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What the Press is Saying About REALas

press saying about realas

What the Press is Saying About REALas

“new figures from property value prediction site realAs.com show properties are selling at auction for as much as 22 per cent more than the quoted price”

The clever, dirty, effective tricks being used to win auctions

13 July 2017 | The New Daily

 

“Melbourne agents are quoting prices more accurately than a year ago, according to figures from price predictor tool realAs that shows a smaller year-on-year difference between the price range and sold price for auctioned properties in some of Victoria’s most inaccurate suburbs for quoting.”

Underquoting: Data reveals small improvement in price quote accuracy since new laws introduced

3 June 2017 | Domain

 

“LJ Hooker’s DIY property selling platform Settl, while launching the 88-year-old company into a new tech era, will also undercut the commissions of its sales agents. … Josh Rowe, CEO of property price prediction app realAs.com, has welcomed the new LJ Hooker venture.”

Settl, LJ Hooker’s DIY hybrid property sales platform to take on disruptors

28 May 2017 | Property Observer

 

“Data released by property price predictor app realAs.com earlier this year laid bare the epidemic of underquoting in Australia’s capital cities.”

Home buyers, beware! Nobody in real estate thinks new laws will end underquoting

12 May 2017 | The New Daily

 

“Price estimates vary greatly depending on which source you ask. To get a sense of just how much variation there is, we looked at what a range of sources had to say about a two-bedroom terrace going to auction in Sydney’s inner west in April 2017. There was wide variation in the estimates, both across sources and within sources.”

Property valuations and price estimates

4 May 2017 | Choice

 

“Data from property value predictor RealAs reveals homes in the southeastern suburb sold for an average of 20.9 per cent more than their quoted prices at auction in the year to February.”

Glen Huntly, Templestowe Lower among Melbourne’s worst suburbs for house price quoting: RealAs

24 March 2017 | Herald Sun

 

“Josh Rowe, CEO of property price prediction app realAs.com, backed the new LJ Hooker venture. ‘A company that is not prepared to cannibalise their own business to meet customers’ changing needs will eventually fail,’ Mr Rowe said. ‘Netflix was originally a DVD mail order business with 20 million users at its peak. Now as a streaming service it has 99 million users. Perhaps LJ Hooker is the Netflix of real estate in Australia.’ ”

The Purplebricks effect: LJ Hooker launches DIY disruptor

1 March 2017 | Financial Review

 

“Rows of for sale signs in the one street may not create the best first impression. But it’s not as bad as you think. A plethora of real estate boards is a sure sign of high price growth, says Josh Rowe, chief executive of property price prediction firm realAs.”

Plenty of houses in one street for sale: It’s not always a bad thing

22 January 2017 | Domain

 

13 January 2017 | ABC Radio 774 Melbourne

 

“Do your own research by comparing comparable sales to determine what you think the value of the property is. Valuation sites can help provide a guide – realAs, which was started by David Morrell, is one site providing crowd-sourced valuations for buyers (with the help of a predictive algorithm developed by RMIT University).”

Real estate price underquoting

12 January 2017 | Choice Australia

 

“While its been in the market for a little while, property price predictor realAs.com has come into its own in more recent times calling out real estate agents who underquote and proving to be a far more accurate gauge of actual selling prices than estate agents.”

Real estate disruption to watch in 2017

30 December 2016 | Financial Review

 

“property price predictor and fellow disruptor RealAs.com is preparing to up the ante when it launches a range of services to bring buyers and sellers together.”

Year in review: A look back on the big stories affecting the real estate industry in 2016

29 December 2016 | Domain

 

“Agents caught underquoting will face penalties of more than $31,000 and risk losing their commissions. The new laws are expected to start next year.  Mr Rowe said the underquoting legislation allowed estate agents to change the reserve price up until the day of the auction, which defeated the purpose.”

Underquoting: Consumer Affairs criticised over ‘inconsequential’ investigation

3 November 2016 | Domain

 

“In Melbourne, a Richmond real estate agent has been fined $330,000 for underquoting the sale price of properties.  The Federal court found that Hocking Stuart was misleading consumers. The decision could have wider implications for the property market.”

