RP Data Property Profile Reports are a trade secret for discovering more about any property. These reports are available online for a small fee, and give you all the important facts about a property, including a sale price estimation. They are especially useful when considering buying or selling. Below, we break down exactly what an RP Data Property Report contains and how it can be of use to you.
Avnu has recently released a free, real-time updated Property Report, designed to educate homeowners about their local property market. It has been designed in collaboration with Core Logic, and inspired by their Rich Property (RP) Data Property Profile Report. To understand Avnu’s Report, we take you through what exactly the RP Data Property Profile Report is and how it’s different from Avnu’s Property Report, even though they both use the same data.
What is Core Logic?
Core Logic is Australia’s leading data provider for the real estate industry. They provide property information, analytics, and risk management services in Australia and New Zealand.
Core Logic’s data is used by the Big 4 Banks and even the Reserve Bank of Australia to make very influential decisions. It’s also accessible to smaller businesses and even individuals.
Their data is so trusted because not only do they have 4 billion data points, they are able to wrangle this data into valuable insight. These insights can then be used by all different kinds of businesses and individuals.
Core Logic is also trusted because they are completely independent from any bank, real estate company, or government.
What is the RP Data Property Profile Report?
Among other products, Core Logic has RP Data Property Profile Reports. They can be generated by buyers, sellers, or anyone interested in a property.
The price advertised by Core Logic for this report is $40, as they compile public data with their own personal data, which they have obtained through agents submitting sales results.
The reports are incredibly comprehensive, including plenty of statistics about the micro-market and details about the property.
Here’s a breakdown of what they include below:
RP Data Property Profile Reports include the basic information about a property such as the size and number of bedrooms, bathrooms, and car spaces, as well as floor plans, images, and a map.
They also provide the property sale history, rental history and even listing history (i.e. when the property was listed but not sold).
Estimated Price Range
Using an algorithm, RP Data will estimate a potential sale price range of your property. This is calculated with the data that Core Logic has access to, and is usually given a confidence rating too, indicating how accurate they believe the estimation to be. Discover more about property value estimates here.
It’s important to note that an agent can also give you a good estimate as they have plenty of contextual knowledge of your market and the property.
The RP Data Property Profile Report will also include comparable properties of three kinds. Firstly, they will show properties that are currently listed on the market and are similar to yours. This will give you an idea of the competition out there.
The second set is recent comparable sales. This can give you an idea of how much properties like yours sell for and whether they are in high demand.
The final type of comparables will be current rental listings. This is great if you’re looking to purchase the property and rent it out, or if you already own the property and are considering your options. This can be an alternative to selling your home, opening up more possibilities.
Suburb Performance & Profile
The report also provides overall data on the suburb the property is in. This includes the number of sales this year, the median house or unit value, median days on market, median vendor discount, median asking rent, and more.
The overview of these statistics over time allows you to see how they are trending, which could help you decide the best sales method to use when selling your home or even whether you should buy or sell at a particular point in time.
You can also see details about local schools to have a more informed decision about the home, or if you are the homeowner, you can use this as a selling point for buyers.
How is an RP Data Property Profile Report different from an Avnu Property Report?
The information that RP Data Property Profile Report and an Avnu Property Report comes from exactly the same source. The key difference is the RP Data is most commonly used by industry professionals such as agents and it costs a small fee.
Avnu’s Property Report is more focussed on homeowners and equipping them with the information they need to make good decisions. The information included in this report is more targeted to homeowners, sellers, and buyers than real estate professionals.
Other than this point of difference, the two reports are similar and both advantageous in their own ways.
If you’re thinking of buying, selling, or simply downloading a property report to get a sense of your local market, consider getting both of these reports, as they serve different purposes and will give you two excellent opinions before you turn to an agent for an appraisal.
The data included in property reports are the most comprehensive on the market, and real estate agents will take this data to the next level. We always recommend using your report in combination with an agent to add an extra level of insight.
DISCLAIMER – The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. LJ Hooker Avnu will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.