Cockroaches, frequent car break-ins and unreliable utilities: These are just a few of the unpleasant surprises that may be in store for new homeowners and tenants.
Revaluate, a data aggregator that lets agents and consumers get the inside skinny on properties and neighborhoods, is broadening its effort to save consumers such disappointments by expanding its coverage from Manhattan to San Francisco.
Having introduced a lead-generation product for agents, the startup also plans to branch out to 18 additional markets over the next 18 months.
Property reports generated by Revaluate assign “livability scores” to properties based on sub-ratings of safety, environment, quality of life and expenses, and feature all the mounds of data that the startup processes to generates these ratings.
Under the environmental data section of a property report, for example, a user might see public records of heater failures, electricity interruptions and bed bugs. The quality of life section, meanwhile, might show records of commercial and construction noise.
“Famous neighbors” are featured in their own section, offering some cultural color on a property’s surroundings, too.
“Livability is a key measure, especially when you consider that 39 percent of people say they don’t like where they moved and wish they had chosen a different home,” said Revaluate Co-Founder Chris Drayer in a statement, appearing to cite a survey conducted by Chase. “It’s an opportunity for someone to dramatically better their odds of being happy in a new home or apartment.”
Renters and buyers can use the site to quickly compare unique differences among homes that “appear to be of similar quality when it comes to traditional measures,” according to Revaluate.
Revaluate claims to be “armed with more than 10 times the data” of the MLSs, analyze an average of 598 records per address and reports 20,000 page views per month, with 10 percent of its visitors spending more than three hours on the site.
The company also has waded into the lead-generation business. Consumers are shown real estate agents identified as neighborhood experts in reports, and they have the option to connect with those agents by submitting their contact information.
“Because we have such unique and sticky data, Revaulate is also a powerful real estate lead generation platform,” Drayer said in a statement. “We have seen some significant Realtor interest, and we will be testing different approaches as we grow.”
Other startups out to help consumers and real estate agents uncover hidden dirt and delights include AddressReport, Homefacts.com and Housefax.