Local Data Becomes ‘Hyperlocal’

THE more specific the facts an agent has at his disposal — facts, for instance, about what has sold just down the street, and for how much, and how long it took — the likelier he will probably be to persuade a seller to set a realistic price. Therein lies the usefulness of data-packed Web sites like Zillow, Trulia and Streeteasy, which can be mined by the tech-savvy for the level of detail that will be most persuasive to their clients.

But what if you weren’t all that tech-savvy, and could rely instead on a program customized for your area, providing data that allowed you to measure your client’s house against others in a particular area, school district or street — and to share the results with your client on the spot?

Blossom Vernon, an agent with Jordan Baris Realtors in West Orange, said she was recently called in by a Maplewood seller who had listed her home with another agency for six months with no activity. “We sat down with my laptop,” Ms. Vernon said, “and I showed her that her home had been significantly overpriced, at over $499,000.

“Based on what she saw on the screen, we very quickly set an asking price of $432,000,” Ms. Vernon added. “The house went under contract for $425,000 within six days.”

What Ms. Vernon and her client saw on the screen had been generated by a program customized for the Baris agency with hyperlocal real estate data. The final $425,000 sale price on the client’s house, coming in at 98 percent of the list price, turned out to jibe perfectly with the program’s estimate of what a house in this price range in this district would bring within the first 30 days on the market.

“It allows our agents to do hyperlocal analytics with a few clicks on the screen of their phone or their laptop or tablet, right there in real time, while they are sitting on a client’s sofa or driving around a neighborhood looking at houses on the market,” said Ken Baris, the agency’s president.

The program, called Advantage, was created by his brother Russ, a Web technology specialist in Connecticut, from data including automatic weekly updates by the Multiple Listing Service, “cleansed” of misspellings, typos and errant numbers that can contaminate results.

It makes use of so-called cloud computing technology, which stores a specific collection of data on a remote computer and makes it accessible to everyone in a given group — in this case the brokers who work for Baris.

“When you go to discuss a list price with a client, and you show them this,” said Jose Alduende, a vice president of Jordan Baris, “they don’t fight about price. It’s amazing, they just don’t fight.”

One afternoon last month Ken Baris provided an impromptu demonstration on his cellphone. Asked to pick a random Baris listing in a given town — Morris Township — he selected 5 Dorothy Drive, which has been on the market since July 3, and is now priced at $428,000.

Within seconds, he produced screenfuls of market data concerning the neighborhood (Burnham Park) and the school district (Hillcrest/Hamilton) for houses in the $400,000-to-$599,000 range:

¶90 listings were active; 202 homes had been listed in the last 12 months.

¶47 percent of total listings had sold or were under contract.

¶The average sale price had been holding steady over the last 30 days at $481,617.

¶The average number of days a house had spent on the market was down 3 percent, to 74 days.

¶Houses had sold for 94 percent of list price, on average.

¶15 percent of listed homes — 31 houses — had sold in the first 30 days. Of those, 16 percent (5 homes), had sold above list price.

Mr. Baris says he is so enthusiastic about what the Advantage program can do that he has decided not to sell rights to use it to any competing agency in New Jersey — although he has made presentations about its potential at a National Association of Realtors convention.

Earlier this year, he did make a deal with Coach Realtors of Long Island, a firm with more than 600 agents, which is now using its own customized version of the program. “We have a lot of tools for our agents to use, in fact probably more tools on the shelf and in our toolbox than we can use all the time,” said Coach’s broker/owner, Georgianna Finn. “But when I looked at this program, it provides data in a way no other program does — very, very local and very, very specific.”

Mrs. Finn said that she realized the program was likely to be “picked up and reinvented” by some other company, since “that is the way it happens in the world of technology development.”

“Right now, however, our agents have something no other agents have,” she said.

Other brokers and agencies said they could not assess the Jordan Baris Advantage program because they had not seen it in action. But Perri K. Feldman, an agent with Keller Williams based in Livingston, was one of several brokers — among them a short-sale specialist — who pointed out one obvious flaw: Multiple listing statistics don’t ordinarily specify whether a property is a short sale, a foreclosure, or an estate sales, and analyses based on that data will therefore not specify either. (Mr. Baris conceded that this was true.)

At the Coldwell Banker agency, which is part of the national real estate conglomerate NRT, a technology specialist named Monty D. Smith said he was experimenting with cloud computing technology on a proprietary system that would “put the entire real estate transaction process online.”

Imagine, Mr. Smith said, a transaction in which there were “no paper documents, no need to store the documents for years at agency offices. All parties to a transaction would be able to sign in at any time to check on the status of any part of the transaction, and take necessary actions to move the procedure along.”

“This project is not about marketing real estate,” Mr. Smith said, “but it could improve and speed up the process in revolutionary ways.”

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