WAV Group spoke to Trulia to gain a preliminary glimpse into the new product offering that launched today. The areas covered in the beta include five San Francisco Bay area counties including San Francisco County, Marin County, San Mateo County, Santa Clara County and Contra Costa County.
Trulia indicates that they have been working on developing their property estimate algorithm from scratch internally, leveraging the strengths of their data team and property scientists. The company has been benchmarking the effectiveness and accuracy across multiple commercial and consumer AVM solutions for many months to gain confidence in the quality of the product.
With Trulia Estimates, there will be an extensive communications tool that will allow consumers and professionals to provide the company feedback on the accuracy of the Trulia Estimate. Initial options will allow for the collection of impressions of prices that are too high, about right, or too low, along with the ability to leave text comments.
At launch, the feedback will be digested internally, but in the spirit of transparency the company may consider displaying the feedback publically in the future. Additionally, consumers or agents may “claim” the listing and introduce adjustments to facts appearing on the site that should be considered in the Trulia Estimate.
Perhaps the most interesting component of this product is the promotion of professionals who can offer consumers a competitive market analysis (CMA) on their property. Agents participating in the Trulia QuickConnect, the company’s premium online marketing program will be receiving consumer inquiries (Leads) for this service. As with the customary QuickConnect tool, consumers will be offered an array of 4 professionals from which to choose from.
Disclosure: Trulia is not a WAV Group Client