I didn’t write the headline, the Portland Business Journal did on the front page in the Friday, March 3 eddition. Live in the area served by RMLS? Sign up for the Property Investment Profile (pip).
Prudential Northwest Properties saw the potential more than a year ago and launched its own valuation program, Property Investment Profiles, or PIP. It is the largest local residential real estate firm to feature a home valuation tool on its Web site.
The Internet has been a paradise for home hunters. Countless sites help buyers sort through listings. Financial calculators and mortgage brokerages abound. But it has not, until recently, offered much information for the non-seller who just wants to know what a house is worth.
Zillow and its lesser-known competitors are changing that by delivering real property value information to owners.
On PIP, Portland-area homeowners can register to receive home value information at regular intervals — much the way they receive financial statements. The system has enrolled about 10,000 properties and is growing at a rate of 100 a day.
Comparing PIP to a bank statement is apt, said Sean McRae, chief information officer for Prudential Northwest Properties. For most, a home is one of their leading assets. Being able to monitor its presumably rising value gives owners a critical piece of information on which to base investment decisions and home improvement projects.