The system designed by Great Estate is confirmed as a guarantee of the best evaluation of a prestigious property.
The Best Price, the innovative evaluation system of Great Estate, continues to improve its performance, confirming itself as the most reliable tool for identifying the best market value of prestigious properties.
This is demonstrated by the analyzes relating to the sales managed by the group and the comparison with the values estimated by The Best Price for the two-year period 2022-2023, which shows how the result of evaluations is increasingly in line with the amount of the sale.
HOW THE BEST PRICE SYSTEM WORKS
The Best Price is the innovative real estate valuation system capable of identifying the best market value of a property, designed by Great Estate and developed in collaboration with three Italian universities and with the contribution of real estate experts and computer engineers.
The underlying methodology involves the analysis and inclusion of numerous and specific quantitative and qualitative data relating to the prestigious properties on the Italian market.
The system takes into consideration the data made available by national bodies such as the Italian Real Estate Observatory and the Revenue Agency, the aggregate data provided by real estate portals and the data of sales concluded by professionals of the Great Estate group, as well as those carried out by private individuals or other agencies and covering an ever-increasing number of properties examined to improve the reliability of estimates.
Each evaluation is conducted by entrusting the data relating to the property being analyzed to the system’s tested algorithms, with the supervision of specialized professionals from the group’s evaluation department.
The result produced by the system is the estimated value of the property, in relation to sales of similar properties in the same reference area.
WHY CHOOSE THE BEST PRICE
The analyzes carried out are based on the data made available by the software relating to the properties listed or sold by the professionals of Great Estate. Every year, the evaluation department, coordinated by Eng. Tullio Morandi carries out a detailed comparison of appraisal values in relation to sales, extrapolating data such as the tpes of properties sold, the region, the amounts and the important definition of the average congruity of the valuations.
The average conguity of the evaluation is a historical data, a percentage value that measures how close the estimated value of Great Estate properties was to the final sales price. A property for sale with a price as close as possible to the market value, identified through a reliable estimate, is in fact more likely to be sold quickly and with the best profit.
The data examined since the first year of operation of the system is today the objective guarantee of the fact that the value estimated by The Best Price corresponds, in over 98% of cases, to the best price to offer the property for sale.
RESULTS
From 2016 to 2020
The results achieved in the 2016-2020 period saw a percentage of congruity between the actual sales price and the property estimate of 94.7%, with a continuous improvement over the years.
All the details of this analysis can be found in the article:
From 2020 to 2022
The results relating to the average congruity of evaluations have futher improved over time, thanks to the various factors that affect the performance of the system, listed below:
- Increase in the number of properties analyzed, both in terms of valuations and sales data.
- Increase in the quality of data entered through continued training of professionals and strengthening of the database.
- Better calibration of the different qualitative characteristics of the property that determine the result of the evaluation. The impact of the qualitative characteristics examined changes value depending on the area, price range, type and many other variables.
In 2020, The Best Price achieved an average fairness of 96.4%, an extraordinary result for the prestigious real estate market, destined to grow by at least 1% every year.
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From 2022 to 2024
The latest analyzes conducted confirm the positive trend of past years and demonstrate how the Great Estate group’s evaluation system continuously improves in terms of performance, reliability and precision.
The trades managed by the group give the metric an even higher level of precision, as they are always verified and guaranteed, unlike other external trades which may present unverified results or with a lower level of detail. For this reason, before proceeding with the analysis, we present some of the most recent trades examined.
Below, the data relating to the reference market of the prestigious properties sold by Great Estate in central Italy.
Types of properties sold by Great Estate
Sales and amounts by region
In conclusion, the following graph shows the growing trend in the average congruity of assessments, updated to 2023 with a value approaching 98%. This corresponds to a consequent lowering of the network’s average differential, i.e. the percentage that indicates the difference between the purchase amount and the initial valuation conducted on the properties.
Average network sales differential
(value indicating the difference between sales price and valuation)
The Best Price is therefore confirmed as a concrete guarantee of obtaining the best possible valuation of a property and, consequently, the best result in its marketing.
