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Real Estate

Brokerage tool allows sellers to test listing price

A real estate brokerage has launched a new service called the "price whisperer" that allows home owners to get feedback on a price for their home before actually listing it for sale.

Seattle-based Redfin's new "price whisperer" tool allows potential sellers to gauge the pricing of their home from potential buyers while giving buyers a "sneak peek" at homes not yet on the market.

"The most important decision when selling a home is what price to charge," said Glenn Kelman, Redfin CEO. "The traditional process often amounts to a high-stakes guessing game with tens of thousands of dollars at stake for the owner."

Homeowners provide the price they want for their home, while also getting advice from an agent. An agent then takes photos of the property and e-mails up to 250 active buyers with a question whether they would pay that price for the home. The address is not disclosed. Buyers are also asked if they'd like to tour the home.

Redfin said the service is not intended to generate pocket listings. If there is interest in the property, the agent will recommend that the homeowner list the property on the Multiple Listing Service before selling.

"Selling directly to a buyer without listing the home on the MLS is called a 'pocket listing,' and generally does not benefit the seller," according to a release from Redfin.

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