BrokerageTechnology

Redfin unveils agent CMA tool, scraps consumer version

Software pulls comparable homes, shows buyer demand statistics
Published on Nov 30, 2016
  • The new tool auto-suggests comparable homes to Redfin agents using the Redfin Estimate algorithm and also lets them choose their own comparables to produce a customized report.
  • The rollout of the CMA tool comes after Redfin scrapped a DIY CMA tool it had served up to consumers since 2012.

What if real estate agents could quickly show sellers not only how much their home is worth, but also hard numbers on its desirability?That's the idea with a new comparative market analysis (CMA) tool unveiled by Redfin. The high-tech brokerage has put the software in the hands of its agents after phasing out a consumer version it previously provided on its website.The new tool auto-suggests comparable homes to Redfin agents using the Redfin Estimate algorithm and also lets them choose their own comparables to produce a customized report.Redfin agents had previously produced CMAs using tools provided by multiple listing services (MLSs) and software companies.But what sets Redfin's tool apart from those products is a feature that shows sellers the number of buyers currently hunting for a home like theirs in their neighborhood.“When I sit with potential sellers in their living room and say, ‘There are 245 buyers looking for a home like yours.’ T...

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