New Home Quest Database to Provide In-Depth Comparative Analyses
- May 07, 2008
By Erika Schnitzer, Associate EditorNew York–A new monitoring system and database will offer in-depth comparative real estate data analysis reports. The $1 million system, created by Home Quest, a New York-based boutique brokerage, comprises over 10 years of industry information and real estate transactions.“We developed a multi-parameter system that looks at primary and secondary information, giving developers super in-depth evaluations of their projects,” says Max Ribitzky, managing director and vice president of marketing at Home Quest. “Sellers want to know what they’re facing, and this helps them to put a number on the price and see how fast they can sell it.”The information from the reports comes from Home Quest’s 10 years of transactions, as well as general market trends and information from banks and real estate developers. “We are talking about a very detailed five-page report with charts,” says Ribitzky. Taking into account the neighborhood in which a property is located, as well as past trends and amenities and features offered in a particular building, the system provides individualized reports to sellers, providing them with estimated price ranges for properties and a projected length of time it will take to sell the property at a particular price. The database was launched about one month ago. The property analyses are part of the package that Home Quest provides to its customers and there is no additional fee to use it.“For the past three months, we’ve had great success. The system allows developers to have a much clearer picture of what’s ahead, and it’s poised to give as accurate as possible a picture, based on the information and analysis that could be done,” Ribitzky tells MHN.