Court fine serves as warning to real estate industry against price underquoting

6 October 2016 | The World Today ABC Radio

 

“The agency was fined $30,000 for each case and will also pay costs of up to $90,000. New laws due to come into effect next year are intended to crack down on underquoting, banning advertising price ranges of more than 10 per cent and open-ended advertising expressions such as ‘offers above’ and ‘from;’. In January, industry comparison site realAs.com declared Melbourne’s eastern suburbs were the country’s worst in terms of underquoting. NSW has already brought in new laws to tackle the practice.”

Melbourne real estate agency Hocking Stuart fined $330,000 for underquoting

6 October 2016 | Financial Review

 

Homebuyers in this Aussie city are being ripped off my underquoted prices

22 September 2016 | Channel 7 News Melbourne

 

“there are some comments from realAs chief executive Josh Rowe. Mr Rowe said: Victoria is the underquoting capital of Australia, it’s a cancer on the industry that must be fixed … The article goes on to say: But Mr Rowe warned there were numerous grey areas in the proposed legislation that gave room for rogue agents to continue to underquote. Mr Rowe said: For example, the proposed laws are silent on what price is quoted to prospective homebuyers versus what is in the agreement with vendors. This allows rogue agents to only nominate the official reserve price on the day of the auction … ”

Estate Agents Amendment (Underquoting) Bill 2016

13 September 2016 | Parliament of Victoria Legislative Assembly Hansard

 

“New data from RealAs shows real estate agents in 2016 have been closer to the mark with their price guides, but spring will be the tell-all as to whether they’ve been effective.”

The real test begins for underquoting laws as Spring auction market heats up

10 September 2016 | Domain

 

“Josh Rowe, CEO of another disrupter, property price predictor RealAs.com, said the arrival of Purplebricks was a sign that the growth of online and limited-assistance real estate offerings would accelerate.”

Real disruptors save home sellers more than Purplebricks

29 August 2016 | Financial Review

 

” … price predictor realAs.com slammed the reforms, with chief executive Josh Rowe, saying rogue agents would still exploit loopholes in the new regime, including changing reserve price just before auction.”

Victoria cracks down on underquoting

18 August 2016 | Financial Review

 

“The realAs website noted the agency has improved its price guidance as in June 2015 hockingstuart Richmond was inaccurately quoting properties by 22 percent on average, ie a $1,000,000 agent quoted house would typically sell for $1,228,000. Now they are one of the most accurate quoters of property prices at 11 percent on average.”

Hockingstuart Richmond admit to underquoting

5 August 2016 | Property Observer

 

Hocking Stuart Admits Underquoting

4 August 2016 | 9 News Melbourne

 

“This lack of trust – estate agents ranked third least trusted profession in a recent Roy Morgan poll – combined with the power of social media and easy access to in-depth property data is driving the biggest disruption to the real estate industry since online portals destroyed real estate classifieds a decade ago.”

Fresh wave of disruptors taking more of the pie from estate agents

1 July 2016 | Financial Review

 

Josh Rowe talks to Seb Costello on Triple M Hot Breakfast about underquoting and negative gearing

21 May 2016 | Triple M Hot Breakfast

 

“The changes could make underquoting easier to police by the regulator by providing a clear paper trail and tighter rules regarding price representation. Since the new laws were introduced, data provided by sale price estimate website RealAs has found a decrease in instances of likely underquoting in Sydney.”

Government seeks ‘urgent legal advice’ after failed underquoting court case

11 May 2016 | Domain

 

“The ability for buyers and sellers to interact through our marketplace will allow a more level playing field. Co-rating in this way changes the traditional relationship, of buyer, agent, seller; where the agent was the key to the whole transaction. … RealAs already produces lists of what it describes as the most honest agents, who most accurately quote home prices in Australia. The Pilcher Residential agency, named the most accurate agency, says, ‘Real estate agents which accurately quote home prices should be applauded for their honesty and ethical behaviour.’ ”

19 May 2016 | OPP Today

The difference “honest” buyer and seller ratings will make in real estate

 

“Start-up realAs.com has become a major disruptive force in Melbourne auctions, predicting prices more accurately than some agents, using a finely tuned algorithm and identifying agents that routinely underquote.”

