One of the original founders of Pricefinder has launched an AI-powered tool to help real estate agents generate more off-market property leads.
Kent Lardner, who now runs market analysis website Suburbtrends, has launched Suburb Secrets, an innovative AI tool that allows agents to uncover properties that mirror those recently listed or sold.
Mr Lardner said the algorithms behind the tool had been around for some time, but he was using the AI to match properties to find off-market leads.
“What I’ve done with it is, after a property has sold and that data is entered, it’s essentially a matching algorithm,” he said.
“What we do is we say, ‘Ok, here are the properties that are really well matched in terms of time, distance, size and price, to the one you’ve just sold’.
“With the focused targeting of our new tool, we aim to uncover off-market opportunities and boost agents’ success rates.”
Mr Lardner said the lists the tool produced were exclusively curated with properties owned for 10 years or more and did not contain rental properties.
He said the tool could prove particularly useful right now, given the tight stock levels seen across the country.
A Suburbtrends report released today also reveals which suburbs are the hardest suburbs for agents to secure listings in.
The research scrutinised the average stock on the market over the past three months, in suburbs with more than 1500 occupied dwellings, to reveal Port Pirie South, in South Australia, as the suburb with the least amount of stock on the market.
Port Pirie South has an average of just 0.07 per cent of its total stock listed for sale.
This was followed by St Clair, in NSW, with 0.09 per cent average stock on market and Hillvue, also in NSW, with 0.13 per cent average stock on market.
Mr Lardner said Port Pirie was an industrial town that was popular with investors and had a high number of rental properties.
Meanwhile, St Clair was a typical suburb in Sydney’s Western Suburbs that was traditionally tightly held due to its affordability.
Coming in fourth was Narraweena, on the Northern Beaches, with 0.19 per cent average stock on market.
“Narraweena is an interesting suburb because it’s that mixed bag of socio economics,” Mr Lardner said.
“Even though it might be North Shore, it’s quite a mixed bag. North Turramurra is one of those suburbs too.
“A lot of people assume North Turramurra is quite snooty and upper class but it’s a bit of a mixed bag as well and a lot of people have been there for a long time.”
Croydon Hills (Victoria), Winston Hills (NSW), Allambie Heights (NSW), Ferryden Park (SA) and Calala (NSW) rounded out the top 10 suburbs with the tightest listing markets.
Mr Lardner said he hoped the Suburb Secrets tool would help agents overcome the tough stock levels and find more listings.
“The variations across suburbs present unique challenges and opportunities,” he said.
“Our Suburb Secrets tool empowers agents to navigate these landscapes with renewed confidence, unlocking hidden potential that might otherwise go unnoticed.”
The Suburb Secrets tool and Suburb Secrets’ Best Buy Reports are available by joining the Suburb Secrets community for a flat monthly fee of $14.95.
Mr Lardner said it was possible for one office to share a single login and use it to produce as many reports as required.
“If one office does use the one login, I am absolutely fine with that,” he said.
“I won’t do a Netflix on anyone.”
For more information on Suburb Secrets click here.