BETHESDA, Md., Oct. 26, 2020 — Homesnap, the leading provider of technology solutions to the real estate industry, 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. This new feature gives agents confidence in recommending price levels in a rapidly-changing real estate environment.
Currently available in beta to Homesnap Pro and Homesnap Pro+ users, Sell Speed 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. With Sell Speed, agents can:
- 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 and also advise the client how to sell your house for top dollar.
- 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% 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. Unlike other price-predictor tools that can cause confusion with clients and home searchers, 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, visit www.homesnap.com.
With easy-to-use mobile technology fueled by unmatched, real-time data intelligence, Homesnap is changing the way real estate agents connect with consumers and serve their clients. Homesnap combines people, property and data with enterprise-grade software for real estate professionals to run and grow their business at every stage of the real estate transaction. The industry-endorsed Homesnap platform leverages AI, machine learning and big data from over 500 data sources and over 240 MLSs to provide more than one million U.S. agents with access to powerful mobile software that automates workflow and optimizes the search and sell experience for their clients. With the Homesnap mobile app, the highest rated consumer home search application; Homesnap Pro, the industry-standard mobile business platform for agents; and the Homesnap national home search portal, a joint venture with the industry-backed Broker Public Portal, the integrated Homesnap platform is transforming the real estate business. www.homesnap.com.