New Redfin Software Finds Homes that Buyers Didn't Know They Were Looking For
Redfin Matchmaker Combines Individual Client and Site-Wide User Behavior to Discover Relevant Listings that Otherwise Would not be Considered
SEATTLE, Sept. 5, 2013 /PRNewswire/ -- Redfin, the technology-powered real estate broker (www.redfin.com), today announced Redfin Matchmaker, new technology for recommending unexpected listings to clients. The technology incorporates the client's individual activity on the website, as well as data from millions of Redfin users to present alternative properties to the Redfin agent for review. The agent evaluates the recommendations then suggests potential matches to clients. Only Redfin takes into account online and in-person activity to make better listing recommendations, with guidance driven by both algorithms and agents.
"Who knows you better, your real estate agent or your real estate website?" said Redfin CEO Glenn Kelman. "That's an old debate. With Redfin Matchmaker, we take into account your entire online profile with what our agents learn about you while taking you through homes, to make uncanny recommendations about listings you never asked to see. This unique combination of technology and service is the heart of what makes Redfin special: it's why we publish insights about the tours and offers handled by our agents and it's how our tour-scheduling system gets customers into homes faster than ever before. Making recommendations based on both algorithms and agents' personal knowledge of clients is just another example of how technology and service can work together to make buying and selling homes much, much better."
Redfin Matchmaker proved itself in the earliest phases of product testing, with more than 20 homes already sold or in-progress. Chicago Redfin Agent Carrie Georgitsis suspected a bug in the software when Redfin Matchmaker suggested homes in San Diego for her clients Jackie and Erik Pampel, who were looking in Chicago. A few hours later, Carrie received a call from Jackie with news of their plans to fulfill a long-time dream of living in San Diego. The couple ended up closing on a home in Carlsbad, CA with Redfin agent Jordan Clarke, who used Redfin Matchmaker to help the Pampels narrow down a broad selection of neighborhoods.
"We were open to several different areas of San Diego, and weren't quite sure where to focus," said Erik. "Jordan did an excellent job of helping us figure out what criteria mattered most, then presenting listings that were good fits for different reasons. We made an offer feeling very confident that we understood the market and that we'd found the right home for us."
"Redfin Matchmaker uses machine learning algorithms to analyze the homes people are viewing on our site, and then makes smart recommendations," said Bridget Frey, vice president of engineering at Redfin. "Our engineering teams love hearing from Redfin agents about how our technology helped reinvigorate a client's home search, or that a client bought a home she wouldn't have otherwise considered."
Saved searches on Redfin.com and Instant Updates find almost all of the properties that clients might be interested in. But in some cases a client's search criteria might be slightly too narrow, and Redfin Matchmaker presents an option that they had not previously considered. For example, if a Redfin client is looking for a certain kind of home in the Georgetown neighborhood of Washington, D.C., Redfin Matchmaker might suggest a very similar home in Cleveland Park based on the individual's site activity and the behavior of millions of other users. The agent doesn't have to spend time scouring the website or making guesses, the algorithms do it for them.
Redfin Matchmaker is used by Redfin real estate agents on behalf of their clients. Redfin has also developed a suite of tools to make the home buying and selling experience better for consumers, including the Home Value Tool, School Search, Tour Insights and Instant Updates. To stay up-to-date on new Redfin features and services, subscribe to the RSS of the Redfin Blog.
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin's online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 22 U.S. markets and has closed more than $8 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on our blog (blog.redfin.com), Twitter (@redfin), and Facebook (facebook.com/redfin).
SOURCE Redfin Corporation
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