They launched back in 2008 in a beta version. In 2011, they began offering property valuations through Zoopraisal. And in the coming years, they provided the public with property sales data. Surprisingly, Rogers Communications announced they will close the site as of June 22nd, 2015.
There is much speculation about why Rogers would close this online real estate site. This was not some small business. This site had a huge following and was ranked number 1181 in top websites in Canada… That may not sound impressive, but that’s actually incredibly high. Remax.ca is ranked #484, Royallepage.ca is #535, Sutton.com (Sutton Group) is just #3559… according to Alexa rankings. Continue reading “Rogers Communications shutting down Zoocasa.com on June 22, 2015”
Ever wonder what your home is worth today? Or that house down the street? How about a friend or neighbor’s house? Finding out would normally involve contacting a realtor for their professional opinion or hiring a professional appraisal.
Well now you can find out on your own. The release of Zoopraisal, by Zoocasa.com, may have caused some controversy with appraisers but the service is here and it’s getting a lot of attention.
Zoocasa has entered into an agreement with Centract Settlement Services, an appraisal service company that has administered millions of appraisals across Canada. Here’s a direct quote from Zoocasa.com website “Zoopraisal™ is Zoocasa’s estimated market value, computed using a proprietary formula, powered by Centract. It’s a starting point in determining a home’s price.” (Clearly, Zoopraisal is not guaranteeing the value. It’s just an estimate…the service provides a range of value.)
Zoocasa.com is an online service that provides access to homes that are listed for sale, online. The goal of the site is to provide a place where buyers can start their search using the internet. In my opinion, Zoopraisal will only enhance this service. This can’t replace a good realtor that’s out there looking to match your needs when buying a house. I think there are still too many intangibles that come into play. Local knowledge is invaluable and is something that can’t be uploaded online.
But if we look to the U.S., we’ll find similar sites such as Zillow.com. This powerful site tells you everything from the selling price to whether it’s being foreclosed, to the Zillow’s estimated value, the price per sq foot, etc. They also offer mortgage quotes, realtor referrals, etc. These info sites make their money by charging those that want to advertise or participate on their site.
There is a question as to whether all this information should be made public and whether this infringes on one’s right to privacy. The debate will continue… One thing is for sure, with pressure from the Competition Bureau on the Canadian Real Estate Association to make it easier to access the MLS, we are definitely headed in a new direction. There is more access to data. This is not a bad thing. More data is better. It helps to make an informed decision. Professionals like Realtors, Appraisers and Mortgage Brokers should not be worried. Their expertise will always be needed.
Watch for more of these sites to pop-up soon in Canada.
A deal was struck earlier this week that will make it easier for seller’s to list their homes on MLS… The Competition Bureau hopes we will see some changes in real estate commissions….click here for the CBC article.
Currently, a seller pays 5% or 6% to sell their home… and that’s been the standard for many years… But with new technology and the internet, we have seen For Sale By Owner companies popping up everywhere. These companies have not been able to access MLS without employing a realtor.
We all want to save money and pay less… but there is a saying…’you get what you pay for’.. For some, paying a reduced flat fee, and handling viewings, the negotiations, etc, could be worth savings…. but others may not have the expertise, the knowledge or the time to deal with this….
In the end, I think choice is good. It remains to be seen how many people will move away from the traditional real estate agent and handle things on their own… Just beware of something that sounds too good to be true…
On thursday September 30th, the Canadian Real Estate Association (CREA) and Competition Bureau of Canada came to an agreement to allow easier access to their Multiple Listing Service (MLS). More details from the Globe and Mail.
Earlier this year, the Competition Bureau was making a lot of noise for CREA claiming that the MLS should be more readily available to consumers… it seems this new compromise will allow a seller the option of choosing services from a licensed realtor. It’s sounding like we could start to see flat fees being charged by companies to list their home on MLS.
Watch for more ‘For Sale By Owner’ companies (FSBO) to pop up in the coming months…. but also beware of deals that sound too good to be true… One of the concerns raised by CREA is that we could see shoddy service and even fraud. I guess time will tell…. As always, get recommendations, seek professional advice and opinions…