Homesnap has released a new proptech product to boost agent confidence when recommending price levels and sellability of a client’s property. Sell Speed is a proprietary AI-based algorithm that collects real estate data to predict how quickly a home will sell for different price sets.
Guy Wolcott, Homesnap Founder said:
“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.”
With Sell Speed, agents are equipped with high-end, high-speed real estate data that they can use to better advise their clients when it comes to pricing strategy. This way, clients can set more realistic goals and eliminate unexpected outcomes with the help of Sell Speed’s deep data and machine-learning that gleans real estate information by the minute.
Sell Speed is consumer-facing and currently in beta for Homesnap Pro and Homesnap Pro+ users. For Homesnap Pro+ users, they have the added bonus of assisting their clients with price negotiations so they can get the best sale for their listing. These agents are able to access the Sell Speed on any listing, even if they are not the listing’s specific agent.
Furthermore, agents can adjust the listing’s price up to 30% and receive a more accurate selling-probability timeframe with updates to the estimated it could take for the property to sell.
John Mazur, Homesnap CEO, explained:
“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.”