Social network platform that uses the postal code of an area, Nextdoor, has turned towards the real estate industry.
The company debuted a new feature called “Your Home”, unlocking another step on its path to profitability. The offering, which was reviewed by Yahoo Finance, seems like a natural next step for the business, and is initially being rolled out to the platform’s U.S. homeowners.
Real estate is one of the most talked about topics on Nextdoor, accounting for one in four conversations. The discussions range from disbelief that a home got significantly over the asking price to how changed zoning laws will affect property values, according to Nextdoor Chief Revenue Officer Lauren Nemeth.
The intention is twofold — to meet user demand and to create a new revenue stream.
Nextdoor’s users get a personalized view of the value of their home, local real estate trends and outside factors that would affect their home value. Homeowners can connect with local agents by choosing “talk to an expert.” Unlike Zillow and Trulia, Nextdoor opted not to build its own estimate tool, and instead is using third-party partnerships like real estate data portal ComeHome.
Perhaps more importantly, real estate agents get increased brand exposure and an opportunity to spark relationships with an engaged community by showcasing their local expertise.
After testing the feature in five pilot markets over the past six weeks, Nemeth said she’s confident this is a program that is meeting the sell-side consumer’s top requests.
“It’s not quite like Zillow because most neighbors aren’t necessarily ready to sell right now. We’re talking about conversations on the consideration level, not the conversion level. And we’re helping real estate agents lay the foundation for those longer term relationships,” said Nemeth.
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