This article is sponsored by Realm.
For the average American homeowner, their primary residence likely accounts for about 62% of their assets. Without any data, advice, or insight, most homeowners do not know how to treat their home as an asset and get the most out of its potential. Realm helps homeowners make smart home investments by giving them access to accurate, unbiased data and advice. In our Realm Review, we will look at how it uses data to estimate a property’s potential value and who would benefit from using it.
Liz Young, the CEO and Founder, started Realm to provide homeowners with the same data and opportunities as real estate investors to tap into their home’s potential value. Currently, the median home has around $175,000 in untapped potential. Realm gives homeowners the tools and confidence to increase their home’s value and ensure they are not leaving money on the table. By using Realm’s insight along with your goals for your home, you can decide on the optimal ROI projects that will allow you to enjoy living in your home now and make money in the long run.
Table of Contents
What Is Realm?
Realm is a real estate tech company that provides homeowners with the information necessary to decide on home improvement projects that would increase their property’s overall potential value. It is the first centralized real estate database for homeowners that gives access to the same information that professional real estate investors have been using and benefiting from for decades.
This database uses public data and local zoning rules & regulations to help homeowners make smarter home improvement decisions for a greater ROA (return on investment).
Who is Realm for?
Realm is for homeowners or potential buyers of single-family homes who want to make the most out of their investment. It highlights opportunities for them that could increase their property value while they enjoy their home.
Currently, Realm is only available to single-family properties, although they plan to expand to multi-family and condos over the next year.
Is my property on Realm?
If your residence is a single-family home, then your property is most likely on Realm. Realm currently offers coverage to over 63 Million single-family homes across the United States (about 76% of all single-family homes). Over the next year, they will continue to add more properties each week.
If your property is a condo or a multi-family home, don’t be discouraged. Realm plans to expand coverage to condos and multi-family homes over the next year as well.
On their blog, Realm has a table that provides more details on their current coverage by each county. If your address is not currently listed, you can use this table to review coverage in your home county or you can periodically input your address to find out if your property has been added.
How does it work?
The best way to think about Realm is that they are an unbiased real estate database that researches your property’s potential. Realm uses public data from past real estate transactions, building permits, tax history, etc. to analyze your property’s potential. They also research local zoning laws and city policies to plan out exactly what you’re allowed to renovate and develop on your property.
By using this data and any insight provided by you, Realm can estimate your home’s current value, suggest potential opportunities to increase its value, and provide accurate cost and ROI estimates for your renovation projects. If you are looking for a more detailed analysis, Realm also has advisors available that can provide you with more insight regarding your property or even potential financial savings. With everything that Realm provides, you can confidently make smarter home investments that will make your home more enjoyable and increase its value.
What projects does Realm show you?
Realm focuses on projects that will increase your home’s value, specifically home upgrades, adding space, and installing amenities. By reviewing the current state of your home, local zoning rules & regulations, and what your neighbors are doing/have done, they can recommend projects that will give your the largest return on investment (ROI). Then, depending on your goals, you can select either specific projects or one of their smart strategies to see how it would impact your Realm Score and home value.
Once you know exactly which project you want to start with, Realm offers an in-depth Project Planner report which provides pricing estimates, qualified and vetted local vendors so you can get your project started right.
How do you use Realm?
Realm provides insight to help homeowners get more out of their biggest asset by showing the property’s potential value and how they can access it. By understanding what is possible with your home, you can create smart strategies to ensure that you enjoy your home while increasing its overall value.
At any time, you can look up properties to see estimates of their current value, potential value, and Realm Score. You are also able to compare a property with its 100 closest neighbors to see how its current value, potential value, and Realm Score ranks.
Once you have an account, you can dive in a bit deeper to explore projects to create a customized plan for renovations or explore financial opportunities to see how you might save money or access available funds. If you need expert advice, you can schedule an appointment with an advisor.
What is Realm Score and how does it work?
Your Realm Score reflects the property’s current value and livability as well as its potential value. Unlike home value, a Realm Score cannot be impacted by things outside your control like lot size, school districts, etc… and only takes into consideration things that you can change. This score is completed by comparing homes on similar sized lots on a standardized scale of 0 to 1,000.