Estate agents Raine & Horne to live-stream Surry Hills auction in ‘Australian first’

26 April 2016 | Financial Review

 

“The ability for buyers and sellers to interact through our marketplace will allow a more level playing field.  Co-rating in this way changes the traditional relationship, of buyer, agent, seller; where the agent was the key to the whole transaction.”

Australian Startup RealAs to Launch Buyer and Seller Ratings

21 April 2016 | Property Portal Watch

 

“New laws to combat underquoting in NSW appear to be keeping price baiting at bay, with data suggesting agents’ quotes have become more accurate since higher penalties were introduced.  But the problem appears to have worsened in Victoria, as the Andrews government prepares to launch its own anti-underquoting rules.  The Baird government introduced a raft of new laws, including penalties of up to $22,000, on January 1 to crack down on agents quoting significantly below a property’s selling price.  Since then, data from price predictor tool realAs showed a significant drop in the difference between the prices quoted to buyers and the prices achieved.”

Underquoting: NSW laws appear to have remedied price baiting; can Victoria improve?

18 April 2016 | Domain

 

“real estate agents are facing industry disruption from tech-savvy start-ups like BuyMyPlace.com.au, which lets vendors sell their property without engaging a traditional real estate agent and has also floated recently. Another disrupter, realAs.com, is also offering real estate services now”

Blue-chip real estate brand McGrath turns into sharemarket flop

24 March 2016 | Financial Review

 

“Figures compiled by real estate disrupter realAs.com found that Victorian estate agent quotes were on average out by nearly 20 per cent of the final selling price, compared with less than 10 per cent in NSW, where new underquoting rules took effect in January.”

Melbourne real estate agents face $30,000 underquoting fines

4 March 2016 | Financial Review

 

“Buyers frustrated with prices soaring above the auction guide should expect a reprieve in Sydney, new data shows.  The proportion of inaccurately quoted price guides dropped by a third in February 2016 compared to last year, according to statistics released on Tuesday by property price prediction company RealAs.”

Underquoting in Sydney on the decline: new data

2 March 2016 | Domain

 

“The crackdown on real estate agents accused of treating home owners like imbeciles.  It’s one of the dirtiest tricks of the trade and for some families, it has shattered their Aussie dream.  It all comes down to rogue real estate agents telling fibs.”

Real Estate Roulette

24 February 2016 | A Current Affair – Channel 9

 

“Melbourne’s eastern suburbs estate agents are the country’s worst underquoters, according to figures compiled by property price predictor app realAs.com.  The figures, which cover auction results over December, also reveal that Melbourne agents are significantly worse than their Sydney counterparts when it comes to providing a realistic estimate of property selling prices.”

Melbourne’s eastern suburbs are hotbeds of underquoting: realAs.com

11 January 2016 | Financial Review

 

“A major challenge that all startups face is how to get the word out about their company on a lean startup marketing budget … Less than two years later, Josh says, because of the company’s content marketing strategy, it’s now often quoted as a primary data source for traditional media and online bloggers.  How was he able to do this?”

How startups can win with content marketing

15 December 2015 | Newsmodo

 

“REINSW chief executive Tim McKibbin said the problem of underquoting is ‘far smaller than some believe it to be’. … Underquoting or ‘bait pricing’, where an agent markets a property for less than the feasible sale price to attract interest, was a hot button issue in the busiest years of the Sydney property boom.  Data from an October 2015 survey indicates 46 per cent of real estate agents sold properties at auction for more than 10 per cent of the quoted price, said Josh Rowe, chief executive at property price prediction site RealAs.”

Fair Trading investigating Sydney real estate agencies for alleged underquoting

10 December 2015 | Domain

 

“Can an app tell the cost of a home? The answer is ‘no’.  But recently there has been an onslaught of property-valuing applications and reports made available, which give a rough estimation of what a home is worth.  This includes services from CoreLogic RP Data, Domain, REA Group and RealAs, which use a simple, user-friendly model.”

How to outperform property-valuing websites

2 December 2015 | Real Estate Business

 

“The Westpac Innovation challenge with BlueChilli represents a good source of ideas. We come up with a need area in the bank which for this year was agribusiness. Then the creativity of the startup market helps figure out new ways to solve problems in that area.  In 2014, we looked at real estate and the company RealAs was selected, a website and app made by buyers, for buyers that uses a unique proprietary learning algorithm to provide accurate predictions of sale prices and a forum where buyers can exchange information about individual homes … The Innovation Challenge is one of the many ways we can generate good ideas, get them implemented and ultimately accrue benefits for Westpac and our customers.”

