Noteges Club is considered the most accurate valuation tool on the market

April 7, 2019
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This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

With data showing that 244,310 sales orders and 37,519 properties sold for a value of more than 5,283 million euros in the last eight years, the real estate professionals of the Notegés Club generate the most accurate Big Data on the market. The association has thus become a reflection of the reality of the national real estate sector, by transferring among others the actual sales data, the existing gap between the starting price and the sale price in each community, the main reasons at the time of taking to the market a property, and the existing demand able to absorb the houses.

These are due as explained by the CEO of the Notegés Club, José Luis Jimeno, to the fact that the association has more than 980 real estate consultants who "generate a large volume of data in their daily work, data of incalculable value as they are the most glued to the reality of the market".

Among the group of professionals involved in the purchase/sale of a property, Jimeno said, "the only ones who know the true price at which a home was sold are real estate professionals."

This is due, on the one hand, to "real estate portals knowing how much the owners want to sell their homes but when they sell it they do not call the portal to tell them that instead of selling it at the the originally asked amount of, say, 180,000 euros, they ended up selling it for 125,000 euros," said Jimeno. On the other hand, he added, "banks do know as soon as the home has been financed but they do not know the real purchase price, since it is common for the client to indicate to the entity a higher price to get a higher percentage of financing, as well as it happens, in reverse, sometimes to notaries and registrars."

As well as within the group of companies in the sector, the real estate consultants of the Notegés Club have large volumes of digitized and analyzed data prepared to prepare a complete assessment report of any type of housing, since the business school of the Notegés Club, through its consultancy, it went ahead of the new reality of the market by implementing a complete analysis of data that encourage the daily feeding of a huge Big Data on the sector eight years ago.

It was one of the tools that made it possible for the professionals of the Notegés Club to cope during the crisis, growing exponentially in the face of the disappearance of a large number of real estate agencies. "And it is one thing to put the house for sale and quite another to sell it," says Jimeno.

Notegés Club also has more than 771,000 registered buyers, with 192,000 of them still actively searching for adequate housing, practically 40 percent of the Spanish demand.

From each of them they know what, why, where, when and with whom they will buy the property. With this data, a promoter can be offered, for example, "the socioeconomic profile of the demand in an area before buying the plot to develop it, knowing the size of the families, the type of housing they are looking for, the savings and income that they have, payment commitments and rents available to invest in housing [...] Information of vital importance for that promoter that wants to succeed in the construction of the product that covers the concrete demand in each zone", has qualified Jimeno.

The general director of the consultancy that develops the Notegés Club comments that in an industry as recent as the Automatic Massive Valuations (AVM), on which the Bank of Spain is preparing a notebook of recommendations at this time, "the main advantage Competitiveness of the Big Data Club Notegés are the eight years of experience that we have been perfecting the algorithms and accumulating data, making our Big Data the most accurate tool in the sector today to predict the price at which it will finally end up selling a property."

"This is why Club Notegés data is so prized by the media, because with them we know the difference between the average price of departure and the end of sale in any area of ​​the country," Jimeno stressed.

With these data you can analyze the behavior of the market in each locality, province or autonomous community. With this data it is known where housing prices rise and where they go down; trend changes are discovered in real time, adapting the strategies to anticipate the future instead of tripping over it, as it usually happens when the data is unknown.

"This business model works as much in crisis environments as it did in the 2008-2013 period, in which Club Notegés associates sold more than 15,000 homes with half the number of offices now and where 87 percent of the sector disappeared, as in development environments," said its CEO.

The innovative business development implemented nationally by the consultancy Noteges, where given the huge volume of information managed has led to a system of analysis that feeds the business model, has led to a growth of 207 percent in its network of offices in the last four years, going from 108 in 2014 to 224 with those that closed 2018.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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April 7, 2019

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