This score is calculated in a 3-step process:
- Analyzes the current state of your home, specifically the size, quality, and amenities.
- Evaluates what can you do with your home based on local zoning regulations and if it would increase the value and liveability of the home.
- Finally, a comparison analysis of your home to neighbors to see what they have done and determine what projects are the best choice.
As you update details about your home and finish renovation projects, your score will automatically be recalculated for you.
What can you do with Realm?
Do you want to maximize your home value? Are you looking to improve your living spaces? Would you like to earn a rental income? Or create a backyard space for you to enjoy? Depending on your goals, there is a lot that you can do with Realm.
If you are currently a homeowner, you can use it to track your property’s Realm Score, create a customized roadmap for renovations, and get personalized financial recommendations to tap into value or refinance savings.
If you are planning on selling your property soon, Realm can help you to determine if you should make changes before listing and/or allow you to promote the potential to a prospective buyer. Both of these options can help you to maximize your sale price.
If you are currently looking to purchase a home, Realm can help you to evaluate how good of a deal it is, provide ROI insight into any potential renovations you might be considering, and/or help you to find a high-potential fixer upper. You can also use Realm to find zip codes with lots of untapped potential value if you are looking for a neighborhood with a high reward.
Realm also offers advisors to consult with regarding your property’s data and potential.
Use Realm Compare with Sample Property
Using Realm’s neighborhood calculator, you can easily see where your house ranks in current value, potential value, and Realm Score when compared to the 100 nearest houses.
If you don’t want to use your current home’s address, you can use the sample address Realm provides to see how it works: 8100 Maitland Avenue Inglewood, California, 90305. This address is ranked 8th in Current Value, 23rd in Potential Value, and 46th in Realm Score. It also shows the 1st house for each of these, which just happens to be 8025 Maitland Ave.
This feature allows you to quickly compare your property with neighbors and get a general idea of how you stack up against them.
Tour of Realm
Realm was created to provide homeowners with more information, data, and unbiased advice to make smarter home decisions. The homepage is easy to navigate.
Then, you can learn more about your property’s potential and the best way to access this potential.
On the Meet tab, you can learn more about Real through case studies, customer reviews, and their blog.
Realm’s Compare tab is where you’re able to compare a property to 100 neighboring houses.
If you click the Get Started tab, it will start the process for signing you up for a free account with Realm. Signing up for an account gives you access to project-specific ROI estimates that are customized using your specific property.
How much does Realm cost?
Realm is free to use, including property-specific ROI calculations for your projects and many consultations/in-depth report analyses. If you are ready to move forward with a project, Realm does offer a Project Planner report that provides detailed pricing for up to 3 customer projects and a list of pre-vetted local vendors.
How do you sign up for Realm?
Although you do not need to sign up for Realm to start your property analysis, having a Realm account unlocks more details and recommendations for increasing your property’s potential value.
Here is how you can sign up and get started with your first property on Realm:
1. Enter your address and click the “Start my analysis” button
2. Next, Realm will ask you to select your status with this address (Are you the owner? Realtor? Just curious?).
3. Then, you will see your property’s untapped potential value. Realm will ask you to confirm a few details to ensure the estimate is as accurate as possible.
4. Next, confirm the basic details of your home are correct.
5. Then, Realm will give you your Realm score.
6. Realm will ask for details regarding recent renovations.
7. Finally, Realm will ask you to confirm the features that your home currently has.
Once you’ve answered all this, Realm will provide you with a few ways you could improve your home and Realm score. From here, you can create your free account which allows you to get more accurate estimates and prioritize your projects based on your goals.
You can use your Google login, Apple login, or your email to create your account.
Once you have an account with Realm, your dashboard will include your Property Potential, Property Plan, and Financial Overview.
Final Thoughts About Realm
Your home is the largest investment you’ll ever make, and you’ve likely thought about ways to improve it. Realm is valuable because it helps you prioritize your home improvement projects using hard data about your home and neighborhood.
Using Realm, you can make a choice between finishing your basement or adding a backyard office, for example. This helps you allocate your hard-earned money to ensure you spend it on projects that will actually improve your home’s value.
Overall, Realm is a great tool that helps you improve your largest asset. Get started with a free account and see how your home measures up.
This article is written by Kara Randle.