Talking about people´s financial rating is controversial, all those who have financial problems, surely will not want to be qualified, and those, who do not have any problems, won´t care at all, and they will be positive in order to do it. In my opinion, understanding which is your credit rating is fundamental. And for that reason many Proptech / Fintech companies are working very seriously.
If we all had defined our rating (our credit rating, our borrowing capacity), or the rating sums when we are talking about couples or guarantors, it would be more efficient when buying a property. All buyers should know what they can or cannot afford. Therefore, when consumers are looking for purchases and rentals of any kind, the search would be much more efficient from the beginning. For example, if I want to buy a property and I know that my ceiling is x€, I know that I cannot buy or rent something that has a higher price, because either the financial entities are not going to give me the mortgage or I may know the risks of financing myself above my possibilities. With a correct rating, I make the first secure step on the trip to my new home, I will have guaranteed access to the necessary credit to buy or rent, therefore, I will only have to focus on the happiest part of the process, how and where will be my new home.
Today, there are companies capable of generate people´s ratings, using public and private sources, being able to give this important information, and making this first filter to real estate agents helping them to be more efficient with their clients. What does not yet exist is the combined rating, I mean, there is not in the market, at least in Spain, a single company, that on a click, offers, the combined rating of two or more buyers, and I really think that would help real estate agents even more. Are we facing a new Proptech opportunity?
Gustavo Lopez, Operations Director
Catalonian Real Estate Agents Association