Homesnap uses an algorithm that crunches millions of records, including MLS data, to come up with a “Likelihood to List” score. The service, available only to licensed agents, shows a “heat map” of neighborhoods color-coded to zero in on the homes most likely to go on the market.
Lou Mintzer, Homesnap’s Chief Product Officer, said:
“Instead of sending a postcard to 5,000 homes, real estate agents can just focus in on the people the algorithm has determined are the most likely to list their homes."
For example, a home withdrawn from the market before it sells is a key indicator that it’s likely to list again, Mintzer said.
“The home might have been priced too high, maybe languished on the market 4 or 6 months, and now the MLS status is `withdrawn,’” Mintzer said. “An unsuccessful listing is a signal the home might be listed again.”
Another indicator is the age of the owners. Someone who is 85 years old and living in a home alone might be ready to think about selling, he said.
It’s a far cry from a decade or more ago when agents had to adopt more scattershot approaches to finding clients, like an ad on the side of a bus.
Read more here