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Redfin launches interactive home price estimate tool for consumers

Redfins “Home Price Tool” seeks to empower consumers by giving them more than an automated home value and offering interactivity so homeowners are better equipped to discuss their home with an agent.

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Redfin’s bold move

No stranger to self-perpetuated controversy, real estate brokerage, Redfin has just launched an interactive online tool to help homeowners “determine a fair price range for their home, using the same process and up-to-the-minute data that professional agents use.”

The company says their goals is to empower consumers to put accurate home pricing in their hands with their “Home Price Tool” which allows customers to see, choose and edit the homes that make up a comparable market analysis (CMA) like agents do. As a result, Redfin says “a home owner can then have a true dialog with her agent about pricing of the home for the market.”

The Home Price Tool has a transparent formula which the company says differs from other online CMA tools, and along the way, they educate homeowners on the pricing process so they have an estimate before entering discussions with an agent.

“More art than science.”

Users begin with a price range based on similar, recently sold homes in the neighborhood, then eliminates comparable homes that are dissimilar (new constructions, abandoned foreclosures, too big, too old, or unimproved, for example). Redfin says this results in a fair, competitive price range to guide users as to what their home is worth or how it should be priced.

“Estimating a home price is more art than science. When the home owner and her real estate agent both have access to the same information, it becomes a productive conversation and it paints a much more accurate picture of the home’s value,” said Jim Lamb, lead product manager for Redfin. “The Home Price Tool is a kind of freedom for home owners. They no longer have to accept what their agent or some website’s mystery formula tells them their home should be worth.”

Leaning toward art over science is fascinating given Redfin CEO Glenn Kelman calling the team “scientists” on a 60 Minutes interview several years ago, but the company has certainly undergone several makeovers as they have expanded not only their size but their offering and price model. Under Kelman’s leadership, Redfin has attempted other controversial moves like the recent four day stint attempting to offer consumers transparent ratings on all real estate professionals through “Scouting Reports” and the recent launch of “Open Book” which offers consumers a local directory of reviews and rankings of title agencies, inspectors and lenders with more to come.

CMA, AVM, and transparency

While Redfin is not pioneering the CMA, nor the AVM (automated valuation model where a price is electronically generated), they are making strides toward what they call transparency by allowing consumers to interact with the data. This move will ruffle real estate professionals’ feathers, but could also be advantageous to Realtors whose listing clients refuse to budge on pricing, and for homeowners who feel the need to verify what their agent says. It’s not a revolutionary move, it’s an attempt to improve an existing technology and an existing concept in a transparent way.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

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20 Comments

20 Comments

  1. Dyana

    March 15, 2012 at 2:03 pm

    Interesting article Tara! I think this proves even more that as technology grows and buyers and sellers gain more access to information agents job will continue to transform.

  2. Tina Powers

    March 15, 2012 at 3:46 pm

    Hopefully their new home price tool will be a little more accurate than the competition.

  3. Steve Crossland

    March 17, 2012 at 1:32 pm

    There is no automated valuation method that can account for the intuitive and subjective adjustments that an experienced Realtor, who knows the market and neighborhoods, can make.

    This is just further “dumbing down” of the consumer in the guise of “consumer empowerment”. It empowers them to be misinformed most of all.

    Steve

  4. Laura

    March 19, 2012 at 2:23 pm

    I plugged in my own address and got a range between $150K and $330K. Not very helpful. This in no way replaces the advice of a knowledgable, professional Realtor.

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Business News

10 time tracking tools for productive freelancers, entrepreneurs

(PRODUCTIVITY) We’re all obsessed with squeezing more out of each day, but what if we used one of these time tracking tools to inject more chill time into our lives?

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Part of today’s culture is seeing how much one can get done in a day. We’re always so “go, go, go” and we treasure productivity.

This is incredibly true for freelancers, and, as such, it makes total sense that app and software technology would capitalize on this need. The following apps and programs are designed to help you save time and/or increase productivity.

