Strong alignment in a real estate partnership is critical to success. And one of the best ways to achieve that alignment is through data.
Accurate, complete, and up-to-date property data is essential for any real estate partnership. When all parties are looking at the same data, it eliminates confusion and unnecessary back-and-forth, saving you both time and money.
Instead, partners can focus on whether the deal will be successful, spot any potential roadblocks well ahead of time, and, ultimately, close more deals.
It all starts with the data – and choosing a data source.
Property data sources that real estate partnerships might consider include:
- Municipal property data
Municipalities use property data to assess and classify properties in their jurisdiction. This data helps determine revenue requirements, set municipal tax rates, and collect property taxes to pay for municipal services.
However, many municipalities generally use a four-year outlook, meaning that property data may not always be timely. Also, the data on file, while useful, is not always accurate for determining a property value as different factors are taken into consideration for resale versus setting property tax limits.
- MLS Systems
While MLS systems are useful, they do not deliver information about private sales or exclusives, so the information is not the most complete. This is especially relevant with:
- The rise of for-sale-by-owner deals.
- Extremely hot markets in recent years that have led to supply and demand issues, leading people to prospect opportunities for home purchases that are not on the market. This in turn has led to an increase in private deals.
- Provincial Land Registries
In Ontario, the Provincial Land Registry offers the most complete data source for property transactions in the province. All sales are recorded on the Provincial Land Registry at the time of the transaction. This includes private sales, exclusives, sales from builders to first-time homebuyers, and more.
In Ontario, Teranet is the exclusive provider of Ontario’s online property search and registration and so would be the go-to for provincial land data.
Finding alignment with data
Purchase deals often involve a large team. This might include a real estate sales professional, a mortgage agent/broker, a lender, and a real estate lawyer.
How can all of these people access the same property data?
Teranet’s tools, which use data from the Province of Ontario Land Registration Information System (POLARIS), might be the answer.
- Real estate sales professionals can use GeoWarehouse – which gets its data from POLARIS.
- Mortgage agents/brokers and lenders can integrate Purview – which also gets its data from POLARIS.
- And real estate lawyers can use Teraview – which (again!) gets its data from POLARIS.
All of this together means faster and more efficient underwriting and closings – and more closed deals and higher closing rates.
Find alignment today. Learn more about Purview’s tools for mortgage brokers and mortgage lenders by calling 1-855-787-8439 or visiting www.purview.ca.
Purview is just one of Teranet’s Financial Services Solutions; stay tuned for our upcoming portfolio unveiling!