Redfin has just rolled out ‘Redfin Hot Homes,’ a feature which the company says it identifies which ‘for sale’ homes are likely to sell fast, and it highlights these homes throughout Redfin.com.
According to Redfin’s Blog, a home is identified as “Hot” when the proprietary Hot Homes Algorithm calculates that there is an 80% chance of that home having an accepted offer within two weeks of its debut.
The Hot Homes are then labelled on the map, making it easy to identify them as potential property buyers are browsing homes for sale. Additionally, the portal will tell users how likely it is that a home will have an accepted offer within the next few days as well.
Redfin CEO Glenn Kelman said: “Redfin already gets listings faster than any other major real estate site, giving our home-buying customers the jump on the competition. But it’s hard to tell when you have to jump. Which home will get three offers this weekend, and which will still be for sale in September? Using data no one else has to rate every home for sale, Redfin crunches more than 500 different attributes of the house, the neighborhood — and what homebuyers are looking for in that neighborhood. Our goal as Redfin agents is to make sure you never miss a shot at your dream home.”
Redfin claims the new feature is theirs exclusively, and that no other real estate website identifies homes that are likely to sell within two weeks.
It should be interesting to see how ‘Redfin Hot Homes’ is accepted by real estate agents, as Zillow’s recently introduced ‘Coming Soon’ feature has not been well embraced by U.S. agents, causing for some to argue that it constitutes a “pocket listing” that could lead to some bypassing MLS.