How Westpac is delivering innovation

1 December 2015 | Marketing Magazine

 

“we put the top online valuation websites to the test: Domain,  On The House (OTH), realAs, CoreLogic, realestate.com.au (REA) … realAs is one step ahead of its competitors. It sources price information from buyers, rather than relying property features and recent market data like its competitors. This appears to lead to more accurate estimates and with fewer outliers – realAs recorded the closest average price estimates, with smaller maximum variances across the properties evaluated.”

What’s your home really worth? Australia’s top 5 property valuation sites put to the test

25 November 2015 |  Which Real Estate Agent

 

“real estate agents which do not adapt to be truthful with their price quoting would lose market share in a ‘data driven real estate industry’ ”

McGrath under fire again over auction estimates

21 November 2015 | Financial Review

 

“RealAs.com is still a relatively new business but what Josh and his team have been able to do in a very short space of time is leverage the power of social media, content marketing and strategic media relations to build visibility in the marketplace, to connect with consumers and position themselves as a prominent voice in real estate circles.”

CASE STUDY: RealAs.com featuring Josh Rowe, CEO

24 October 2015 | PR Warrior

 

“Sydney’s most inaccurate house-price quoting is happening in the city’s north-west, according to data that shows prices in some suburbs have been incorrectly quoted by almost a quarter during the winter period.  But agents have hit back at the data from price predictor tool realAs, saying the suburbs in question are being targeted by an international market and developers who are willing to pay above and beyond a reasonable market value.”

Best and worst Sydney suburbs for underquoting: report

29 September 2015 | Domain.com.au

 

“Melbourne’s most inaccurate house price quoting is happening in the city’s east, according to data that shows prices in some suburbs have been incorrectly quoted by as much as 30 per cent during the winter period. But agents have hit back at the data from price predictor tool realAs, saying the suburbs in question are hugely popular and are being targeted by developers willing to pay above and beyond a reasonable market value.”

Best and worst Melbourne suburbs for underquoting revealed

28 September 2015 | Domain.com.au

 

“as both Melbourne and Sydney prepare to host more than 1000 auctions each this weekend, consumer advocate Neil Jenman said the realAs figures were evidence the real estate industry thumbs its nose at the authorities.”

More heartache for buyers as underquoting surges in spring auction frenzy

18 September 2015 | Financial Review

 

“The real estate industry is being reshaped by new technologies, as new apps inform and empower consumers. … And now there’s an app that can help buyers avoid wasting time on properties they can’t afford. realAs combines buyers’ property price estimates with a range of other data, to come up with a realAs price guide. Agents’ price guides are also logged, so it’s possible to see in black and white if agents appear to be underquoting. Considering widespread concern about underquoting, users can take comfort from the fact that realAs price guides are regularly within 5-10% of the final sale price.  Apps are putting power in the hands of consumers. The industry is scrambling to keep up.”

The digital disruption of real estate

11 September 2015 | The Real Estate Conversation

 

” Data from property pricing app RealAs shows that in many areas in both capital cities, agents’ estimates are often more than 25 per cent lower than the actual sale price. …  Deliberate underquoting is based on the premise that it is better to stimulate false hope to boost the number of buyers at an auction to create the impression of competition, or on the chance that those who have been duped overspend their limit. ”

Real estate underquoting by agents still rife in capital cities

15 August 2015 | The Australian

 

” It is a common occurrence in today’s residential real estate market, with data from property-pricing site realAs suggesting that some agents in popular Melbourne and Sydney suburbs routinely underquote by up to 30 percent. Agents themselves admit to the practice, with almost half of those surveyed in a 2014 Real Estate Business poll saying it is a major problem in the industry. ”

Why do real estate agents underquote property?