1. Timeular: This app is designed to visually show you how you spend your time and, as a result, become more productive. Instead of wondering where your time goes every day, you’ll see it visually. This is done through a physical time tracker, where you can define what you want to track and customize your Tracker. You then connect via Bluetooth and place the Tracker face up with the task that you are working on (if you’re taking a phone call, the symbol facing up would be a phone). It then tracks all of your tasks into a color-coded visualization of the day’s activities. Dangerous for people like me who waste a lot of time on Instagram…

2. Bonsai: This bad boy is time tracking for freelancers. You can break down each project and track time individually in order to see where your time is going and how much is being spent on each entity. You then are able to automate invoices based on the time spent. Genius!

3. Tasks Time Tracker: Say that three times fast. This is a phone app that has multiple timers so you can track more than one thing at a time. This app gives you the option to input billing rates to easily track your earning. You can then export all of the info in a CSV format.

4. Azendoo: Everything in one place. This is a time-tracking service that assists your team’s needs and workflow. It puts project organization, team collaboration, and time reporting all in one place. A cool feature on this is you can input how much time you anticipate spending on a project, and then Azendoo compares that to how much time you actually spent.

5. Continuo: Similar to Timeular, you get to see all of your activities in a color-coded format on a calendar. This lets you easily breakdown how much time is spent on each activity and allows you to plan for the future. You are able to see your progress over time, and see how you’ve gotten faster and more productive.

6. PadStats: Described as “a simple app will help you to learn more about yourself”, PadStats will help you track and analyze your daily activities or daily routine. This app includes more quanity-based tracking, allowing data to be more user-oriented and stats to be more accurate.

7. Pomo Timer: This productivity boosting app is a “Simple and convenient pomodoro timer based on the technique proposed by Francesco Cirillo in the distant 1980s made in a simple and clear design,” according to iTunes. For those who like visually simplicity, this app is for you.

8. Blue Cocoa: This program overturns the stigma of a smartphone being a distraction, by turning it into a productivity tool. You start by creating a timer and working on something, and, if you get distracted, the timer senses this and tries to help. This is all in an effort to keep you on track of your task, while tracking the time spent.

9. Timely: A fully automatic time app. This features automatic time tracking, project time management, and team time management. It works to improve timesheet accuracy, increase project profitability, and optimize team performance.

10. Toggl: This is a simple time tracker that offers flexible and powerful reporting. It works to crunch numbers that you’ll need for reporting, all while syncing between all of your devices.

Pick one or two of the above ten, and reclaim your time. No need to “go, go, go,” if you’re a more productive person – this way you can “chill, chill, chill.”

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Business News

This fake company weeds out crappy clients

(BUSINESS) The former CEO of Highrise used a fake website to weed out toxic clients. How can you keep problematic customers out of your business?

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Sorting through your client list to weed out potentially toxic customers isn’t a process which garners the same attention as a company removing problematic employees, but it’s every bit as important — and, in many cases, twice as tricky to accomplish. One innovative journalist’s solution to this problem was to set up a fake website to act as a buffer between unwanted clients and his inbox.

If you’re anything like Nathan Kontny, your inbox is probably brimming with unread emails, product pitches, and pleas from people with whom you’ve never met in person or collaborated; unfortunately, many of these “people” are simply automated bots geared toward generating more press for their services.

Nathan’s response to this phenomenon was to create a website called “Trick a Journalist” in order to see which potential clients would sign up for the service.

Hilariously enough, the trap worked exactly as planned. Anyone signing up for Trick a Journalist was blacklisted and prevented from signing up for Nathan’s CRM software, with Nathan’s justification being that the CRM software in question should never be used for something so egregiously predatory as Trick a Journalist.

By creating a product which sets apart unwanted clients from the rest of the pack, Nathan succeeded in both attracting and quarantining present and future threats to the integrity of his business.

