StreetEasy, the New York City-focused real estate listings portal from Zillow, is launching an automated valuation model (AVM) tool to give city homeowners insight into the value of their property. Unlike parent company Zillow’s Zestimate, however, StreetEasy’s AVM won’t be public-facing and will be available privately to homeowners by request.
Doug Perlson | Photo credit: StreetEasy
The AVM is built using “cutting-edge statistical techniques and backed by StreetEasy’s wealth of data,” which allows it to properly analyze the ever-changing New York City market, according to Doug Perlson, StreetEasy’s vice president of real estate strategy and operations.
“New York City’s housing market is unlike any other, with an incredibly diverse mix of home types and nuances that only exist here,” Perlson said, in a statement. “No two units in New York City are exactly the same.”
New York City homeowners need only claim their home and request the estimate — which is powered by artificial intelligence technology — to receive an estimate of their home’s current market, as well as an estimated price per square foot and monthly rent.
After claiming their home, homeowners are granted access to a private dashboard generated by StreetEasy that helps the consumer explore their various options, including selling or connecting with a real estate agent through the StreetEasy Experts network, which the company launched last year.
StreetEasy Experts, launched in September 2019, is a referral network of agents that advertise directly on StreetEasy listings. Agents can’t just target any listing and claim themselves to be an expert. They need to demonstrate a proven track record of success within the building by claiming their deals on the StreetEasy platform.
In a statement announcing the new AVM, StreetEasy was also clear that the tool is not an appraisal and “should be used as a starting point and supplemented with other resources, such as a comparative market analysis from a local real estate agent and a professional appraisal of the home.”
Still, the use of AVMs, are often points of contention from real estate agents who question their accuracy or have to contend with clients citing the Zestimate over their own analysis.