Ownwell Savings Estimate Tool

Ownwell Savings Estimate Tool

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Key Things to Know

How We calculate Savings Estimates

Comparative Market Analysis

What's In this Guide

Tips for Customer Conversations

FAQs:

Historic Performance Data

What the Customer Sees

Key Things to Know

Strive for Accuracy: Our estimates are just that - estimates. We aim for accuracy but cannot guarantee specific outcomes. Positive Potential Savings: Indicates a compelling case with a chance to save on property taxes. Even low estimates or no savings still warrant signing up, as there's no risk in Texas. Nudge Customers to Sign up and Complete the Property Survey: We can’t work on a case until they have signed up. Also, the #1 way for a customer to increase their chance of savings is for them to complete their property survey. Customers who complete the survey save 34% more on average. How We Get the Estimate: The combination of traditional sales comparison methods combined with Ownwell's past success in the area and our own internal data helps us build our estimates. Encourage Customer Engagement: Acknowledge concerns, stress the importance of the survey, and emphasize that appealing, even with low estimates, is worthwhile.

ALSO...

Always offer to remain on a call with the customer as they walk through the process of signing up, if they are open to it.

Ownwell's technology platform performs a robust comparative market analysis to determine your savings estimate.

Ownwell

This is what a customer sees on Ownwell.com if they ask about how savings are calculated.

Competitive Market Analysis

A comparative market analysis involves comparing similar properties in the same area to determine the value of a specific property. What this means is we assess factors like the size, age, and features of a customer's property and compare it with others that share similar characteristics. This comparison includes recent sales of comparable properties within the past year, as well as an examination of how the Appraisal District assesses similar homes in the neighborhood. We collect this information from various sources, including County Appraisal Districts and MLS databases, which are regularly updated. By analyzing recent sales data, the assessed values of similar properties and combining that info with our own internal data, Ownwell can estimate the potential savings on your property taxes.

What Does Historical Performance Mean?

Ownwell looks at our past performance in the property’s geographical area to see how successful we’ve been in reducing property taxes for similar properties. By leveraging historical data, Ownwell can better predict the potential savings for a property based on our track record in that neighborhood/county.

Tips For Customer Conversations

Stress that they need to sign up, and complete the property survey to give our consultants more to work with. Even if the customer has no additional information to provide, signing up guarantees that our team will handle their appeal and pursue the best reduction possible for the property.

Explain that our estimate is just an estimate, and we hope to work together with them to create the strongest possible case for a reduction.

Acknowledge their specific concerns and emphasize that estimates are based on the above various factors and may not account for all property-specific details. In order to have their property reviewed on a deeper level, they will need to sign up.

FAQ's

Common questions customers ask during sign up or while viewing their estimated savings

Q: Where does Ownwell get the information to make these estimates?

A: Information is sourced from publicly available data, internal data, and current market conditions. We have a team of general appraisers, certified public accountants, property tax consultants, data scientists, and engineers who have worked together to create our internal software. All of this is so that we can have an accurate picture of what we should be able to save on a particular property. These are still just estimates, but 86% of our appeals have a successful outcome.

Q: How much can you save me?

A: We save customers $1148 on average but it depends on the value of your property and each individual’s tax situation. By visiting our website www.ownwell.com you can enter your property information and get your personalized potential savings estimate before signing up. Ownwell’s savings are calculated based on a comparative analysis of your neighborhood, your property-specific characteristics, and nearby sales combined with Ownwell’s historical performance in your geography. We do try to take into consideration any existing exemptions on your property and calculate the savings with an estimated tax rate. Please be aware that potential savings does not take into account the additional information you provide within your property survey, such as recent appraisals, repair quotes, and deferred maintenance. Clients who complete our yearly Property survey save 34% more on average.

MORE FAQ

What kind of data does Ownwell use to get these estimates?

Why does another company have a different estimate?

This estimate is too low, my property value should be much lower.

Where does Ownwell get the information to make these estimates?

This estimate doesn't make sense; I have exemptions on my property.

I only want to sign up if you can promise to save me what the estimate says

And Last But Not Least...

Q: This Estimate is wrong, I'm going to get the Circut Breaker this year - there's no way you can save me this much. Or a variation of this.

While our estimates strive to be accurate, they are based on available information and may not reflect individual circumstances or recent legislative changes since it is still early in the tax season."Regarding the circuit breaker legislation, we are aware of the updates and will actively work to reduce your value below the limitation provided by the circuit breaker."As always, instruct the customer to complete the property survey and let them know that once the tax season begins, our consultants will review and update information.

Resources in ZD

Macros to use: How are your savings calculated?Savings Estimate / Potential SavingsInternal Help Desk Article:

Savings Estimate FAQ's

Savings Estimate 101

A: Assure the customer that exemptions are considered but may not be reflected accurately in the estimate. Completing the property survey can help address this issue. Also, as always, make sure to point out that any exemptions that are active on a property account will be taken into consideration, and we will never charge them for savings they get from an exemption. We have to get a reduction that goes lower than their capped value to save them on their tax bill or charge any fees.

A: Each company may use different methodologies and data sources, resulting in variations in estimates. This could be because the data one company is using is more recent, or that one company is using a different method of data collection in general, or because Ownwell also includes historical data in our estimates.

A: We save customers $1457 on average but it depends on the value of your property and each individual’s tax situation. By visiting our website www.ownwell.com you can enter your property information and get your personalized potential savings estimate before signing up. Ownwell’s savings are calculated based on a comparative analysis of your neighborhood, your property-specific characteristics, and nearby sales combined with Ownwell’s historical performance in your geography. We do take into consideration any existing exemptions on your property and calculate the savings with an estimated tax rate. Please be aware that potential savings does not take into account the additional information you provide within your property survey, such as recent appraisals, repair quotes, and deferred maintenance. Clients who complete our yearly Property survey save 34% more on average.

A: Explain that estimates are based on multiple factors and may not capture all details.Encourage completion of the property survey for a more accurate assessment.

A: We understand your hope for a certain result, but we can't promise a specific outcome due to the amount of varying factors at play in a property appeal. A positive potential savings does indicate that we believe there is a compelling case to save you money on your property taxes this year and we do strive to achieve the best possible results, as we only get paid if we save you, and even then, just 25% of those savings, so the more we save you - the more everyone is happier in the end. However, there are sometimes circumstances beyond our control, hence why it is an estimate. Our team IS dedicated to maximizing your savings and will be working diligently on your behalf.

A: Ownwell uses a comparative market analysis, including neighborhood specifics, property characteristics, and nearby sales data as well as our own historical data and current market overview.