My article last week, “The death of competitive market analyses as we know them,” fired up the Inman readership. Comments questioned whether I had ever sold real estate (I’ve been a broker since 1982, and I’ve run the training for 4,000 agents) complained about the inaccuracy of algorithms, raised issues about whether appraisers would ever adjust and questioned the definition of best agents. Other commenters agreed with my assessment.
- User customization is the key to consumer-facing algorithms, but agents can use them to their advantage, too.
- According to Zillow, 47 percent of sellers reduce their price before selling, and they receive an average of 2 percent less.
- Overpriced property takes 113 days longer to sell on average, but customizable algorithms can help fight the overpricing plague.