NextDoor, the free, private social network specifically tied to neighborhoods, generally keeps tabs on what’s happening where people live all across America. No doubt you’ve used it to get information about local events, businesses, schools, lost pets, etc.
Now, with a newly announced partnership with House Canary, NextDoor adds hyper-local real estate analytics to its bag of tricks. House Canary’s real estate data, analytics and algorithms can pinpoint a specific home’s current fair market value and can project how much that home will appreciate in the next three years.
NextDoor information will continue to be free to verified members. According to NextDoors’s Chief Revenue Officer, Lauren Nemath, “…this innovative partnership…will help our homeowner members…better contextualize the home’s value as millions of Americans are consistently seeking to better understand how to maximize value of what is often a family’s most significant financial asset…their home.”
To the point of maximizing a home’s value, House Canary’s proprietary algorithms can help determine how different features such as adding an extra bedroom, bathroom or square footage might impact that home’s value compared with other homes on the same block and in the same neighborhood.
According to House Canary’s COO Paul Wehrley, “This uniquely valuable integration will allow NextDoor members to compare each listing with their home so they can see the difference in size, value or amenities in seconds.”
Real estate agents who utilize NextDoor’s platform to galvanize its social network will be charged a by-location fee. Benefits to real estate agents are two fold: one, agents can use NextDoor’s social network to reach Millennials who are verified homeowners in the neighborhood and two, agents are able to provide hyper-local market knowledge that can help establish them as trusted, valuable neighborhood resources for both buyers and sellers.
Local real estate agents will be able to sponsor neighborhoods on NextDoor, share market statistics and articles and be able to have conversations with verified residents about specific addresses in that neighborhood.
The new and House Canary embellished NextDoor sounds like something to explore.