Zaxia applies algorithms to the data to produce its valuations. We test our algorithms for accuracy continuously by comparing Zaxia’s value outputs to known selling prices for apartment and commercial properties in the various markets. You tell Zaxia about the property. Zaxia tells you what it is worth.
That much is at no cost. In addition, for any valuation, at cost, a report is available. The report discusses the market, recites the characteristics of your property and its neighborhood, shows how the value was calculated, and includes comparable sales of similar properties.
You are the operator of Zaxia. Your inputs to Zaxia’s information survey strongly influence the value output. To produce the most accurate results, we recommend that you take care to provide the most accurate information.
For apartments, you need to give Zaxia the number of units – how many studio apartments, how many one bedrooms, etc.
For all properties, we need for you to give Zaxia the building area. The building area is the gross square footage of the building. It is the area calculated from exterior dimensions. If a one-story building measures 30’ x 50’, its area is 1,500 square feet.
Leave out any unfinished basement space, attic space, and space that is open to the weather, like a porch or a covered loading dock.
If you don’t have the building area, it can usually be found through the local Assessor’s office. Go online to the community’s Assessor’s office, look for a link to the Assessor’s Database (or a similar link), click on that, and enter the property’s address. This should access the property’s record card, which will show a sketch of the building’s footprint and give the calculation of the building area.
If you can tell Zaxia the Market Rent for the building, you are likely to increase the accuracy of the value output.
Market Rent is the rent you could get if you put something on the market today. For an apartment, if the rent today is $1,000 per month but rents for similar units in new leases at other buildings are $1,200, input $1,200. If you have a three-family house and the Market Rents are $900, $1,000, and $1,100 for the three units, input $1,000, which is the average.
For commercial buildings, put in the average Market Rent for space in that building. Market Rent for commercial buildings (retail, office, and industrial) is reported as the rent per square foot per year. If the most recent leases in an office building have been made at $16.00 per foot per year and those spaces are typical of all the space in the building, input $16.00 as the Market Rent when you come to that question in the survey. If a retail building has one large space at $8.00 per foot and smaller spaces at $14.00 per foot, input whatever is the average rate per foot across the whole building.
You may already know the Market Rent. Or you may want to do some research and see what other buildings are renting for. Craigslist is a good source of rental information for apartments. Online commercial real estate Web sites display current listings for retail, office, and industrial buildings. If you want to know the local asking rents for industrial space in Anytown, use a search engine and type in "industrial for rent Anytown." You are likely to find local properties offered for rent.
If you are the owner, this should be easy. If you are not the owner but have been inside it, this should be easy for you, too. Input what you know using the check-off boxes in the survey. Let Zaxia know whether the building is in tough shape with peeling paint and worn-out carpet. Take the survey. For anyone familiar with the building, this might take five minutes.
If you want to discuss any of this or need help, call us at 1-857-880-7139. You can also reach out to us via email or contact form on our Contact page.