10 August 2015 | Australian Unity Life Plus Magazine

 

” In real estate, the role of the agent is changing as buyers use portals to find properties and new digital services, such as realAs or onthehouse.com.au, to find property values. Sites like ratemyagent.com.au use a social network style model to help people select a real estate agent. ”

Disrupting professional services: the way forward

3 August 2015 | Macquarie

 

” ‘The Australian consumer is very sophisticated, they have a very good capacity to look at data on their own and analyse it and make an informed decision,’ Dominello says.  ‘Where there’s a RealAs or a TripAdvisor or an Urbanspoon, people can go out and make comments, some will be complimentary and some will be horrendous. It all forms part of a big picture, and I say we should never shy away from providing the consumer with more information and never underestimate how intelligent the consumer actually is.’ ”

NSW government to crack down on real estate agents underquoting: “It’s our responsibility to act”

22 May 2015 | SmartCompany

 

“McGrath Estate Agents, founded by John McGrath, has threatened to sue the owners and operators of realAs.com, the property app which predicts auction prices, unless they remove a blog on the realAs website about inaccurate real estate agents. … In its reply to McGrath, realAs – through its lawyers – rejected the allegation of defamation: ‘Our client is satisfied that the data [used to compile a list of inaccurate estate agents] is accurate and substantiated.’ ”

McGrath Estate Agents threaten realAs with defamation lawsuit

21 May 2015 | Financial Review

 

“RealAs has exclusively released research to SmartCompany it claims proves some of Stockdale & Leggo’s Melbourne offices have been inaccurately quoting on some auction prices.”

Real estate agents subject to inaccurate quoting claims by RealAs revealed: “For too long secrets have been kept from both sides of the equation”

19 May 2015 | SmartCompany

 

“Property startup RealAs has shot down threats of a defamation lawsuit by real estate agent Stockdale & Leggo, saying it has research to support its claims that several of the agent’s offices have been inaccurately quoting some properties by as much as 30%.”

RealAs backs its inaccurate quoting claims against Stockdale & Leggo despite defamation threat

18 May 2015 | SmartCompany

 

“RealAs was founded last year … with the aim of stamping out underquoting by providing accurate quotes using an algorithmic formula. … realAs CEO Josh Rowe was defiant: ‘realAs.com will not submit to efforts by Stockdale & Leggo to restrict any of our legitimate business activities,’ he said.”

Melbourne agents to sue property price predictor, realAs.com

12 May 2015 | Financial Review

 

“Mr Rowe said the company would continue to publish data predicting the actual prices of homes for sale by all agencies, including Stockdale & Leggo, and comparing them to agents’ “estimates”.”

Property agent threatens to sue over alleged dodgy pricing link

12 May 2015 | The Australian

 

“Josh Rowe, CEO of RealAs, which is backed by buyers agent David Morrell said prior to auction, there was the chance that the apartments could ‘soar above everyone’s expectations with the celebrity TV factor added in’ ”

The Block results a win for television and contestants, not investors

30 April 2015 | Financial Review

 

“RealAs found that, on average, the top ten most inaccurate real estate offices in Sydney and Melbourne were out by 22 and 30 per cent respectively on their pre-auction quotes in March, while its algorithmic app – backed by Melbourne buyer’s agent David Morrell and Hawthorn chairman Andrew Newbold – was more than twice as accurate, on average out by about 10 per cent on the same auctions.”

McGrath Real Estate defends inaccuracy: ‘strongest auction market in 32 years’

24 April 2015 | Financial Review

 

“An independent real estate firm operating in Sydney’s hot inner west housing market has ranked as Australia’s most accurate for quoting prices ahead of auction, according to a survey by property price predictor realas.com.”

NSW and Victoria’s most accurate estate agents revealed

20 April 2015 | Financial Review

 

“New research claims Melbourne is the worst city for underquoting before auctions.”

21 March 2015 | Seven News Melbourne

 

“House-hunting heartbreak. Have you had the frustrating experience of finding the perfect home that’s in your price range, only for it to sell for way more than the quoted price? It’s a frustration that most first home buyers deal with every weekend: you find the ideal place, you excitedly place an offer or head along to the auction only for the place to sell for way more than the listed price. It’s known as underquoting and it sucks.”

Been priced out of your dream home?

10 March 2015 | Triple J Hack

 

“Despite reports that the property market has been booming in recent months with prices on the up, new figures from recent months indicate otherwise. According to new data released by realAs, nationwide prices were down by an average of 2.7 per cent from December to February.”

