Will Technology Provide Easy Repair Estimates?
As technology expands across real estate, there is no part of the transaction that hasn’t been touched by technology in the last decade. The home inspection is no exception.
Imagine uploading your home inspection report and getting an itemized list of the cost to repair things without having to call around to contractors yourself… sounds amazing! And now, it’s available!
Home buyers can now use online services to evaluate repair costs based on the findings in their home inspection report. Some of these services are provided independently and some by brokerages.
Once the buyer or seller (or their agent) has received the home inspection report, they can upload it to a platform like Majordomo. From there, Majordomo analyzes the report, gathering repair details and estimates and delivering it back to the user within 24 hours. The seller can use it to prepare for pricing and negotiations of their home or the buyer and their agent can then use that data in their inspection negotiations.
While the report is extensive and provides deeper insight into what a home may need in terms of repairs, buyers may be wary of paying the $199 price for the added step. And because the repair data is estimated (by who?), buyers will still need to do their due diligence to get quotes from local contractors who may need to evaluate the project in person (the inspectors report was not likely thorough enough for a big project) or risk extending the negotiation process with sellers who are suspicious of trusting Majordomo’s estimates, especially in cases where buyers ask for credits rather than repairs.
Not to mention, many inspection companies provide their report within 24-48 hours then it has to be uploaded and then there is more wait time for the Domoreport which could actually lengthen the contingency period a buyer needs. This may hurt both upfront offers and post inspection negotiations in some cases.
Additionally, the Explore option provided in the sample Domoreports does not provide sufficient information related to repair services—what buyers would find the most useful. Rather, it largely links out to moving guides and other types of educational resources.
Anyway…I love technology streamlining my life but I am always careful to understand the costs and drawbacks.
What say you?