In Freakonomics, Steven Levitt and Stephen Dubner were presenting the case where real estate agents selling their own house were keeping their real estate on the market for an average of ten more days than they normally would for their clients. Even more, they would sell it for an extra 3%. Levitt and Dubner explain that this occurs because for every $10.000 that the agent can get for you he only receives $150 as his commission. This means, the agent has no real incentive to put in the hard work and not go with the first offer you get. So the agent will always try to make you accept the first "ok" offer that comes along, so he can move on to another sale. In most cases you will listen to your real estate agent and take the deal, losing thousands of dollars in the process. This is a direct result of information abuse: people who have the knowledge, in this case real estate agents, use it to their own advantage.
The solution to this problem is... the Internet and its real estate web apps. These apps can help you sell and buy your own house, make an informed decision, get info and gain inside knowledge of the real estate market etc.
AppAppeal has decided to give App Awards to some of these real estate apps that provide us with the knowledge and info necessary to gaining huge financial benefits.
Best feature: Rentomatic
This web app was created for slum lords. We're kidding. But jokes aside Rentomatic offers the best feature of all other real estate apps: it has automatic rent payment. Say you own two or three houses that you are renting out. At the end of the month you don't have to send an e-mail with the invoice to your tenants, you just have to use Rentomatic, it takes care of the rest. Rentomatic generates monthly invoices that it then delivers to your tenants. Then it collects (even paper checks) the rents, plus it does all the accounting for you. This is a great feature.