Royal LePage QuickQuote
FAQ for Consumers
What is QuickQuote?
Royal LePage’s new Automated Valuation Tool (AVM), QuickQuoteTM, is an AI-driven, algorithm-based software program that uses historical real estate information such as sold data for a home and its comparable sales, property characteristics, the type of real estate market, and price trends to provide an estimated range of a home’s value.
How does QuickQuote work?
QuickQuoteTM leverages the extensive property database, neighbourhood insights and advanced analytics of our sister company, RPS Real Property Solutions, a leading Canadian provider of outsourced valuation and real estate solutions to the major banks and financial institutions for over 20 years. QuickQuoteTM uses various analytical models and extensive data (as available) on:
• The home: historical sales prices, as well as the features like property style, lot size, living space, number of bedrooms and bathrooms.
• The neighbourhood:prices of comparable homes nearby, the type of real estate market (buyer’s, seller’s or balanced market), price trends for the property style in the neighbourhood using the RPS House Price Index as well as other real estate insights on the neighbourhood.
• The property within the context of the neighbourhood: Such as how close the home is to certain amenities that can either add value (e.g. a good school, transit or green spaces) or diminish it (noisy areas) and more.
Where does the data come from?
QuickQuoteTM is powered by data from RPS Real Property Solutions, which includes information on over 10 million properties across Canada, using more than 20 different data sources.
What does the QuickQuoteTM result mean?
QuickQuoteTM provides a lower and upper bound estimated value range, along with a mid-point. Generally speaking, the price of the home may fall into the upper range if the market is very competitive (seller’s market) or the home has very desirable, high-end features. The price may be closer to the lower range if the home is in need of repair, is outdated or market conditions are slow (buyer’s market).
Where can I find QuickQuote?
QuickQuoteTM is available on most Residential and Condo listings featured on royallepage.ca. QuickQuoteTM is not currently available on commercial, investment, leases, vacant land, farm and recreational listings.
• Want to see what your home is worth? Access your QuickQuoteTM by visiting the ‘What’s my home worth’ page and typing in your address. You’ll also be able to add additional information, including number of bedrooms, bathrooms etc. to generate a more accurate estimate.
• We encourage you to use QuickQuoteTM as part of your initial research process. It should be supplemented by added research including touring the home and other homes in the area, and getting insights and expertise from an experienced, local and licensed professional by requesting a comparative market analysis (CMA) from a Royal LePage agent.
The estimate seems too high or too low, why?
Pinpointing a market value for a specific property is always dependent on a home’s unique characteristics, and there are many factors to consider.
For example, the amount of data available for the home and neighbourhood, along with demand, directly affects QuickQuote’sTM Where there is more data, the estimates are more accurate. Where there is less, neighbourhood averages are provided, and you can adjust key attributes – such as change the number of bedrooms and bathrooms – to be provided with an updated, more accurate estimate.
Other factors that affect price include, but are not limited to layout, decor, recent renovations and unique features. Listing strategies and the competitiveness of a given area should be taken into consideration.
Like other estimates, QuickQuoteTM is not a substitute for an in-person valuation by an experienced, local sales representative. The best way to understand the likely sale price of a particular home is to work with a Royal LePage sales professional. Find one near you today!