Propsnoop.com is REVOLUTIONISING Property Search in Trinidad and Tobago!
Unlike the customary mistrusting and skeptical regard with which we hold towards the plethora of financial securities available, with respect to the real estate asset class, the layman has often considered himself equipped and competent in determining the value of this ‘tangible, physical and real’ asset. Yet, the disintegrated and nontransparent structure that characterizes the traditional brick & mortar marketplace (or lack thereof) for residential & commercial property, often leaves both the buyers and sellers of real estate out of touch with and unaware of the current market values of property in general and often of their own real estate assets in particular. It is important to note the absurdity of this fact, especially considering that for the average homeowner, their home will by and large comprise of the lion share of their net worth. It seems quite preposterous that the average investor can access Mr. Market hourly for an update on what price her $5000 investment in stocks & shares can fetch for, while that same investor must endure months (or at least as long as a transaction takes to occurs) before the housing market can provide any such updated information on a rough estimate of what her $6,000,000 investment in her house can attain.
Such a phenomenon however, is rapidly fading into the twilight of history as online real estate aggregators are providing never before seen and readily available data, and on a mass scale, that instantaneously informs the homeowner, developer, agent and investor on the real estate prices available across the market. Developed markets have already experienced this shake up from websites like Zillow and Zoopla, which allow the user to browse through thousands of property listings, comparing and contrasting prices with location. The Caribbean market is on the cusp of this transformation with fin-tech start up website www.propsnoop.com forging the path into a pioneering platform that allows price comparison of 1000’s of real estate listings across the country.
Propsnoop.com, represents the largest online real estate market place in Trinidad and Tobago and connects registered professional real estate agents with interested home buyers. With thousands of home listings available on the website, provided by hundreds of real estate agents, this tool is the ultimate aggregator for synchronizing the demand and supply of real estate assets. Such virtual market places represent the ultimate facility for capitalism to thrive. Adam Smith’s “invisible hand” is given a vital platform to run its course in a smooth efficient way. PropSnoop.com allows real estate agents to reach massive audiences for a small price, while providing an exchange where consumers can browse properties side by side, compare floor space values by region, and thus eliminate pricing disparities.
The result: better informed investors, and transparency in place of the previously traditional system of dealing in real estate. Consumer and supplier surplus are maximized as both parties enter the negotiating room more informed than ever before. Through access to an abundance of market information regarding substitutes and comparables, each party can come to the negotiating table confident in their pricing demands yet still realistic and practical through a valuation that is grounded by consensus and well informed agents. With one arm matched against the opponent in the combat of bargaining, through the flick of the wrist on a smartphone screen, the participants can use their other hand to get their finger on the pulse of the market forces. With a quick visit to www.propsnoop.com, each party will become equally scooped on the inside snoop. No lesser form of market efficiency can possibly be expected to characterize the trading of the asset class that comprise of the typical person’s largest share of acquired worth.
“We are extremely impressed”, begins real estate agent Dawn Anderson Pollock of One Call Caribbean Real Estate Agency ( one of the earliest adopters of propsnoop.com ), “at the superior service offered by propsnoop.com and the accurate and detailed information being provided. Propsnoop.com has opened up pricing comparisons in the real estate sector across Trinidad and Tobago for the people in search of commercial and residential properties for sale and for rent. With the large range of properties available on this website, propsnoop.com highlights prices of property across the country that can be compared in one place on a fast, user friendly platform. Since joining propsnoop.com we have also been able to reach a very large audience of people interested in finding properties, either for sale or rent and this has definitely had a positive impact on our business.” The birth of such technology represents nothing more than facilitating an environment where the invisible hand can strengthen its muscle in shuffling around an asset class previously characterized by a fragmented and restricted order. It is about time that when Mr. Market knocks at your door with his list of security prices that he can at least provide a quote for the asset that he finds you inhabiting in. No longer must the average investor ponder over the perplexities of a capitalistic system that prioritizes providing her minute by minute price updates on her $5,000 discretionary holding in shares over the revaluations of her most momentous, capital-intensive asset to her name, her home.
Author: Benjamin Jeremy Isadore Forbes (Graduate of a Master in Finance)