Leading Real Estate Companies of the World (LeadingRE) has added a new technology company to its list of recommended business solutions providers.
The companies collaborated, in part, to jointly address the need for improving how agents offer and execute comparative market analyses, or CMA.
Considered the first and most critical component of a listing agent’s sales cycle, CMAs lead the argument for a home’s pricing strategy. They tend to incorporate brokerage marketing messages and encourage homeowners to sign listing agreements. Homegenius calls its CMA product Geniusprice.
“Geniusprice is a property intelligence platform that is designed to replace traditional Comparative Market Analytics (CMA), helping agents and brokers gain a deeper understanding of real estate properties and their local real estate market,” the company said in a statement.
A standout feature of Geniusprice is its computer vision, a technology that enables users to compare interior features of each property by reading image metadata and identifying specific items and finishes. While not always a major contributor of hard, measurable value, specific appliance brands and interior design choices often drive buyer decisions, in turn helping sellers understand how their homes may compare to proximal listings.
The computer vision technology also automates a ranking system for the interiors of each comp. The product enables users to build comp lists by drawing location borders, transaction history or by size and listing status. Listing presentations in Geniusprice are not static, meaning agents can edit properties and market data on-the-go, and instantly measure values using its HPI, or Home Price Index. Presentations are delivered online, either in person or over video conference.
Geniusprice offers “next level analytics,” Jeff Kennedy, vice president of Sales/Partnerships for LeadingRE, said in a statement.
We are excited to share this platform with our membership,” he said. “With homegenius, agents have access to the latest data science and machine learning technology to generate price estimates in minutes.”
The CMA is historically, and in some brokerages remains, a manual, multi-step process of searching local MLSs for like properties, personally reviewing each and assembling them in some form of professional package. It’s not uncommon for agents to merely staple together printed MLS sheets.
Because consumers have unprecedented access to real estate market data including various DIY valuations, printed paper seems like an uninspired way to demonstrate value to a listing lead, especially when so many software tools exist that can extract and dynamically present valuable pricing and predictive insights from what’s within static MLS reports.
“Agents are excited about our uniquely sophisticated but brilliantly simple technology, and we look forward to helping talented LeadingRE agents across the country unlock more value for themselves and their clients,” said Brien McMahon, senior executive vice president, cohead of homegenius, in a statement.
Homegenius is part of Radian Group Inc., a family of companies combining an array of title, valuation, asset management and other real estate services.