The letter X is arguably the most fascinating of the alphabet. When combined with other words you get some pretty awesome things. Think about it…X-Mas, X-Ray Vision, X-Men. Well Coldwell Banker married CB & X to create something that no other brand has and because of it, our sales professionals are able to price and market listings in a way that has changed the real estate game forever. CBx is Coldwell Banker’s X-Factor and if you are thinking about selling your home then you are going to want to keep reading on.
First things first, what exactly is CBx? In short, it is an app created by the geniuses in Coldwell Banker’s tech lab and it assists a Coldwell Banker sales professional with developing three HUGE things:
1) It helps your agent to price the home accurately.
I know what you are thinking. Why do I need to care about CBx if I already know what my house is worth because of Zillow’s Zestimate. Well did you know that according to Spencer Rascoff, Zillow’s CEO, the Zestimate is only a good starting point and actually has a media error rate of about 8%. As the LA Times points out, on a $500,000 house that would be roughly $40,000. And that is just the national median rate, the localized median error in some cases far exceeds that.
2) It tells your agent, fed via big data, who the ideal buyer is based on their demographic make up.
CBx play an essential role in helping an agent to develop WHO they will be marketing to. Is your ideal buyer most likely a family of four, making about $75K a year and who like a commute time to work to be about 20 minutes? If it is, CBx will tell them with that level of detail! This will help them to market your home both online and off which brings us to #3.
3) It tell the agents the top three markets where the buyer is likely to come from.
You hear it time and time again in real estate Location, Location, Location. When marketing a home, the location is crucial. Will your buyer come from within the town it is being sold in or three states away? CBx leverages big data to inform your agent the top three areas that the buyer will most likely come from. Our agents are trained to take this information and combine it with social advertising to market your home in one of the most unique and effective ways in the industry which has earned us some major bragging rights.