In an effort to create more conversations between potential sellers and Royal LePage agents, Royal LePage has launched QuickQuote™, an Automated Valuation Model (AVM) that provides Canadians with current market property valuations.
By focusing on providing value to consumers through AVMs, Royal LePage is able to help consumers while simultaneously helping their agents grow their business. It’s a true win-win.
QuickQuote™ is an AI-driven, algorithm-based software program which provides Canadians with current market property valuations. While there are other AVM tools available to Canadians, QuickQuote™ is the first truly national home value estimator on a real estate website.
AVMs generate instant estimates by using advanced analytics and algorithms that analyze data points for a specific property, typically factoring in things like market trends, historical sales data and current listings. The accuracy of AVM technology is largely dependent on the quality of data available for a certain property, with estimates varying depending on the product type or location.
These tools can be effective starting points for prospective sellers trying to estimate the current market value of their home. They also work as a great marketing and lead generation tool, as estimates need insights from a Realtor to help contextualize the valuation, prompting sellers to engage with an agent to better identify a home’s current market value.
In assessing the competitive landscape, the need to create a Canadian-based AVM customized for Canada’s real estate industry became apparent. With QuickQuote™, users can receive estimates for properties across Canada, both on and off the market.
The tool was designed to help generate consumer interest in a property and drive seller leads to sales professionals within the Royal LePage network, giving them an opportunity to strengthen their client relationships and build new ones.
Having accurate data to generate home price estimates is a critical aspect of an AVM’s success. This is why QuickQuote™ is powered by, and leverages, the proprietary real estate data, advanced modeling and AI techniques of RPS Real Property Solutions. QuickQuote™ generates an instant estimate range of a property’s current value, and also provides an opportunity to improve the estimates’ accuracy by entering additional details about the property, including square footage, number of bedrooms and bathrooms, renovations, and more.
Ultimately an AVM generates leads, facilitates conversations and allows agents to build relationships with potential sellers. With QuickQuote™’s unique and truly national data set, Royal LePage agents can take advantage of a new source of seller leads to grow their client database.
Sunny Tung is Royal LePage’s Senior Manager of Digital Product Development. He has over 17 years of experience in product management. Before Royal LePage, he worked at Bell Canada for 10 years launching a new mobile brand called Solo mobile and introduced live TV on your phone. Sunny also spent 4 years at Virgin Mobile where he helped transform them from a prepaid model to postpaid and managed all their content and services.