PropMix API Search Best Practices for Best Results

Less is not always more…

We have all heard the term, “Less is More”, but when trying to find comparable sales and listings that is not always the case.

There is a school of thought that if I keep my search simple, I will get everything I need, therefore, if you look for comparable sales and listings within 1 mile and 12 months from your subject property, that should return a sufficient set of results. Well, the problem with this logic is if all your searches are “generic”, your results in urban and rural areas will vary widely.

Consider a 1-mile radius search in Queens, NY, where there are hundreds of residential units of all types on one city block, therefore thousands within a 1-mile radius. A search in a densely populated area like this could return upwards of a thousand or more results, when only 50 or 100 are needed.

api search

Conversely, you run the same 1-mile radius, 12-month search in a rural area like Colts Neck, NJ where there are a multitude of mansions and horse farms on multiple acre lots, there may be a few dozen properties in total within a 1-mile radius. You would find results in the single digits for the same search in this area.

Understanding the market is paramount to getting the best possible results.

If you know you are working within an urban area, here are some suggestions:

  • Reduce your radius to half a mile
  • Shorten the timeframe to 6 months
  • Tighten search criteria such as:
    • GLA +/- 20% of the subject
    • +/- 1 Bedroom/Bathroom
    • Sale or List Price Range, etc.

Here are some suggestions when working within a rural or even some suburban markets:

  • Expand your radius to 3 or more miles
  • Add 6 months to the timeframe
  • Broaden the search criteria by as much as 50%
    • GLA +/- 40% of the subject
    • +/- 1 Bedroom and +/- 2 Bathrooms
    • A wider Sale or List Price Range, etc.

With PropMix API’s, you have the option of re-running your search as many times as necessary, without paying more for the same appraisal order. In fact, we encourage our clients to develop adaptive searches that will iteratively call our APIs and adjust the filter parameters to optimize time, distance, and additional filters to achieve the best comparable results.

To help our clients implement such best practices we launched a Professional Services division in 2018 that has already enabled many clients to retrieve the best comparables straight into their applications with optimal API integrations.

In my next blog post, I will explain some of these API integration scenarios so that you can achieve the same with PropMix APIs.

PropMix Launches Version 2 of REMarketLite Data

PropMix recently rolled out Version 2 of REMarketLite. With a new and improved V2 version of REMarketLite, you have access to better, more complete and up-to-date Real Estate market data. We have improved the Public Record data, field population, quality and fill rate, as well as new content in the API responses.

REMarketLite V2 is all you need for your research, review and valuation workflow. Use your local board membership to access extended listing details and images. REMarketLite V2 offers the most robust data available in the industry today and we are making improvements daily.

REMarketLite V2

Provision of MLS Data Through APIs

Learn more about how PropMix implemented the Data Factory TM for a leader in the data driven engagement for lead management and data information services in the Real Estate industry. The customer gets a single API interface to any MLS in the country and does not have to map, store, upgrade, and maintain the data infrastructure. The customer is able to provide the most current listings to their end-customers without going through the hassles of ever-changing data mapping rules of MLSs, and the periodic changes in data standardization guidelines of the industry.

MLS Solutions for Valuation and Forecasting

PropMix provides comprehensive and accurate listing and property data, including maximum available history, and a complete image store for all historic listings. This is used by a customer who is a market leader in the valuation and forecasting models to provide inputs to the real estate appraisal, mortgage lending, and mortgage securitization processes. The customer now has full access to comprehensive and accurate nationwide listing data from over 200 MLSs via a single channel provided by PropMix. All the data they receive is standardized to a single data model – RESO 1.4 (soon to be upgraded to 1.5). PropMix and Software Incubator have eliminated any need for the customer to manage complex MLS relationships. Most importantly, the customer is reaping the cost benefits from the economies of scale offered by PropMix’s listings service accessible consistently across all MLSs.

iAppraiser to revolutionize appraisal workflow in Real Estate

The recently released upgrade of iAppraiser is expected to revolutionize the appraisal workflow in the Real Estate industry. iAppraiser is a collaborative B2B app for lenders, borrowers, home inspectors, and appraisers to collaborate and accelerate appraisal flows. The app is one of many built completely on the PropMix platform – a real estate smart app development platform powered by big data, cognitive computing, and design thinking.

iAppraiser provides embedded access to nationwide MLS and public records data along with images of the properties. iAppraiser can be integrated seamlessly with upstream and downstream applications in the loan origination process. It provides the business an end-to-end view and real-time status of each appraisal order for a loan application. This improves efficiency and eliminates delays, leading to better customer satisfaction. With iAppraiser, you can bring all your parties to the same page within a week of implementation using this fully customizable and branded application platform.

