Before signing on the bottom line, potential homebuyers investigate area schools, transportation possibilities, the makeup of the community, personal safety, and a hundred other issues.
But bottom line, believes Tom Shaked, CEO of CTWiz, there is really only one question that buyers are interested in. “That question is, is this deal worth it? That is the question we answer with our new site,” he said.
“Worth it” can mean a lot of things to a lot of people, but price – more specifically, value for money – is a big part of it. CTWiz has developed a new site based on a deep-dive big data algorithm that looks far beyond price in order to determine a property’s true value. Born of the severe housing shortage – and subsequent high prices – in the Israeli real estate market, Shaked officially introduced the site last month and already has handled thousands of searches.
Currently, CTWiz has just one search criterion – price. Users decide how much they want to spend on a home, or how much of a mortgage payment they can afford and how many years they want to take a mortgage out for. CTWiz then finds appropriately priced houses, taking into consideration whether a property has a rental unit or other features that would help make it more affordable.
But that’s just for now, said Shaked; later on, the site will include other criteria that a user can choose, such as number of rooms, whether or not local schools are a factor in their decision-making, etc. “We already have those features built into our algorithm,” he said. “While it’s true that there are other search by price engines for Israeli real estate, they do not include the criteria we do in our engine, which is more sophisticated than any other one used in Israel today.”
One thing CTWiz does that other price engines don’t, said Shaked, is evaluate deals in the area of a prospective sale, to see if prices are “reasonable. We examine the price of homes by average price per meter and other sales factors, and then decide if the price being asked is a good one or not. Altogether, the tools and technology we offer can enable potential buyers to find properties they can consider good deals. And we are constantly adding features.”
The site is available in Hebrew and English, and will soon be available in French as well, said Shaked.
“There is no other site today that can record customer assets and clarify whether a proposed real estate transaction is a good deal, especially when you factor in all the parameters of the property: location, size, price and more,” said Shaked. “We enable buyers to get an objective picture, the first of its kind on the property, and not one that is influenced by the salesmanship of a seller or agent. The uniqueness of CTwiz is our ability to analyze the market and enable the average buyer to use the most advanced tools used today in analyzing assets, and understand the most important thing in a proposed deal – whether it is a good one or not.”