Market Score, an online platform that provides users accurate real estate valuations, could make determining the viability of property investments a breeze—especially if used in tandem with its sister platform, Rent Score, to ascertain monthly returns.
By entering an address, square footage, postal code and price, an instant valuation predicated on a complex set of algorithms is delivered.
“As an investor in real estate, you would first use Market Score to determine a reasonable purchase price and, at the same time, use Rent Score to figure out how much you can earn on that investment property going forward,” said Market Score’s Chairman Roman Fedchyshyn. “The two are complimentary. You would look at both at the same time—how much will it cost me to acquire this property, and then how much can I earn in monthly rent? Having those two pieces of information will help you make an informed real estate decision.”
Fedchyshyn added that Rent Score takes cap rates into consideration as well.
“Investors can use Rent Score in concert with Market Score to determine an expected rate of return,” he said. “Under the covers, it does a bunch of stuff, including using cap rates, so it gives accurate estimates about reasonable rents in reasonable markets.”
Both Market Score and Rent Score have proven popular with real estate agents. Rosie Gimeno, a sales agent with REMAX Specialist Estate Group, uses the platform with her clients.
“I use it a lot for investors to be able to show them what they can expect when purchasing their properties so that they can forecast their budget,” said Gimeno. “They find it a great tool to utilize without me having to send them comparables and so forth.Even if they wanted to do some background leg work on their own, it offers them the opportunity to do that.”
Gimeno has even been able to close transactions for real estate investors using the two tools.
“It’s a great tool for when they’re comparing properties to be able to come to that quick decision as to what a bona fide property investment is,” she said.
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Neil Sharma is the Editor-In-Chief of Canadian Real Estate Wealth and Real Estate Professional. As a journalist, he has covered Canada’s housing market for the Toronto Star, Toronto Sun, National Post, and other publications, specializing in everything from market trends to mortgage and investment advice. He can be reached at neil@crewmedia.ca.
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