Are you struggling to sell your house? Australian homeowners forced to slash their asking price

1 March 2015 | Daily Mail

 

“The property market may be running hot, but it’s not running hot for everyone.  A survey by property price predictor realAs.com of almost 3000 homes up for sale across Australia found that vendors had on average cut their asking prices by 2.7 per cent between December and February.  In some cases, vendors had cut asking prices by as much as 40 per cent, with price corrections occurring across the market – from the cheaper end to multimillion-dollar trophy homes, in both city and regional locations.”

Vendors slash asking prices to find willing buyers

24 February 2015 | Australian Financial Review

 

“The Australian real estate sector has been marked as ‘ripe for disruption’ for some time. Despite technology tools, instant information access and a level of consumer empowerment in real estate transactions, the industry has been stalling for the right innovation drivers to turn it on its head.”

realAs app rocks the real estate sector

12 February 2015 | Westpac

 

“RealAs, an Australian app that predicts property prices for house-hunters could be on its way to New Zealand”

22 January 2015 | Radio NZ

App that predicts property prices could be on its way to NZ

 

“Queensland home buyers have a new tool to help them snap up properties at a fair price. The software claims to predict the sale prices of any home on the market to avoid being lured in far below the winning bid.”

10 January 2015 | 9 News Queensland

 

“The Finance Brokers Association of Australia has called on the nation’s prudential regulator to investigate alleged systemic under valuation it claims is being caused by over-reliance on computer-generated pricing.  Josh Rowe, chief executive of realAs.com, believes the key issue is transparency, regardless of whether the valuation is generated by computers or individuals. He said pressure could be put on valuers to improve performance by publishing both the prediction and the sale price so the public can assess their accuracy.”

10 January 2015 | Australian Financial Review

Brokers call for property valuations probe

 

“Real estate agents have been put on notice by a company which claims to be able to predict the sale prices of any home on the market.  The new software promises to help home buyers avoid the notorious practice of underquoting.  The Real-As database combines advertised prices with real estate experts, buyer expectations and final sale prices to estimate what a property will sell for.”

9 January 2015 | 9 News

New real estate app aims to end underquoting

 

“This technology may be the game changer in real estate in 2015.  Every homebuyer knows the pain of missing out on their dream home thanks to an underquoted sale price.  Enter Josh Rowe and RealAs, a website and app built for house-hunters who want to know the real value of a property”

7 January 2015 | The Sydney Morning Herald

The app that predicts property prices

 

 

“Real estate price-predicting app realAs has won a six-month mentorship from the BlueChilli incubator and $40,000 from Westpac after taking out the bank’s inaugural innovation challenge, with the two organisations securing first rights to invest in the start-up.”

20 November 2014 | BRW

Westpac, BlueChilli have first chance to get the price right on RealAs

 

“Westpac group head of innovation Ian Hill said that the five finalists’ innovative ideas were of a particularly high standard, with the overall response to the inaugural Westpac Innovation Challenge from the local startup community he described as ‘phenomenal’. ‘We received more than 100 impressive applications. The top five finalists all have impressive ideas, but realAs really shone today,’ said Hill.”

20 November 2014 | ZDNet

Westpac looks to tech startups for business solutions

 

“Westpac launched its inaugural innovation challenge in September, offering funding and training for a start-up with the most disruptive business solution for Westpac’s SME and commercial real estate customers. Just over 100 applicants were whittled down to five over two months. The finalists were last night offered the opportunity to pitch their ideas in front of a live judging panel, which selected the ‘realAs’ property price prediction platform as the winner.”

20 November 2014 | IT News

Tech start-ups battle it out for Westpac funding

 

“Similar to American counterparts Zillow and Trulia, the winning applicant, realAs, provides accurate predictions of property sale prices alongside a forum where buyers can exchange information about individual homes.”

20 November 2014 | Finextra

House price prediction startup wins Westpac Innovation Challenge

 

“Westpac Group and venture technology accelerator BlueChilli today announced Josh Rowe from realAs is the winner of the inaugural round of the Westpac Innovation Challenge. … realAs has won a $40,000 cash prize and a six-month placement in the BlueChilli accelerator program to develop its website and app that helps home buyers and investors find out what price properties will really sell for. ‘This is exactly the kind of leading edge, future-ready idea we were looking for,’ said Westpac Head of Digital Business Banking, Kalpana Gee.”

