Homebuyers who are outbid for that new domicile may have technology and data mining to blame — though undoubtedly sellers are not unhappy.
Redfin is reporting that its “Last Call for Offers” feature, which sorts through potential buyer data to notify likely prospects that there’s time to make one more bid for a home on the market, has increased multiple offers by more than 20 percent. In the three months since the feature was introduced, the company says multiple offers shot up from 49 percent of homes sold by a Redfin agent to 60 percent after a Last Call went out.
The Seattle-based real estate brokerage explains the deadline email is triggered by data on who has added a home to a Redfin.com favorites list, viewed a property on the website or Redfin Real Estate app, attended an open house, or toured the home. The email has a photo and description of the property for sale and, conveniently, the Redfin agent’s name and contact info.
“Redfin’s big data platform zeroes in on the people who are mostly likely to be interested in a Redfin listing,” said Bridget Frey, Redfin chief technology officer, in outlining how the feature has worked since it was announced in February.
Redfin, which describes itself as having been “founded and run by technologists,” also provides other tech tools for buyers and sellers, including 3D walkthroughs and a seller dashboard.