Curious as to whether a real estate agent can influence/update the sales price estimate for a property on Realestate.com.au?
Edit: Just to clarify, the property is not listed for sale. I mean the 'price estimate' that it shows when you enter any address.
Asking for a family member.
The agent can go into RP Data and edit the property details, which in many cases are out-dated. This will change the estimate when the agent runs a valuation report.
That’s actually interesting to know, thanks.
No, you’re correct- they cannot adjust the price estimate displayed on realestate.com.au
REA have their own in house property data brand, which run property valuation models. These property valuations are displayed on the website, and variations of them are on sold to banks and other data companies
Note: example in a webpage here. They’re not ads for the property, rather a play by realestate.com.au to be a property data company, and catch the web traffic of people googling addresses
If it's their ad, sure they can
Yes, in Victoria they are legally required to update the price to reflect interest in the property
Do you mean a property that is actually on the market, or the "price prediction" thing they do for properties that are not for sale?
Price prediction
the Sales Price Estimate is the avg sale price in that area
I had a look and I couldn't find a price estimate.
Its either their asking price, asking price range, no price (please enquire) or the mortgage estimate.
They sometimes also provide an 'auction guide' closer to the date
Is the estimate from the sales stuff the RE puts up or from an estimate when you enter the address?
Active sales are set by the agent, entirely. realestate.com.au have no role in that.
House prices not on the market are set by a mix of most recent selling price mixed with increases/decreases in the local area. If a house sold 6 months ago for $X they'll heavily rely on that price to determine the current. If it hasn't sold in 30 years they'll rely on similar properties in the same area. But then they're not on the market, so there is no REA involved at all.
Do they pull data from the council to get the building size and number of bedrooms? They seem to list number of bedrooms for properties that have never been sold in the internet era.
Thanks all.
No.
Edit: Not sure why I’m being downvoted. If we’re talking about the “price estimate”, the data on realestate.com.au is just pulled from a third party (RPData I believe), and can’t be changed by the agent.