While this model may not be practicable at face value, there’s an important lesson here: determining the lengths to which your clients will go to gain the upper hand BEFORE working for them is an important task, as your clients’ actions will reflect upon your product or services either way.

Ruthlessness in business isn’t unheard of, but you should be aware of your customers’ tendencies well in advance of signing off on their behavior.

Of course, one minor issue with Nathan’s model of operation is that, invariably, someone will connect Trick a Journalist to his brand and miss the joke entirely.

There are less risky routes to weeding out potentially problematic clients than blacklisting them via a satirical website — though one might argue such routes are less fun — but the end result is essentially the same: keeping unsavory clients out of your inbox and off of your product list.

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Business News

Class action suit hits vape company, Juul for illegally marketing to teens

(BUSINESS NEWS) Juul is a tiny vape stick that is popular among teens, a population the company is allegedly marketing directly to, grooming a new generation of addicts.

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This week, a class-action lawsuit has been filed against Juul for violating federal laws by marketing to American children.

Illinois Senator Dick Durbin and ten of his Democratic colleagues have written a letter to the CEO of Juul Labs, lambasting the e-cigarette company for prioritizing profits over public health. The biggest concern among the complaints that both the legislators and parents across country have against the vaping-tobacco giant is that Juul purposefully advertises their products for teenagers.

Juul denies such intent, claiming that their product (which has taken over two-thirds of the e-tobacco market according to some sources) is primarily to help traditional adult tobacco consumers quit smoking cigarettes. They’ve even released an ad recently that tried to emphasize this image.

However much they try to pivot to this e-cigarette as a self-care market, their own history is against them. According to the research of Robert Jackler, as profiled on the Smithsonian, the imagery that Juul uses in its advertisements is a throwback to the unregulated day of big tobacco in how it overtly entices youth. This is a part of a growing public health crisis.

Juul first became famous for looking like a USB drive, and became used widely by school children who could trick teachers into thinking they were carrying a harmless device, not a nicotine machine.

One of Jackler’s insights is that today’s teenagers were never as likely to begin smoking traditional cigarettes as people from the late 80s and 90s, so they were an untapped market. The New York Times, reporting on the increasing public pressure the FDA faces to regulate the e-tobacco industry, even went so far as to ask, “Did Juul lure teenagers and get customers for life?”

Juul’s reach to the younger generation was also confirmed by a team of researchers from Stanford University. By analyzing social media posts from Juul’s launch in 2015 to last fall, the Stanford team concluded that where Juul’s real innovation in the smoking and e-cigarette industry was not its product, but the way that it mobilized social media to hook young consumers.

According to an interview with Stanford researchers, “Juul hired social media influencers — people with large followings on Instagram — to promote its products. It created hashtags — #juul, #juulvapor, #switchtojuul, #vaporized — that the influencers blasted out to their followings, often featuring images of young people Juuling, or doing tricks or jokes with their device.”

The company shut down its social media accounts last year, but the damage was done. The hashtags are still updated daily.

This sort of bait-and-switch advertising extends beyond Juul’s young American audience and their marketing efforts.

Take for example, an Indian company that recruited Pierce Brosnan for what he believed was a commercial for a breath freshener line. Instead, it was a type of tobacco product called pan bahar (it is similar to chewing tobacco). The star said that he wasn’t aware of the nature of the product, that the company didn’t disclose its harmful effects, saying that he wouldn’t have chosen to endorse it otherwise, as he has lost family members to cancer.

Not wanting to endorse tobacco product, of course, is a commendable stance for Brosnan. But where are the social media influencers that continue to take money from Juul to target teens? Where is their rejection? They could very easily take a cue from Brosnan and say they were unaware, but instead, continue to force feed hashtags down unsuspecting childrens’ figurative throats.

Juul can call themselves an alternative to smoking all they want, but if even our politicians can see through the B.S., Juul has a real problem.

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