Price Prediction

What is Price Prediction?

Price Prediction is an AuctionPro feature that uses AI to suggest a competitive start price for your auction property. It analyses market data based on the property's details and location to provide a data-driven pricing recommendation.

How to Use Price Prediction

1. Open the Pricing Tab

When adding or editing a property, navigate to the Pricing tab. If your branch has an AuctionPro subscription, you'll see the Price Prediction panel on the right-hand side of the pricing form.

2. Ensure Property Details Are Filled In

The prediction model requires a minimum amount of property information before it can generate a suggestion. Make sure you have entered:

• Postcode (on the Location tab)
• Property type (on the Property tab)
• Bedrooms or bathrooms count (on the Property tab)

If there isn't enough data, the button will be disabled with a message explaining what's needed.

3. Get a Prediction

Click the Get Price Prediction button. The system will analyse market data and return:

• Suggested Start Price - The recommended starting price for your auction.
• Suggested Range - A minimum and maximum range to help you gauge where the start price should sit.

4. Apply or Regenerate

Once you have a prediction:

• Click Apply Predicted Price to automatically set it as the property's start price.
• Click the regenerate icon next to the predicted price if you'd like a fresh suggestion.
• You can manually adjust the start price after applying if needed.

What Data Does It Use?

The prediction is based on:

• Property type (house, flat, land, etc.)
• Number of bedrooms, bathrooms, and reception rooms
• Postcode and location coordinates
• City
• Auction type (traditional or conditional)

The model is trained on historical auction data to provide relevant, market-informed suggestions.

Important Notes

• Price Prediction is a suggestion tool - it should inform your pricing decision, not replace your professional judgement.
• The prediction is for the start price (the opening bid amount), not the guide price or reserve.
• If the prediction seems unexpected, consider the property's unique characteristics that the model may not account for, such as condition, renovation potential, or unusual features.
• Predictions work best for standard residential properties with good comparable data in the area.

Requirements

• An active AuctionPro subscription on the branch.
• Property must have a postcode, property type, and at least a bedroom or bathroom count entered.

If your branch doesn't have AuctionPro, you'll see an Upgrade to Predict Price button instead.