Real estate brokerage Redfin has launched a new service that gives potential home sellers feedback on a ‘test’ price from hundreds of buyers searching for similar homes in the same area.
With Redfin Price Whisperer, buyers can view homes that fit their search criteria but are not yet on the market.
Here's how it works: A homeowner who is thinking about selling their home enters the desired price and the home's address via Redfin's website. From there, a Redfin agent contacts the owner directly to get photos and finalize the ‘test’ price. Redfin then e-mails up to 250 active buyers asking whether they would pay that price. The potential seller's address is not disclosed.
Two days later, Redfin provides the seller a data-driven recommendation on the likelihood of selling at the test price, including a report with the number of buyers polled, and the percentage who said ‘yes’ they would pay that price, ‘no’ or ‘maybe.’
Prospective buyers are also asked if they want to tour the home. However, the seller is under no obligation to use Redfin's services.
So far Redfin has rolled out the service in Boston, Chicago, the Los Angeles area, New York, Portland, San Diego, the San Francisco Bay area, Seattle and Washington D.C.
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