Frequently Asked Questions (FAQ)
What is ListingNut?
ListingNut provides users with a real understanding of the fair market value of any property, in real time, by crowdsourcing and aggregating the opinions of value of local real estate agents that know the particular marketplace best.
What is the problem ListingNut solves?
How does anyone know the value of a particular property at any particular time? When selling your home, how do you know what it’s worth? When buying a home, how do you know how much to pay? Traditionally, people answer these questions by (1) conducting appraisals, (2) reviewing sales of comparable properties, (3) consulting one or more local real estate agents, or (4) testing the marketplace, usually over an extended period of time. However, such approaches can be time-consuming, costly, and may produce inaccurate conclusions for any number of reasons: because an appraiser may not know a particular marketplace well, because there may be few or no comparable sales, because a particular agent may simply be wrong, or because, even when there are comparable sales, those sales may be outdated and they may not reflect current market values. Some people even rely on computer-generated formulas or algorithms to tell them what a property is worth, but those automated estimates do not take into account the unique characteristics of each property or the particular street or neighborhood.
How does ListingNut work?
ListingNut quickly and anonymously surveys actual real estate agents, who know the unique characteristics and nuances of a particular property and marketplace, for their specific expertise about specific properties. Here’s how it works: (1) a user submits a property address to the site, (2) the site immediately and automatically sends the address (anonymously) to all the agents in the marketplace that are registered on the site, (3) those agents then have 24 hours to respond (also anonymously) with their opinion of value and their explanation of that opinion, and (4) ListingNut automatically aggregates those responses in one clear and concise Report that provides summary data and each individual agent’s explanations of those values. The conclusion: in just 1 day, users get significant and specific market information about any property from local experts, and users can choose up to 3 agents to connect with to help with their buying or selling needs. See a sample Report here.
Why does ListingNut work?
Because it’s conducting a real-time survey of local agents and because it’s anonymous! When ListingNut sends an address to real estate agents, those agents don’t know whether the person inquiring is the property owner, a potential buyer, an investor, a neighbor, or someone else. Since they don’t know who’s asking, agents give impartial responses.
Why do agents participate? What’s in it for agents?
Money! By responding to an inquiry, an agent gets a chance to demonstrate his or her knowledge (about the property, the area, or anything else) and potentially win the user’s business and earn a commission! That’s because users review Reports and choose which agents to connect with based upon the strength of their responses. So the better the agent’s explanation of his opinion of value, the more likely the agent is to win the user’s business and make money! In fact, ListingNut is the ultimate merit-based lead generation tool for agents because it lets agents compete for business based upon their market knowledge (and not based upon other factors, such as reputation or how much they can afford to spend on advertising).
Can users submit a property that they do not own?
Yes. Anyone can submit any property—whether the user is the owner, a potential buyer, a real estate agent, a neighbor, or any other. The goal is to make it easy and efficient for anyone to understand any property’s market value, quickly.
Do properties have to be for sale to be submitted?
No! Users can submit any property.
How do agents know the specifications of a property?
Agents can find details and photos for most any property currently or previously for sale on any number of listing sites or multiple listing services. In addition, public records provide numerous data points for most properties. Finally, and perhaps most importantly, local agents are more likely to know the unique qualities and characteristics of properties in their marketplace—this is why computer-generated estimates cannot compete with the knowledge of local experts!
What do the Reports look like?
The Reports provide a summary of the aggregated opinions of value, including the average, the median, the high, and the low, as well as the number of agents that responded and their average response time. In addition, the Report provides each agent’s opinion of value alongside their explanation—anonymously—so users can read them and choose up to 3 agents to connect with based solely on the strength of their response. See a sample Report here.
How do I receive the Report?
Once you submit a property, the Report will be emailed to the email you provided about 24 hours later.
Who gets my contact information?
A user’s submission for a property’s value is completely anonymous. If a user wishes to connect with any particular agent after reviewing the agent’s response in a Report, the user can choose to connect with that agent, who will then receive the user’s contact information.