StreetEasy, the dominant real estate site in New York City, has launched an automatic home-valuation tool for property owners.
The AI-powered tool estimates a home’s current market value, price per square foot and monthly rent. It takes into account features that are unique to New York City, such as a building’s age, history and amenities, along with features of the surrounding area, such as parks and public transit, StreetEasy said in a statement.
But unlike Zestimate, the popular property value tool operated by Zillow, StreetEasy’s tool isn’t public-facing. Only the property’s owner can see it, and only after they claim the property and are verified on the StreetEasy portal.
The new resource could be a handy, free-of-charge reference for property owners looking to sell or maximize returns on their property. For StreetEasy, it appears to work as a lead generator for listing-agent advertisers. For owners wanting to check the tool’s estimate with a human, there’s a feature that connects them with an agent in the StreetEasy Experts program. Prospective sellers are matched with experts who have relevant experience selling similar properties in their building or neighborhood, according to StreetEasy.
With more than 6 million visits in September (according to SimilarWeb), StreetEasy is a critical listings venue for New York real estate agents. The popularity of the New York City Rental Network, which includes Zillow, StreetEasy, Trulia and other Zillow Group properties, allowed the company to raise per-listing prices by 50% at the end of 2018 and a further 25% at the close of last year.