19 November 2014 | Westpac Group

realAs wins Westpac Innovation Challenge

 

“RP Data stands accused of indirectly aiding the real estate underquoting game, after Victoria’s consumer protection agency cited the data provider in dismissing a complaint about a property declared ‘on the market’ when it reached a price 42 per cent above the quoted price of $660,000 at auction.  … The data provider was not wilfully aiding estate agents who underquoted as a way of baiting buyers, but its data based on historical prices was not up to speed with current conditions and permitted the practice to take place, said Josh Rowe, the chief executive of price comparison site RealAs.com, who lodged the complaint about the October 18 auction last month.”

13 November 2014 | Australian Financial Review

RP Data accused of home underquoting influence

 

“A new smartphone app has unearthed one of the biggest real estate secrets in the industry – proving agents regularly underquote properties going to auction to attract unassuming bidders.  Property pricing app realAs, which was launched by buyer agent David Morrell, Hawthorn Football Club Chairman Andrew Newbold and Josh Rowe, aims to rid the industry of the dirty tactic.  According to data from the app, agents consistently underquote properties going to auction by up to 33 per cent.”

2 November 2014 | Daily Mail

Buyer beware: Real estate agents caught underpricing auction properties by up to 33 PER CENT as a ploy to attract weak bidders

 

“Real estate agents in popular Melbourne and Sydney suburbs routinely underquote by up to 30 per cent, new research lifting the lid on one of the industry’s dirtiest secrets has found.  Data from property pricing app realAs shows that underquoting of properties going to auction ­remains rife.”

1 November 2014 | The Australian

Secret agents’ price ploy exposed as underquoting ‘rife’ in suburbs

 

“For buyers who are frustrated with auctions where prices spiral well above the price guide (and their budget), the application provides an alternative price estimate to that provided by real estate agents.”

28 October 2014 | Property Observer

Underquoting: Q&A with realAs’ Josh Rowe

 

“Agents say they routinely adjust prices during a sales campaign to reflect strong demand and rising prices, and that the onus was on the buyer to check amended listings. However, Rowe says buyers were sick of the unlawful practice and likened the enforcement regime to being slapped with a ‘wet lettuce’.”

23 October 2014 | Smart Investor

Top seven hotspots for underquoting

 

“A recent survey by realAs found Blackburn is the nation’s worst suburb for underquoting, with typical properties selling for more than 30 per cent higher than originally advertised on websites. Other underquoted Melbourne suburbs include Vermont and Templestowe Lower, both about 30 per cent, and Box Hill, around 25 per cent. Sydney’s black spots included Peakhurst, where houses typically sold for about 28 per cent above the agent quote, Manly, about 27 per cent, and Epping, 25 per cent.”

23 October, 2014 | Australian Financial Review

Underquoting, bait pricing ‘rampant’ in property auctions

 

“We regularly get contacted by people here at 774 ABC Melbourne about stories of skulduggery in the real estate industry. But I don’t recall as glaring, as outstanding, as appalling an example that Josh Rowe has written to us about. It’s a compelling story of underquoting par excellence” – Jon Faine

22 October, 2014 | 774 ABC Melbourne

 

“realAs.com was asked to compare sales prices achieved at weekend ­auctions over the past month in ­Melbourne and Sydney, with the ­estimates provided by real estate agents when the properties went on offer.  Most states and territories require real estate agents to give vendors an estimated selling price and to justify its accuracy.  This can be a tough call in a rapidly rising market, with weekend clearance rates regularly topping 80 per cent.  But analysis reveals sale prices ­routinely beat estimates by massive amounts in popular postcodes in ­Melbourne and Sydney.”

20 September, 2014 | Australian Financial Review

Home buyers lured with underquoted prices

 

“Some market experts blame a culture of baiting buyers with low prices and exploiting lax regulations to attract visitors to open days, build buyer interest and push up prices. ‘ The underquoting is too widespread and by too much to be isolated incidents,’ says Josh Rowe, chief executive of realAs.com, a website that predicts home prices to within 5 per cent on average.”

