By Zayd Muhammad

Homesnap introduces home pricing tool for real estate agents

Real estate platform Homesnap has launched an artificial intelligence algorithm called Sell Speed that will provide predictions of how quickly a home will sell at different prices. 

Agents are able to use Sell Speed on current listings or off-market property. According to the press release, Sell Speed agents will be able to advise sellers on the chances of a home sale and how price variations affect that likelihood, use pricing insights to identify an ideal listing price and to provide evidence during price negations with buyers. 

“We considered hundreds of data points to produce the Sell Speed of a home,” said Homesnap Founder Guy Wolcott in a press release. “Homesnap’s proprietary machine learning algorithm takes current market conditions, similar listings, recent sales, buyer activity and listing agent behavior among others into account to produce the Sell Speed.”

First American DataTree receives patent for data search engine

First American DataTree, a provider of property data and document images, has been issued a patent for FlexSearch, a property data search engine that instantly searches against any word, phrase, name or item in any recorded document nationwide.

Based on a proprietary model of data acquisition and manufacturing, First American DataTree fully covers the U.S. housing stock and over 7 billion recorded document images, and its search engine FlexSearch returns search results in seconds.

“Most property and information solutions are built upon databases with limited sets of select data fields from public record data, which means a significant amount of important information cannot be searched or accessed, leaving valuable data on the cutting room floor,” said First American DataTree VP of Technology Calvin Powell in a press release. “FlexSearch is built to provide valuable, often inaccessible information to every DataTree customer.”