Data can bring home buyers back to reality

When it comes to reality real estate shows such as Million Dollar Listing New York you wonder how much reality is actually involved.

A great example is when a buyer makes an offer.

Instead of a rational discussion, sometimes the discussions seem to resemble third graders arguing on the playground.

“Oh, yeah, well, he’s crazy if he thinks that condo is worth that much. There’s construction going on right next door.”

“Well, for your information, smarty-pants, once that construction is finished, the condo will be worth $3 million more so take that back to your buyer.”

Of course, this is paraphrased. But one has to ask, “Where is the data?”

Take school data that is offered by firms such as Home Junction Inc.

Especially when these people aren’t arguing over the price of baseball cards – but as the show points out, million-dollar properties.

We don’t know what goes on behind the scenes and maybe this information is covered somewhere in the transaction.

But again, take school data.

Mr. Buyer might think Property A is worth 30% less than the listing price.

But, if you look at the school data, there are three prestigious schools located nearby that have some of the highest test scores in the area.

They have great student/teacher ratios.

High graduation rates.

One of them is a renowned school for the arts.

Etc., etc. etc.

Or take neighborhood data.

Sure, the property is expensive.

But maybe Central Park, or some great park is one block away.

Or, there are these five restaurants with high Zagat ratings within a few blocks.

Data can help with negotiations.

Data can help win arguments.

Data is not emotional.

So, a buyer can say, “Well, then I’m not going to play anymore and I’m taking my toys (offer) away.”

But an agent can be an adult and can back with a long list of facts from data provided on their website.

Facts that show – yes, I am selling this property for x.

But look at all the factors that support this price. The location of schools. The location of lifestyle amenities. The location of great restaurants. Fantastic hospitals.

One doesn’t see too much of this on these reality shows.

Of course, the producers want to see these third-grade type exchanges, because it increases ratings.

But data increases sales.

For more information on adding layers of data to any real estate website, and in a map-based format if preferred, visit Home Junction’s SpatialMatch site here.

To learn more about the show and some of its “sharkiest” moments, click here.