Homesnap recently announced the debut of Sell Speed, a proprietary artificial intelligence algorithm composed of hundreds of up-to-the-minute real estate market data points that predicts how quickly a home will sell at various prices.
Currently available in beta to Homesnap Pro and Homesnap Pro+ users, Sell Speed reportedly helps agents better understand their market and develop pricing strategies. Agents can view the Sell Speed of their current listings or any off-market property. According to the company, Sell Speed can help agents in the following ways:
– Advise sellers on pricing strategy and likelihood to sell: Agents can use Sell Speed to help their clients set realistic goals and expectations about the price their home can command. Agents can illustrate how price variations affect the timeliness of an offer and guide their clients toward striking the ideal balance between asking price and days on market.
– Enhance listing presentations with pricing insights: Agents can use Sell Speed to identify the ideal property list price for an off-market property. By arming themselves with accurate, data-driven pricing models based upon proven market predictors, agents can win more listings.
– Use Sell Speed to assist buyers in negotiations (Pro+ agents only): Homesnap Pro+ agents can access the Sell Speed on any listing—even if they are not the listing agent. Pro+ agents can leverage Sell Speed as supporting evidence to prepare offers and facilitate negotiations.
“In this intense housing market, pricing homes accurately is more important than ever. Sell Speed was designed to help Homesnap agents amplify their market knowledge both to keep their current clients informed and at ease and to secure potential clients,” said John Mazur, Homesnap CEO.
Agents can adjust a home’s price up to 30 percent in either direction of the list price or estimated home value. As the price is adjusted, the selling probability timeframe dynamically updates to produce the estimated time in which the property will sell. Sell Speed is not consumer-facing and is available only to Homesnap Pro agents.
“We consider hundreds of data points to produce the Sell Speed of a home,” said Guy Wolcott, Homesnap founder. “Homesnap’s proprietary machine-learning algorithm takes current market conditions, similar listings, recent sales, buyer activity and listing agent behavior, among others, into account to produce the Sell Speed.”
The Sell Speed agent tool is currently in beta and available on web, iOS and Android devices to registered Homesnap Pro agents.
For more information, please visit www.homesnap.com.