You can get your trial credentials to the iAppraiser app at iappraiser.propmix.io.

PropMix Announces the Launch of Portfolio Monitoring service

The Portfolio Monitoring service from PropMix enables a lender to monitor their loan book daily for updates that would impact the quality of their assets. Given the dynamic nature of the real estate market, it is imperative that the customer keeps an eye on the properties to ensure preservation of capital invested in the business, and minimize chances of capital loss. This helps the customer keep tabs on market activity, such as notices of default, pre-foreclosure, and foreclosure activity, for the properties in its portfolio. PropMix does all the heavy lifting – market data gathering, data management, and business event monitoring. The alerts identified pass through a rigorous quality check to ensure that they meet high standards for data and insight quality. These alerts are then delivered to the customer’s asset control team as an input to their monitoring process. Alert delivery is also customizable for each client – frequency (daily, weekly, etc.) and channel (APIs/files).

PropMix implements Software Incubator’s Data Factory model

PropMix partnered with Software Incubator (SI), a 15-year industry veteran in Real Estate data management, to accelerate its data delivery and improve its data quality. PropMix implemented SI’s Data Factory TM model to analyse, map and validate the data received from various MLSs. Data Factory is a set of best practices and software tools to enable an organization to stand up an end-to-end data management capability from data collection to delivery. Data Factory tools are based on machine learning and industry specific semantic ontologies that continue to automatically adapt to changing data models and metadata.

PropMix adapted the data factory to the different MLS data permissions models and MLS-specific connections to enable complete history data/image access and a 15-minute delayed listing/image updates for all MLSs. In addition, the strong data governance and metadata management capabilities of the data factory can handle ongoing M&A activity among MLSs and change in MLS platform vendors that impact the mapping and standardization steps.

Customers now have full access to comprehensive and accurate nationwide listing data from over 200 MLSs via a single channel provided by PropMix. All the data they receive is standardized to a single data model – RESO 1.4 (soon to be upgraded to 1.5). PropMix and Software Incubator have eliminated any need for the customer to manage complex MLS relationships. Most importantly, the customer is reaping the cost benefits from the economies of scale offered by PropMix’s listings service accessible consistently across all MLSs.

RE Market Data from Propmix Empowering Valuation Solution Providers

RE Market Data is a simple to use set of API’s that makes is easy for Valuation Solutions Providers to auto-populate the necessary fields of data they typically use to generate valuation reports of all types.

By providing a “lighter” set of the most commonly needed RESO Standardized fields, RE Market Data allows for speedier integration into solutions such as BPO’s, Appraisal Market Conditions, AVM’s, CMA’s and more.

RE Market Data offers the ability to search for comparable listings by Geography, Radius, Listing History and Listing Images. Search filters include Months Back, Listing Status, Property Type, Bedrooms, Bathrooms, Living Area, Year Built, Price and more. You can run counts prior to downloading, which allows you to expand or fine tune your search criteria to suit your products need.

Public Remarks and Listing Images provide insight and a view of the property that give you the ability to truly compare one property to another when selecting comparable listings and sales.

Use RE Market Data for more accurate and efficient property valuations.

PropMix Announces the Launch of iAppraiser App

iAppraiser is a collaborative B2B app for lenders, borrowers, home inspectors, and appraisers to collaborate and accelerate appraisal flows. The app provides embedded access to nationwide MLS and public records data along with images of the properties.

The app gives the Lender a complete end-to-end view of the appraisal workflow as well as the real-time status of each application under process. Availability of data from both MLS and public records helps the lender create the most exhaustive property details for use downstream.

By making the Borrower inputs optional, iAppraiser allows the Lender to determine when it is appropriate to wait for the Borrower’s inputs. Otherwise, the processing is speeded up by sending the application straight to the inspection stage. The app allows both Inspectors and Appraisers to indicate a tentative date for completing their work resulting in better transparency to the Lender. All users have separate input sections and work areas for more productivity. Each role gets to review their reports before submission to the subsequent change. The app also allows appraisals to be sent back to the earlier stage if additional information or modification is required.

iAppraiser can be integrated seamlessly with upstream and downstream applications in the loan origination process. Provides the business an end-to-end view and real-time status of each loan application. This improves efficiency and eliminates delays, leading to better customer satisfaction. Bring all your parties to the same page using this fully customizable and branded application platform.