Press Release (ePRNews.com) - NEW YORK - Nov 05, 2019 - Using an exclusive and innovative algorithm, the Citiscape App is now able to obtain and utilize property records from 10 different city agencies in order to generate a custom Citiscape Property Score and Report for all of its clients. This score is designed to completely revolutionize the real estate and construction industries.
Industry Impact 1: Construction and Development
In today’s competitive market, a contractor or developer’s reputation is the only thing separating them from their competition. The Citiscape Property Score and Report adds to that strength by providing a real-time comprehensive review in the form of a letter grade. Not only is the score easy to understand and use to distinguish one’s business, but it’s also completely unbiased as it’s 100% based on data from NYC’s construction monitoring and inspection agencies. Construction professionals will no longer need to bend over backward and plead with their clients for a five-star review. They will never have to compete with fake or paid reviews from their competitors. The new score will give them the power and control to determine how they are ranked among their peers based solely on the quality and timeliness of their services.
Industry Impact 2: Real Estate Financing and Mortgage
Financial institutions dealing with real estate are outdated with today’s technology. Amongst the many things impacting whether or not a developer is approved for a mortgage is the health of their building. If the building has any violations or open applications where construction has never been signed off or completed, they are in danger of losing their mortgage. The industry is black or white. The potential impact of the Citiscape grading and reporting algorithm would overhaul the industry and create a gray area. If a developer is still determined to purchase a property, the Citiscape score would impact the interest rate providing an alternative option. Now there’s choice.
Industry Impact 3: Insurance Rates
Property Insurance rates are the highest that they have ever been. These rates make an impact whether someone is renting, owning or developing real estate. However, insurance companies today don’t have the tools they need to accurately evaluate a property’s condition when determining rates. The grading system is currently based almost entirely on speculation. The Citiscape Property Score and Report aims to fix this problem by allowing insurance companies full access to a property incident report tied into a full building evaluation which can also be summarized by a single letter grade score. The better maintained the building or property, the higher the score and, therefore, the lower the insurance rate.
Industry Impact 4: Real Estate Brokers and Agents
The Citiscape Property Score and Report also provides additional leverage to real estate professionals. For example, two identical buildings have just been placed on the open market. Only one broker/agent utilizes The Citiscape Property Score and Report and posts an A+ Citiscape score on the listing. For a buyer assessing which property to buy, the A+ option would alleviate stress when the time comes to close. The buyer knows that an A+ score identifies the building free of violations or open applications. The buyer also knows that an A+ score means that construction has been completed and signed off by all of the city’s agencies. Congratulations to the broker/agent utilizing the Citiscape Score in the listing – they just closed.
Industry impact 5: Title Reports and Other Real Estate Fees
Buyers and sellers alike are commonly caught off guard during real estate transactions. It is very common for a seller of real estate to forget violations or open applications that might have occurred years ago. Real estate agents and brokers also often neglect to mention potential or existing property violations because they simply do not do enhanced property research. This task falls on the title agency. Unfortunately, by the time these issues are discovered, it’s already too late and the buyer and seller are already committed to the real estate transaction. Moreover, by this time, the parties have also spent considerable time and money. However, these unnecessary fees and wasted time can be avoided with Citiscape’s Property Score and Report which provides immediate up-to-date information on the property. Instead of spending thousands of dollars on title reports, attorneys and additional expenses, just download the Citiscape app and be informed.
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