The pre-sale renovation company’s latest use of artificial intelligence could reduce subjectivity the next time a real estate agent prices a home or advises a client, Revive executives said Tuesday.
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Pre-sale renovation firm Revive has pushed its use of artificial intelligence into the realm of comparative market analysis, according to an announcement Tuesday.
The company has shipped a new product, called Neighborhood Report, part of its greater Revive Vision AI initiative, launched last year, to create condition reports of nearby homes and rate subject communities.
The AI is based in computer vision, a subset of the technology that extracts data from still images, allowing users to determine the age of appliances, the type of flooring and even the architectural style of a home from simply uploading a photo.
However, according to Dalip Jaggi, co-founder of Revive, the new AI doesn’t require the user to upload any photos, the AI scans the agent’s market information source to find comparative sales and then uses the findings to generate its opinion of the community.
“This feature of Vision AI provides powerful insights without the need for photos of the property but rather focuses on using computer vision on the recent sales comps to bring condition insights to a specific neighborhood,” Jaggi said. “It still leverages the same computer vision models to enable agents to instantly show sellers a factual, data-backed analysis showcased in an easy-to-understand summary. This creates a foundation for a discussion about home values.”
Neighborhood Report scores each home it finds using an ascending 1 to 5 scale, on which it considers overall interior condition, exterior presentation, bathrooms, kitchen design and finishes and other core living areas. Each home’s score is then measured against the subject, and a Neighborhood Condition Score is generated on a letter-grade scale, A to F, taking into account overall sales activity, too.
The software includes an “after renovation” score and a “current condition” score and allows users to understand the condition of the identified comparables, a powerful use of AI that could lead to much more accurate home valuations.
Historically, CMAs rest on the number of bedrooms, bathrooms, a home’s size, zip code and other surface-level observations. It often takes an agent’s individual subjective expertise to adjust a sales price based on interior updates or home amenities, opinions often at the root of negotiations between listing agent and seller, and between the seller and the market.
Computer vision’s ability to directly apply interior designs and feature choices against recorded sold price, days on market and number of showings, for example, gives all parties hard data on which to base pricing.
The intelligence offered also gives sellers an easy way to understand what they can do to match the highest and best of their neighborhood’s sales, making an agent’s role in price marketing much easier and less subjective.
Agents using such technology can better serve their sellers by marketing a home at the right price, leading to a faster sale, and having all the information needed to counter low-ball offers or win condition-specific negotiations.
“The Neighborhood Report feature is now available to all Revive Vision AI users, accessible via both the desktop platform and mobile application,” the company said.
Email Craig Rowe