An Australian proptech backed by ANZ, REALas uses a proprietary algorithm to predict property sales prices.
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How much is that property worth? What will it really sell for? The truth is no one really knows because it all depends how much someone is willing to pay. REALas brings data science into the equation. Its a property price prediction tool that buyers can use to get a clearer idea of what a property is really worth.
REALas processes local, historic and recent data through an algorithm to create a prediction of a property's sale price. Read on to learn more about REALas and its technology.
Quick facts about the company.
|Proptech category||Price prediction, property data|
|Backers||REALas is owned by ANZ, one of Australia's Big Four banks. Its algorithm is developed in partnership with RMIT University.|
What does REALas do?
We provide Australia's most accurate price predictions on properties listed for sale, so you don't waste your time out there.
-REALas, in its own words
REALas takes properties that are listed for sale, analyses the available property data and its own data sets to predict final sales prices.
To use REALas you simply need to enter the address of a residential property currently listed for sale (it won't work if the property isn't on the market).
The REALas algorithm takes current and historic data from CoreLogic and other sources, plus information about the property itself such as building size, number of rooms, land size, location and comparable recent sales.
It uses this data to create a clearer picture of the property's current value in order to estimate the sales price. This information is regularly updated to provide more-accurate results.
Currently, REALas can only predict prices for residential properties. And it cannot predict prices of newly built, off-the-plan developments.
Does it work?
REALas says that its predictions are accurate within 5% on 7 out of 10 properties and within 10% on 8.7 out of 10.
The cool thing with REALas is you can test if for yourself:
- Go to REALas and enter the address of a residential property currently listed on the market.
- Compare the REALas estimate to the price range in the listing. Make sure you note down the prediction somewhere.
- Wait for the property to sell and then check the sales price against the prediction.
This method takes a little time, but it's a relatively simple way to judge the predictions.
REALas began life in 2011 as a startup. The company's focus from the beginning was price prediction. REALas partnered with data scientists at RMIT University in Melbourne to make it happen.
In 2016 REALas was purchased by ANZ and its algorithmic prediction tool was incorporated into ANZ's own lending technology.
What we think
Finder's quick thoughts on the company and its offering.
REALas tries to solve a very clear and simple need. And that's refreshing in the proptech industry, where tech jargon is heavy and details are often light. Anyone can plug in an address and get a prediction in seconds.
It's simple, it's fast and you don't need to sign up or pay anything.
The accuracy of the actual predictions is harder to judge. REALas is certainly not a replacement for professionals on the ground. Property valuation usually requires a licensed professional to conduct an in-person inspection. Real estate agents usually know what's going on in their suburbs (especially when talking to sellers!).
It's always important to get information from multiple sources and do your own research.
Data can tell us a lot and ideally a carefully maintained algorithm only gets better over time. This technology is very exciting. But property is a human game. Ultimately a property is worth whatever someone is willing to pay for it.
And there's no algorithm that can truly understand the human mind (yet).
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