above that practiced in the market!
This creates an important emotional component of frustration, as the owner asks himself “how much is my apartment worth” , creates an unrealistic value and is disappointed to discover that his expectations are not being met.
HOW MUCH IS MY APARTMENT WORTH, ACCORDING TO THE DATA?
The Loft has emerged in a world of technology, applying algorithms themselves in vast databases acquired from notaries to register property.
By acquiring property registrations for all the regions in which it operates , Loft created an artificial intelligence called DAVID to price the properties it buys and sells in a fair manner and in line with the reality of the market.
This tool is now available for free to the public, through an online property pricing simulator. To use it, you only need to have:
- Full property address
- Apartment number
- Number of parking spaces
- Number of bedrooms
- Footage
Ready! The simulator will give you the minimum and maximum points of sale that you have discovered according to your system information, which starts in the year 2000.
To make these numbers tangible, the tool also provides values and year of transaction for similar apartments or even in the same building - and they are already real values, adjusted for current inflation.
Exame magazine recently published an exclusive article exploring the capabilities of Loft's apartment pricing simulator. Worth checking out!
WHAT NEIGHBORHOODS ARE AVAILABLE ON THE SIMULATOR?
The simulator offers data for the neighborhoods where Loft operates today. In December 2019, the list is as follows:
- Higienópolis
- Itaim Bibi
- Garden Europe
- Garden America
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- Moema Birds
- Moema Indians
- Paradise
- Partridges
- Pine trees
- Sumaré
- Vila Madalena
- Vila Mariana
- Vila Nova Conceição
- Vila Olimpia
If the neighborhood of your apartment is not covered, do not give up! The Loft is constantly being expanded, and the model will be updated with the same frequency.
“As the area of operation expands, our capacity for processing registrations may also increase,” says Diego. In other words, to answer “how much is my apartment worth”, keep checking!
Have you ever wondered "how much is my apartment really worth? Click here and test the Loft tool!
APARTMENT EVALUATION: HOW THE LOFT TOOL WORKS
In these registrations there is everything that a system needs to know in order to find out, quickly, what are the realistic values of buying and selling a certain type of apartment in a certain area and a certain period:
- Footage
- Floor of the apartment
- Number of rooms
- Number of parking spaces
- Full address
- Transaction history with year and amount described
“Today we are able to do an automated search of all transactions that took place in certain buildings and find out how they were transacted over time,” adds Diego.
“These data are public, but they need to be acquired. This is all the difficulty [to price a property],” he continues.
As a curiosity, he explains how these notary documents - which can be tens of years old - are read by the computer: “Sometimes it is a document written on a typewriter, so we use a series of streams to process this data. New data arrive every day”.
As Loft needed to acquire them to make its business work, extending its use free of charge to users is a way to strengthen one of its main pillars. "It is bringing confidence to the numbers and to all parties," adds Diego.
Here we bring you a video explaining how the Loft apartment purchase process works:
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THINKING OF SELLING AN APARTMENT? TALK TO LOFT!
The Loft came in 2018 to revolutionize the Brazilian real estate market of buying and selling real estate, making it more agile and enjoyable for all parties - buyer, seller and realtor .
The Loft acquires apartments that meet your archive prerequisites, location and number of vacancies for fair prices (learn more about the detailed purchase proposal here), according to the market reality. As Loft renovates each unit in its portfolio, it does not matter the state of conservation of the property.
More good news? You can choose to pay in cash or exchange real estate, in which you exchange your apartment for another in the portfolio, renovated to a high standard.
Have you discovered "how much is my apartment worth" according to Loft and did you like the number? Register your property online today!
