Acquired in December 2020 by CoStar, the leading provider of commercial real estate data, analytics and online marketplaces, Homesnap combines easy-to-use mobile technology with the power of real-time information to provide a variety of home search, messaging and data management functions for both consumers and real estate professionals.
This combination is designed to empower agents to better serve their current clients and reach out to consumers in their market.
Leveraging artificial intelligence, machine learning and data from hundreds of sources — including more than 250 MLSs — the platform currently serves more than one million U.S. agents.
Product offerings include the consumer-facing Homesnap mobile app, the highest-rated consumer home search app, Homesnap Pro, the mobile business platform for agents, and the Homesnap search portal, a joint venture with the Broker Public Portal.
Like many online platforms, the past year has been a time of innovation and development for Homesnap. In addition to enhancements to their current product offerings, the company is rolling out a new feature, Homesnap Showings, later this month.
Table of Contents
- About Homesnap
- Homesnap Pro data enhancements
- New Homesnap Pro’s sell speed
- Homesnap Pro+ Concierge
- Next up? Homesnap Showings
One of Homesnap’s most powerful differentiators is the way that it brings together consumers and agents with tools and information that make transactions more seamless and convenient. It provides innovative search options, including a snap function that provides MLS information based on location and a home’s photo.
Homesnap’s in-app messaging allows home searchers to communicate with others within the app, including friends, family and agents to whom they’re connected. This provides a convenient, all-in-one solution for searching and communicating throughout the purchase process.
For real estate agents, Homesnap offers both Pro and Pro+ versions. By signing in with your MLS information, you can claim your Pro account and begin using its agent-facing features including real-time data, rapid CMAs, in-app messaging and even an agent safety timer.
Pro+ is the platform’s paid service, offering additional features including marketing and advertising capabilities designed to raise your online profile.
- CoStar Group acquires Homesnap for $250M
- CoStar revenue jumps 17% with help from new addition Homesnap
- With CoStar in the game, a new real estate chessboard emerges
- After CoStar acquisition, Homesnap vows loyalty to Broker Public Portal
- 3 ways Homesnap Pro+ will boost your online presence
Homesnap Pro data enhancements
After more than three years of research and development, Homesnap Pro’s newest data enhancements provide a variety of new and improved features including the following:
- Real-time MLS data integrations to sync contacts, saved searches and listing carts for better property analysis.
- Advanced search filters so that agents can meet more specific client criteria, including parking requirements, homes with a basement or pool or specific appliances.
- Improved residential building pages for more personalized information, including the ability to browse individual units by search criteria or unit numbers.
In addition, the portal’s new Off-Market Marketplace uses machine learning to assign homes a Likelihood to List score. This allows agents to identify likely sellers or off-market properties that match their buyers’ criteria.
According to Lou Mintzer, Homesnap’s senior vice president of product, the Off-Market Marketplace allows Homesnap Pro agents to “identify potential sellers before they’ve started the selling process, putting them one step ahead of the competition.” Its predictive algorithm finds patterns to determine which homes are likely to go on the market within the next year.
- Homesnap launches souped up Homesnap Pro app for agents
- Inman Handbook on unlocking the power of Homesnap
- Homesnap update promotes live open houses
- Likelihood to List puts the power of predictive analytics in the agent’s hands
New Homesnap Pro’s Sell Speed
Homesnap Pro now offers Sell Speed, a proprietary algorithm that uses up-to-the-minute real estate market data to predict how quickly a home will sell at a variety of price points. This provides tremendous confidence for agents in analyzing and recommending pricing, especially in today’s rapidly changing market.
Agents can view the Sell Speed of both their current listings or any off-market property. This allows agents to:
- Advise sellers on pricing strategy and its impact on timeline. This helps agents to set realistic expectations and illustrate how changes in price impact the sale process.
- Enhance listing presentations by providing pricing insights using accurate, data-driven models to win more listings.
- For Pro+ agents, Sell Speed is available for any listing, including those represented by other listing agents. They can then use the data to prepare offers and support their position during negotiations.
Sell Speed is only available as an agent-facing product on Homesnap’s platform. This helps to avoid confusion and unrealistic pricing models for seller clients and buyers.
- Homesnap launches AI-powered tool that predicts days on market
- How to price a listing in a red-hot seller’s market
- Overpriced listing? How to persuade clients to drop that number
- CoreLogic and Homesnap team up to make agents more mobile
Homesnap Pro+ Concierge
Introduced in June 2020, just after the beginning of COVID-19-related shutdowns, Homesnap Pro+ Concierge service helps top agents participating in the Pro+ plan run custom ads on Facebook and Google while also delivering prequalified leads from homebuyers and sellers.
Concierge connects agents with Homesnap’s in-house marketing, design and engineering team to develop lead-gen campaigns that are powered by the platform’s machine learning algorithms.
Leads are vetted by phone, text and email, then provided to agents with key details including location, budget, timeframe, and current homeownership and mortgage status.
“Campaigns are managed by a combination of real humans who are experts in the digital advertising space and machine learning that understands the real estate market, ultimately saving agents hundreds of hours each month,” Mintzer said. “Concierge leverages Google’s Local Services Ads to deliver front page visibility and live phone call leads to Homesnap agents.”
Concierge campaigns are optimized for performance on an ongoing basis so that agents stay in front of relevant prospects. In addition, advanced reporting and analytics help agents maximize their investment and the tools provided by the Homesnap Pro+ platform.
- Map-based real estate marketing sees explosive growth
- Homesnap launches new advertising and lead gen service, Concierge
- With Homesnap, Facebook Marketplace delivers the best experience for renters
- Homesnap has created the Instagram Stories of real estate
Next Up? Homesnap Showings
According to Homesnap President John Mazur, “At Homesnap, we believe that the essential tools real estate professionals use every day to serve clients should not be owned or controlled by market participants who compete with those real estate agents. Showing management software is one of those essential tools.”
Thus, launching this month is Homesnap Showings, a proprietary showings management tool designed to simplify the showing process and enhance agent productivity.
“Agents must be able to collaborate with their buyers and sellers without fear that their clients’ information is being shared with a competing brokerage,” Mazur said. “Similarly, brokerages must have confidence that the tools their agents use don’t provide confidential information to a competitor who may make offers on their listings, or list the house down the street.”
Offering a modern interface and simple scheduling features, Homesnap Showings provides Homesnap Pro and Pro+ agents with the ability to customize showing details for a home based on their client’s needs. Since it is directly integrated into Homesnap Pro, agents can manage the entire process from their phones.
Homesnap Showings will also be available on the web and on iOS and Android devices as an MLS membership benefit at no additional charge.
- Inman Handbook on digital home showings
- From cold to close: How virtual showing tools benefit your long-term business
- The Inman Handbook on showing management platforms
Christy Murdock is a Realtor, freelance writer, coach and consultant and the owner of Writing Real Estate. She is also the creator of the online course Crafting the Property Description: The Step-by-Step Formula for Reluctant Real Estate Writers. Follow Writing Real Estate on Twitter, Instagram and YouTube.