x
By using this website, you agree to our use of cookies to enhance your experience.
award
award award
award award

TODAY'S OTHER NEWS

New website plans to identify homes where buyers can try for discounts

A new website promises ultimately to identify 'mispriced' properties, including those which have the highest probably of being secured at a discount.

Propcision.com has recently been set up by Michelle Ricci, the former head of a team of analysts on a credit derivatives trading floor, and Julien Zak, a quantitative developer for major banks.  

Its first and current offering is for prospective buy to let investors, using software to estimate the rental yield of properties for sale within London. 

In the near future the pair will identify what they call "mispriced properties" which the site will identify by applying a theoretical value on each property for sale. 

"Our pricer will not be based on the last purchase price of a property (which other portals do) but sound fundamentals of property transactions in the area with properties having similar characteristics" Ricci has told Estate Agent Today. 

"We detect distressed sellers in a few ways. For example, we record how many times a property price has been reduced, time on market, and if a sale had fallen through - great signals for when someone has gotten serious about shifting their property" she says.

After "gaining the confidence of the consumer" through these free-to-use tools, Ricci says the website will focus primarily on crowdfunding."Using our tools that compares all properties for sale, users can easily see why a given property is a good investment in comparison to other properties on the market" says Ricci.

So far the pair - who both read mathematics and computer science at university - have done all the development work themselves over the past nine months. The formal launch will be staged later in October. 

"As we move towards an era of consumer empowerment, Propcision sits neatly in an area, which up to know, remained opaque with a heavy reliance on a bias third party (estate agent) to provide accurate information" says Ricci.

  • icon

    Another idea that will not get off the ground .........

  • icon

    Well it looks like it could already be a reasonably useful tool for investors/landlords but yes if you are referring to the 'mispriced' property function SP then I would be inclined to agree!

  • Richard White

    I'm just putting the finishing touches to my website that sells genuine magic beans and golden egg laying Geese. Sign up for guaranteed returns.

  • Rob  Davies

    Smile Please, where did you get your magic crystal ball from? Can you also predict the football scores? It would save me a lot disappointment and false hope.

    Who knows if this idea will get off the ground? Maybe it will, maybe it won't. Give it a chance, at least.

    icon

    I wont give it a chance.

    First of all they have the massive uphill battle of getting the public to find them, you have probably seen the massive amounts of cash online agents have burnt through this and none of them are even close to making a profit.

    Also it will probably be a useful as the "Z" index on Zoopla. We all know what a joke that is.

    Yet another idea from a person outside the industry thinking they can reinvent the wheel. Strange how over the last 50 years selling a house still comes down to good old fashion agency, getting on the phone, getting a viewing and then negging an offer.

    A website pointing out a property might be 5 or 10k overpriced is not going to capture the public imagination.

    As for the vendor the agent has probably already told them it is overpriced but the seller does not care they will wait till a buyer agrees with the price.

     
    icon

    Sorry i did miss off the rental yield calculator, which is available as a free app, in fact we as standard now put anticipated rents and expected yields on all our sales particulars (more agents should in my opinion offer this).

     
  • Fake Agent

    Pie in the sky stuff. Sorry, Rob, but this just isn't gonna work. No chance. Nada. Finito.

    As Richard White puts it, there is more chance of pigs flying or magic beans being sold in Tesco!

    I now wait to be proved wrong so I can eat some humble pie :)

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up