19 September, 2014 | Sydney Morning Herald

Property prices for popular postcodes in Melbourne and Sydney are routinely underquoted

 

“The newly launched app realAs promises to predict the ultimate selling price of homes currently on the market.  If the online valuation tool is as accurate as it claims to be, it could end up saving you a lot of time and help you get a better idea of how far you can stretch your budget.”

19 September, 2014 | Property Observer

The 10 free online resources every novice buyer should use

 

“It struck me that the only new sites we need, and the only ones that are likely to survive, are those that tackle a problem we’re facing – or provide something new – rather than adding to the busy online real estate landscape.  Josh Rowe told me one very important thing about realAs’ successes and failure. When it doesn’t accurately predict a property’s purchase price, they won’t hide it. They won’t keep these secrets from their users.”

5 September, 2014 | Property Observer

Letter from the editor: Real estate and the internet

 

“My brother-in-law swears that he and a bunch of academics have figured a great way to work out the true value of the home you’re thinking of buying, relying on the wisdom of crowds.”

25 August 2014 | Herald Sun

Brother-in-law has invention

 

“Technology is increasingly looking to make our property research easier. The new app realAs looks to present predictions of what the properties are worth, and notes that they do so with a high degree of accuracy – factoring in features like what is on the market and comparable aspects.”

22 August 2014 | Property Observer

How to: Determine market value so you don’t overpay

 

“Buying property in Australia seems to be a bit of a mug’s game at the moment; if you can turn up at an auction and find yourself several hundred thousand dollars out of the bidding, something is wrong. If realAs goes some way to make it a bit more of a transparent process, that’s a very good thing.”

12 August, 2014 | Gizmodo

realAs Promises To Accurately Quote Australian House Sale Prices

 

“A new app might spell the end of real estate price baiting, a practice where agents advertise a lower-than-expected price ahead of an auction in a bid to lure buyers.  The realAs app, developed in conjunction with RMIT University in Melbourne, produces accurate predictions on the final sale price of properties.  The company claims that 64% of predictions are within 5% of final sale price and 89% of predictions are within 10% of final sale price; a rate its developers claim is far more accurate than US-based rivals such as Trulia or Zillow.”

12 August, 2014 | Startup Smart

AFL club president backs startup with a realAs solution to dodgy real estate price ads

 

“A new app, realAs, claims to be able to predict how much a home will sell for, with a margin of error of just 5%.  The app, which is said to learn as it goes and to become more accurate as people use it, is based on this core algorithm. Consumers are asked to include their views about homes they have seen, and prices are input into the system.”

12 August, 2014 | Property Observer

Can this algorithm determine what a “bad” property is?

 

“What is realAs? Why is it needed? Who will use it? How will it affect the real estate industry?”

11 August, 2014 | Beers, Blokes & Business

Time to get realAs 

 

“A new technology hopes to shake up Australia’s real estate industry by changing the way Australians search for and buy homes.  A new app known as realAs, or website realAs.com, predicts the sale price of a home – usually within 5 per cent of the actual sale price – and encourages buyers to share opinions on available properties they’ve viewed.”

11 August, 2014 | Australian Property Institute News

realAs to shake up Australian real estate

 

“There’s blatant underquoting and everyone is sick and tired of it,” said Melbourne estate agent Greg Hocking. “David Morrell has been a lightning rod exposing this culture among some agencies and how they operate.”

11 August, 2014 | Business Review Weekly

Tech start-up launches realAs app to end real estate underquoting

 

“It’s the heartbreaker of the real estate business and a huge time waster – the underquote. But now two high-profile Melbourne men say they’ve developed a smartphone app that will kick the dirty tactic into oblivion.”

August 9, 2014 | Australian Financial Review

Hawthorn president backs app that will “put underquoting to bed”

 

“A new property website is aiming to shake up the real estate ­industry by ending the practice of agents underquoting to lure buyers to drive up auction prices.  The realAs app and site, to be launched today, uses an amalgam of historic prices and crowdsourced estimates from buyers and agents to predict final selling prices to within 5 per cent.”

August 7, 2014 | The Australian

Property service and app to help you get real about predicting final house prices

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