This article was written by Patrick Hunt, co-founder of CrowdPrice, our newest feature. I met Patrick at the Inman Real Estate Connect conference this past January and am pleased that we were able to form this partnership, especially seeing how the spirit of the conference is all about connection. Please check it out and let us know what you think! – Erik Wind
We are thrilled to be launching CrowdPrice exclusively on GeoData Direct this week. Erik Wind has been a strong supporter of us from the beginning, and we both share a common mission: to provide better information about real estate.
What is CrowdPrice?
CrowdPrice brings the wisdom of the crowd to property valuation. Here’s how it works:
1. Browse a listing featured by CrowdPrice and estimate its eventual sales price. Your estimate is 100% confidential.
2. Check out the range of other estimates and the listing’s CrowdPrice – a consensus estimate based on each user’s accuracy in that neighborhood.
3. Click the Follow button. When the property sells, we’ll send you a snapshot of how accurate you were, reflected in your updated score. Again, your estimate remains 100% confidential.
This sounds like a game!
We hope CrowdPrice feels like a real estate pricing game — we want it to be both fun and educational, as well as a little bit competitive! We love to follow our local real estate markets and wanted to make browsing properties more interactive. We plan to add more fun features in the future, like badges for the most accurate user in each neighborhood. Here’s what it looks like:
How do you calculate the consensus CrowdPrice?
When a property sells, we compare each user’s estimate to the actual sales price and update his or her local accuracy score. When the user makes an estimate on another property in that neighborhood, that score determines his or her impact on the CrowdPrice. Users with a history of accurate estimates in a neighborhood have a stronger impact on the CrowdPrice.
Where do I start?
We’re starting CrowdPrice with properties in Nassau County. This week, the featured property is 155 John Street, in Levittown. We’ve selected a pending sale, so you can have feedback on your estimate as soon as possible. Just log in with your GeoData Direct account, and you can participate too. And keep your eyes out for a new featured property on GeoData Direct every week.