Location, Location, Location: How Real Estate Search Site Redfin is Earning a 97% Satisfaction Rate
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For most people in the U.S., purchasing a new home is the most expensive investment they will ever make. And in this economy, those that can still get a mortgage are even more eager to make sure that the decision they are making is one that they can live with.
So it is no surprise that the typical buyer has pages and pages of “house search requirements”. Nor is it a surprise that when looking at specific houses, they want tons of questions answered. How much is it, how many bathrooms does it have, is there a garage, when was the carpeting replaced? The list goes on…..
But the most important question – the one that tells a prospective buyer whether they should even bother pulling out their long list of requirements - is this one: Where is it?
And for people in cities and suburbs, “where is it” really means “what neighborhood is it in?”
Each neighborhood has its own reputation and character – and a house’s value is inextricably influenced by the neighborhood it falls in.
Redfin, the online real estate company you may have seen featured on Good Morning America, Sixty Minutes, and in the New York Times, knows this all too well. They have organized their entire site to facilitate house searching by neighborhood, because that is what their visitors want. Not only that, but all comparative statistics are available by neighborhood too!
Take their listings for Chicago as an example. You may know that Chicago is the third largest U.S. city, with almost 3 million people calling The Windy City home. But you probably don’t know that Chicago has over 125 distinct neighborhoods.
On most real estate search sites a house hunter who wants to look up listings for Edgewater, a neighborhood north of downtown Chicago, has to first figure out the ZIP Codes or streets that cover Edgewater. Why? Because the site they are searching on does not allow search by neighborhood.
But a house hunter searching for houses in Edgewater on Redfin has a different experience. She can quickly see a map showing the neighborhood boundaries, with all of the available properties in that neighborhood plotted.
The impact of being able to search so intuitively is what has Redfin customers saying "The site is a joy to navigate, and we'd use it even if we did not get a rebate."
Maponics neighborhood data is key to Redfin’s neighborhood level search. And because this data includes distinct neighborhood boundary lines, not the overlapping ones that other providers offer, houses are not viewed twice when users search neighborhoods that are next to each other. Interested in finding out how our neighborhood data can give your site an edge? Contact us at 800-762-5158.