Unlike other price-predictor tools that can confuse home searchers and clients, Sell Speed is not consumer-facing and is available only to Homesnap Pro agents.
FREMONT, CA: Homesnap, a provider of technology solutions to the real estate industry, declared the debut of Sell Speed, a proprietary artificial intelligence algorithm composed of numerous up-to-the-minute real estate market data points that forecasts how quickly a home will sell at various prices. This new feature makes agents more confident in recommending price levels in a rapidly-changing real estate environment.
Currently available in beta to Homesnap Pro and Homesnap Pro+ users, Sell Speed enables agents to gain an in-depth understanding of their market and develop pricing strategies. Agents can check the Sell Speed of their current listings or any off-market property.
"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," stated John Mazur, Homesnap CEO.
Agents can adjust a home's price up to 30 percent in either direction of the list price or estimated home value. As the price can be adjusted, the selling probability timeframe updates to create the estimated time in which the property will sell. Unlike other price-predictor tools that can confuse home searchers and clients, 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," stated 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."