What is Ownerly? How to Properly Value a Home

Ownerly.com says that they take “the guesswork out of your home value estimate”, but don’t a lot of other home valuation websites do the same? How accurate are they and who do you go to when you need a professional grade estimate of a particular property’s value?

What is Ownerly?

Ownerly is a free home valuation tool that was created in 2018 and provides data and insight into the hands of anyone. We all know that a family’s largest asset is typically the house so what Ownerly does is put the information that is typically available only to real estate agents into the hands of the general public.

Ownerly uses decades of experience in data with a team that understands the value of that data. The idea behind the Ownerly Tool is to bridge the gap to equip homeowners with the insight to make the right investment decisions. Ownerly also provides information on mortgage rates, lenders and loan providers, homeowners insurance, and even home renovation costs. Even though a lot of this information is readily available to the general public, Ownerly offers all of it at one location. This web-based tool is also an app available on both Google Play and the Apple Store.

With the app, you can check the home’s valued estimate, get notified when there are new updates on that value, see recent sales data about a neighborhood and check the property’s appreciation and history.

How much does it cost?

Ownerly is free to anyone and the process works in three steps; search for other properties’ addresses, provide a little bit more information about the sale or home situation, enter an email to get a free report. The mission is to bring the data that professionals use directly to the homeowners but is it accurate?

We’ve Artie talked about how Zillow’s Zestimate can be wildly inaccurate and many of these companies use the same automated valuation models that all the rest of them use. These algorithms to compare data that the user provides so the more data that a user or multiple users provide, the more accurate the valuation can become.

The company’s algorithm analyzes similar homes in the area just like a real estate agent or appraiser might do. The difference is that Ownerly shows all this information in one location. The goal is so that the user doesn’t have to visit multiple websites to get the information they need.

Any Downsides?

Because the application uses user data, if there is not enough user data, the algorithm may not be able to give an accurate estimate or valuation. This is a relatively new platform and there are not a lot of reviews or even users in order to make the platform accurate. The pricing model is not fully developed and currently, the company is making a profit by selling its user’s data to other real estate agents, banks, lenders, and other real estate professionals. These professionals join a partner network and the company uses paid advertising and content marketing to capture web traffic and then cells that lead to their partner network.

Should you join the Partner Network?

Joining Ownerly’s partner network may be worth it if you have the time and budget to explore a new lead source. There are currently 50,000 users, which can provide a lot of high-quality leads. On their website are looking to buy or sell a home so this could be a lucrative source for new leads.

Is it worth it?

That all depends on your area, if you’d like to broaden where you receive leads from, and how comfortable you feel jumping into a relatively new business. It has been around for about a decade and plans to keep growing. Even though doesn’t have a lot of reviews now, we are finding that it provides legitimate data and can give real estate agents access to leads. Of course, the ultimate estimate really comes from an appraisal and a qualified real estate agent that can provide an accurate CMA.

For more information or if you have questions about Ownerly.com let me know at any time.

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