Superbrokers love to tout their technology, but too often that technology consists of non-value-added web apps.
Dominion Lending Centres (DLC) has an online tool that’s relevant. It’s called the Property Valuation System (PVS) and it’s a version of Teranet Purview, a property information system.
With the PVS, a mortgage broker can:
- Instantly obtain property value estimates
- Check who’s on title (which owners, which lenders, which mortgages)
- Evaluate sales history and property comparables
And the best part is, it’s free to all 2,200 DLCers thanks to a sizable investment in Purview by Dominion.
Brokers can even send the reports to their clients for free. That’s a welcome bonus for customers who love knowing their property value, especially relative to the Jones’s down the street.
Apart from satisfying client curiosity, the PVS can also be used to
- Check valuation and estimate equity before submitting refinance applications
- Match the mortgage application with who’s on title
- Cross-check comparables when analyzing appraisals
Teranet maintains a massive database of sale information, including the most comprehensive private (FSBO) sale data available in Ontario and Manitoba. According to Account Executive Rudy Naraine, Teranet’s valuation data closely approximates real appraisals up to 85% of the time. The remaining 15% is admittedly an annoyance, but it’s due to factors that can’t be computer recognized, like upgraded interiors, landscaping, views, etc.
Any licenced mortgage broker can use Teranet’s Purview system for a fee. It’s normally $300/year, says DLC, or as low as $10 per report. Brokers at firms like Mortgage Architects and Mortgage Alliance already use the system. CAAMP also has a member deal with Teranet.
But being free will significantly increase its uptake, at least among DLC brokers. It’s a unique perk for those agents because no other superbroker has this relationship with Teranet.
Robert McLister, CMT
At this time, the system is not pulling names of those on title or registered mortgages. Just tested it on two properties.
Great feature to add to DLC!
Hi Kiki, Apparently that feature isn’t available in all provinces yet.
Our Firm was offered the $300 per year deal with a maximum of 200 pulls per month. It is a great deal and costs next to nothing for those participating. I think it is especially beneficial if you are doing private 2nds.
Looks and works great so far. Very quick . The downside ? If you know the area you’re working on you’ll notice missing sales in the comparables, and their approx values vs cmhc’s value is much different. I noticed almost 20-30k in some cases.
My brokerage makes us pay for it, which just shows the investment some brokerages are willing to make.
As an indicator of value, it’s a great tool and can only get better (daily) with more broker feedback and more data.
This is an excellent tool for brokers to close in a potential client. if a broker can showcase price fluctuations and trends for the area is like doing all the home work a potential buyer would do.
conversions and decisions can be reached much faster by using the the tool effeciently.
Also Brokers can find enough reasons to touch base past clients to create pipeline of new deals.
$300/12 = $25/mth and a Firm under the single agent model can pull up to 200 files /mth
The cost is nothing… 0.125 per file
Last time I checked, $300 is more than free.
Hi Bob,
A couple of added advantages for DLC not mentioned in the article; each report will soon be branded to the individual Mortgage Agent (not possible for anyone outside of DLC or if an office was to share the tool). The second phase of development will be full DLC CRM integration. Basically, as long as you have the client address in your DLC Client Manager, the full purview report will populate there for you automatically. This will enable automatic “Property Valuation Reports” to be sent from the CRM without the broker/agent needing to do anything.