Redfin Releases Dashboard for Listing Customers to Monitor Neighborhood Pricing and Traffic Trends

Download image

    SEATTLE, March 4 /PRNewswire/ -- Online real estate broker Redfin
 Corporation today released Redfin Listing Metrics, a dashboard for Redfin's
 listing customers to analyze neighborhood inventory trends and recent
 sales, and to compare their listing's online traffic to that of other
 listings in the neighborhood.
 
     (Logo: http://www.newscom.com/cgi-bin/prnh/20070426/SFTH054LOGO)
 
     With this release, Redfin is also displaying open house information in
 its map-driven search experience, offering consumers new ways to subscribe
 to listings, and incorporating a third home-valuation estimate, from
 Cyberhomes.
 
     Redfin's efforts to provide data-driven guidance to its listing
 customers is part of a larger Real Estate Scientist
 (http://www.redfin.com/scientist) campaign to develop selling and buying
 best practices based on local, up-to-the-minute market information.
 
     The Listing Metrics dashboard, currently available only to Redfin
 listing customers, graphs how key marketing and pricing trends change day
 to day and week to week:
 
 
    --  Online traffic to the listing on Redfin.com as compared to the
         neighborhood average, so Redfin customers can determine if their
         listing is competing for online buyers' attention;
     --  Sources of online traffic to the listing on Redfin.com, so Redfin
         sellers can evaluate the effectiveness of promoting their listing on
         other sites;
     --  The number of competing broker-listed properties in the neighborhood,
         so Redfin customers can evaluate supply and demand to determine if
         pricing conditions are changing; and
     --  The average days on market for broker-listed properties in the
         neighborhood, so Redfin customers can determine if their property is
         taking too long to sell.
 
     The dashboard also provides an overview of nearby similar listings, so
 Redfin sellers can compare their listing's pricing, photos and amenities to
 those of its competition, and an overview of recently sold properties in
 the neighborhood, so Redfin sellers can evaluate closing prices as well as
 listing prices. Using the dashboard, Redfin customers can also schedule and
 promote open houses.
 
     Starting today, Redfin's real estate search map now displays open-house
 data that originates directly from local Multiple Listing Services, which
 brokers use to share open-house information with their peers and their
 clients. Together with Redfin's January announcement of a home tours policy
 that allows clients to go on four home tours without paying any money
 up-front, the open-house data will make it easer for Redfin buyers to see
 listings.
 
     The Cyberhomes property appraisals join estimates from Zillow.com and
 eppraisal.com to offer home buyers a comprehensive perspective on the price
 of each listing displayed on Redfin.com. The Cyberhomes estimate is
 valuable because it draws on data directly from one of the nation's largest
 title insurance companies, Fidelity National Financial.
 
     The new release comes less than 45 days since Redfin released a version
 of its site featuring neighborhood boundaries, high-frequency listing
 updates, pricing analysis tools and Apple Safari browser support.
 
     "We believe technology can give home buyers and sellers a competitive
 advantage throughout the transaction, not just during the search," said
 Redfin Chief Technology Officer Michael Young. "The most important issue
 for our listing customers has been evaluating their home's marketing and
 pricing by comparing online traffic and closing prices for listings across
 the neighborhood."
 
     "This release is an example of our Freakish Depth strategy in action,
 where we use anonymous data collected from our search site to guide our
 customers engaged in a transaction," Mr. Young continued. "In turn we can
 use anonymous data gathered from ongoing transactions to build a better
 search site. Our website makes our business model possible by automating
 key tasks, but our business model is also what gives us the deep data
 access we need to build a better site."
 
     About Redfin
 
     Redfin (http://www.redfin.com) is the real estate industry's first
 online brokerage, currently available in Greater Boston; the San Francisco
 Bay Area; Greater Seattle; Southern California, including Los Angeles,
 Orange County and San Diego; and the Washington, D.C area, including
 Baltimore. By combining maps, listings, tax records and analytics, Redfin
 has become one of the most popular brokerage sites. Customers who use
 Redfin.com to buy or sell properties earn a refund of most of the
 commission traditionally due their broker, and get full support in
 paperwork, offer presentation, negotiations and closing. Redfin has one of
 the highest customer satisfaction rates in the industry, and is the only
 brokerage with a 100-percent-customer-satisfaction guarantee. To give the
 Redfin service a try, visit http://www.redfin.com; to keep track of our
 daring exploits via our blog, go to http://blog.redfin.com.
 
 
 

SOURCE Redfin Corporation