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Property Tribes is pleased to welcome Swirb as the new sponsor of our Deal Finding Tribe.PropTech startup Swirb has launched an exciting new approach to valuing UK residential property
The London-based company empowers home buyers, sellers and investors to make better informed property decisions through use of the SwirbVal tool, intel reports and the discounted property search tool.
Launched in July 2019, Swirb (http://www.swirb.com) has made its range of tools and reports free for users across the UK - giving property buyers, sellers and investors access to comprehensive, real-time data in just a few clicks.
What does Swirb do?
- The SwirbVal tool - a proprietary automated valuation algorithm, that gives an accurate estimate of the real-time value of residential properties in the UK.
- Valuations are informed by the data we have collected on the 30 million or so properties throughout the UK from the most comprehensive range of sources.
- By making the SwirbVal together with a detailed area report free to download to buyers, sellers, tenants and investors Swirb is bringing unprecedented transparency to the UK property market
- It is Swirb's mission to bring unprecedented transparency to the UK property market by arming players in all sectors of the industry with the most detailed, concise reporting available.
Why do Swirb do this?
- Historically, the property market in the UK has failed home buyers, sellers and investors through its lack of data surrounding the significant financial undertaking of buying and selling property. Swirb is determined to change this.
- Swirb enables people to make better decisions when buying or selling property and believe access to the SwirbVal and the products we are developing will change the way people think.
- As the SwirbVal is available free to everyone, first time home buyers and sellers can confidently challenge an estate agent’s valuation. Unlike other big property portals, Swirb is completely independent of estate agents.
Swirb currently provides the following tools, which are free to use and available at swirb.com:
SwirbVal Tool: provides users with an immediate estimated market value using our proprietary algorithm
Swirb Property Report: users can generate a detailed report providing an area overview, local price trends, historical values, schools, transport links and local estate agent performance. This also incorporates the SwirbVal of the property.
Swirb Property Discount search: this unique search engine identifies the most discounted properties in the UK
Co-Founder Aaron Robinson said:“For far too long people have been forced to make the most important financial decision of their life, with less information than they would have if buying a washing machine or booking a flight. As of now, that will change, as we make our data and insights available to everyone."
He continued: “...of course estate agents and mortgage lenders have a huge amount of information on property in a particular area which is not available to Joe Bloggs looking to buy their first house.“With the SwirbVal, for the first time you have an independent estimated market value for a home, calculated using a proprietary valuation algorithm, so you don’t only have to rely on the agents’ asking price or a banks valuation."VISIT THE SWIRB WEBSITEProperty Tribes recorded this interview recently with Swirb CEO Sam Lynn to find out more:
What next?Go and put swirb to the test!Swirb has a number of exciting tools and features scheduled for launch in the coming months. Please join their mailing list at swirb.com or follow them on Twitter @swirbUK.
For more information go to http://www.swirb.com or contact the Swirb team directly at email@example.com.VISIT THE SWIRB WEBSITE
Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences.
Thanks for your initial feedback. If you watched the video, it explained that it was just launched and they were specifically looking for feedback from landlords as to what they would want Swirb to provide for them, data wise.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Hi everyone at Property Tribes and thanks for the warm welcome Vanessa - very much looking forward to being a part of the community and we hope that our tools will be a valuable set of resources for everyone here.
Saagar, thanks for the feedback! While you will see our tools evolving in the coming weeks and months, we hope that the Property Tribes community will benefit from the information and intel available right now in our SwirbVal valuation tool along with our Property Reports and Property Discount Alerts.
There's a huge amount of data to be found in our reports that is not readily available elsewhere: information to help you spot new opportunities, help you with strategic planning and timing, insight into local areas that can be passed onto tenants - there's a lot to see.
We're very keen to engage with the community and yes we're open to hearing any feedback anyone might have to help us offer the most useful reports to landlords so please by all means everybody make full use of the tools on offer and let us know where things could be different or more useful in any way. If there's anything more that you'd like to see in the reports just drop us a note at firstname.lastname@example.org We're also paying close attention to our regular users and reaching out ourselves as much as possible.
