Opinion

Innovation and the MLS

Guest perspective: 'Price Whisperer' is for crowdsourcing, not pocket listings

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: Glenn Kelman is the CEO of Redfin, a technology-powered real estate brokerage. Inman News welcomes guest perspectives on topics of interest to real estate agents, brokers and companies that provide services to them. Send guest perspectives to Managing Editor Matt Carter, matt@inman.com. Last week, Redfin released our new "Price Whisperer" tool, which allows a homeowner to email 250 buyers on Redfin.com about the price he hopes to get for his property. The email includes four pictures of the home, the number of bedrooms and bathrooms, the square footage and the neighborhood in which the home is located. Forty-eight hours later, the owner gets a report from Redfin explaining how many buyers were interested in the property at that price. In an early trial, Redfin agents used Price Whisperer whenever a potential seller wanted to price the home higher than we thought the market could bear. Price Whisperer dissuaded six owners from selling at all; six others decided t...