Statistics make buying and selling a lot easier
PROPSTATS, the statistical data service set up by the Western Cape branch of the Institute of Estate Agents, has over the last year been upgraded so it provides a really useful free service to IEASA Western Cape members, says Annette Evans, PropStats manager.
“Sales data for 1 500 estate agents in an area from Simon’s Town to Swellendam to Saldanha are being submitted to PropStats. In areas like the Atlantic seaboard, more than 90 percent of agents are contributing.
“In certain outlying areas such as the Swartland less than 50 percent contribute – but this does not alter the overall veracity of the data and the number of participants increases month by month.
“This infor mation comes through in real time – as soon as the sale has been confirmed – which is well before the actual transfer takes place,” explains Evans.
The 120 data suppliers, some working for as many as 100 agents, says Evans, give PropStats information about the property’s address and erf number, the listed price, the actual sales price achieved, the area, the numbers of rooms – together with additional features such as swimming pools, servants’ accommodation and garages. The age and condition of the buildings and the time the home was on the market are also provided.
“This information,” says Evans, “helps agents to accurately evaluate other properties in the areas they serve. It also enables agents to justify their valuations to sellers and buyers. Using these individual reports, they can show their assessments are market related.”
Evans says IEASA Western Cape had listened carefully to its mem- bers so PropStats has evolved to provide the most useful information.
“Now we intend to go a step further and give an informed analysis of the data which will provide agents with a broad picture of what is happening on the residential front of the Western Cape.”
Evans says the latest figures indicate that residential property started to recover in about August and gained momentum from early September. This is shown by the decreased listing days taken to sell homes and by the much-publicised deflation in prices now easing off – with a rise in prices (the first in two years) probably becoming evident from early 2010.
Also available on the internet is IEASA’s own website www.ieasa wcape.co.za for up-to-date information on the Institute of Estate Agents of the Western Cape and rel- evant information about changes.
To join the institute or sign up to PropStats visit www.propstats.co.za. The site provides a membership application and a debit order form. The service costs R45 a month or R540 a year per member.
Although PropStats data is not available to the general public, agents can provide this data when doing valuations on clients’ properties. PropStats can also be accessed online in a client’s home when agents are advising on prices or presenting valuations.
Besides the usual agent members of the institute, valuers, attorneys and accountants, banking executives and other related industries can join as affiliate members. Each member has a login code and password enabling them to access PropStats online anywhere and call up the data at any time.