I just had requested a report on my own house and area.
The report seems impressive, but without diving deep into it I can see that there are schools missing from the data altogether.
Swirb will have to make sure that when they offer data it is full and not misleading.
I will start gently.... with the discounted bit ...
Seen these before on other sites cant remember where now
On Swirb it comes under the heading
`Where can I find a property bargain`
An advertised discounted property is very often not a bargain at all though
It may be but very often not
Its often an overvalued property which doesn't sell and then is reduced to a more realistic level
So all that glitters is not gold . Its reduced to the point where it maybe should have started at
The agent overvalued it to win the business. Its a well known ploy of theirs
What it does do though is give you is a lead
It tells you the vendor might want to shift that property now
The trouble sometimes now is you then have to battle with their vendor expectation
In their world they think they have already come down in price by say 5K from 100K to 95K
To you though that`s just the starting price it should have been at to make an offer on
That`s when the negotiation can be difficult and strained
They think its discounted at 95K because the agent tells them that it really was a 100K property
They wont ever say to the vendor or you . Sorry we overvalued it to win the business .
So you are left with maybe an uphill struggle because of that .
You are looking for a discount on the `discount`
Let battle commence
Jonathan Clarke. http://www.buytoletmk.com
Hi Jonathan, thanks for the detailed feedback. Yes agreed that the concept of a 'bargain' may not be a perfect way to frame the narrative of all discount data. We are looking at the copy throughout the site and the way it helps to explain the data not just to professionals/experts like yourselves but also to individuals seeking guidance to make property-related decisions.
One related tool that you may not have seen is the comparative graph that you can generate for each discount listing: if you hit 'View Graph' under the Further Information column for each discount listing, this will show you how the price of that property relates to the average asking prices in the local area, and so should be more indicative of an actual bargain.
Producing a Swirb report for that property or any property in that area will also give you more detailed information for Estate Agent benchmarking - you see how quickly agents are selling properties and how often they're benchmarking, as well as seeing what their share of area inventory is.
" Go and put swirb to the test! "I just did, and it failed BADLY.
Even Zoopla (which I've found to also be innacurate) managed to get a closer match price-wise when I put in details of a postcode where a sale has happened in the last 6 months - all the same properties as well in this postcode so no need for anything to go wrong. But it was £150k wrong!
I think I'll stick to my tried and tested ways of working out prices thanks, not sure who these sites are actually aimed at but putting "89% confidence level" when I know they're wrong gives me more than 89% confidence level that they are not to be used by me.
I like the idea of the website, as an investor/sourcer my job is to get the maths correct on every property I look at with.
Many would pay for potential leads on discounted property if the majority are actually discounted to sift through.
The largest issue is the variation in value with condition - i'm not sure how any algorithm can cope with this part as there is a whole spectrum.
Other issues i've spotted - the website couldn't cope with a shared ownership property - it was 24% discounted - because the price was for 75% of the property.
other variations i spotted - my own home came in at 350k we had a recent extension and refurb so really 380-400k - not too far out but perhaps didn't get the extension even though i added the sqft in the box.
I also tried with a london flat i'm trying to buy. Turning a 1bed into a 2bed. i'm likely buying for circa 205k spend 45k refurbing then selling for likely circa 340-370k. It will be a pokey 2bed above a shop but in good condition - the algorithm didn't reduce value for it being so small and flat above shop so had the end val come in at 450k.
London will have more weighting towards property type and sqft, lower valued areas will be affected by condition far more example a refurbed 2bed flat in low value area could be 70-80k (after 20k spend) but worth 30-40k before the 20k spend 100% difference in price just on condition).
Crucially the concept is good so keep going and i hope the website becomes fruitful for you.
regards Andrew Peers - property investor / sourcer - 07912674181
Property Redress Scheme Number 011436 NLA member 174404