TwentyEA have launched a new artificial intelligence (AI) tool that assigns a percentage score indicating the likelihood of a property selling, if instructed by an estate agent.
Called SellScore, the tool’s insights have been designed to help agents prioritise vendor enquiries with the highest likelihood of completion, tailor pricing strategies, reduce spend marketing properties unlikely to sell, and improve CRM efficiency through lead scoring.
Built on data and powered by AI, SellScore assesses thousands of metrics.
As well as property-specific data points such as potential risk factors, the model also encompasses the market activity specific to each location, such as the supply and demand ratio and likelihood of fall throughs.
After 12 months of testing against real market outcomes, SellScore correctly predicted 86% of all property sales within the top 30% of properties it flagged as most likely to sell.
The tool will be available via online platform, API or secure FTP data transfer and will be launched at the Kerfuffle conference on 10th July.
Katy Billany, executive director of TwentyEA, said: “We’re incredibly excited about the potential of SellScore to help agents prioritise their resource for the properties where it matters most.
“With only around 55% of listed properties actually selling, the ‘no sale, no fee’ model significantly impacts an agency’s bottom line but with the power of SellScore, agents can decide which fee model is best suited to the listing – up front, pay on completion or somewhere in between.
“SellScore delivers clear, actionable insights which will help agents to explore new fee models and vastly increase their average income per listing.
“We’ve built this model using detailed historical data from the past 4 years which draws on highly granular insights.
“These include property-specific factors such as potential risk factors, location data, and ownership details such as how long the owners have occupied the home and their life stage. It also draws on hyperlocal market data such as the demand to supply ratio.”
She added: “When combined with our Forecast tool, agents gain an even more powerful, data-driven advantage to their marketing campaigns, by knowing exactly when the properties most likely to sell will likely come to market.
“SellScore is powered by a vast number of mathematical calculations, refreshed daily through advanced AI, ensuring the model stays accurate and up to date.”
