Every day, the applications we use are getting smarter. One of the latest trends to go viral on social media is an AI-generated art app that transforms your ordinary portrait into an amazing work of art. With the click of a button your standard selfie is instantly stylized into a series of glamorous AI avatars that would take a professional digital artist hundreds of hours to design. Now anyone can access this magical technology, for a fee.
The technology behind this invention is called computer vision—a field of artificial intelligence that uses advanced machine learning to teach computers to interpret and understand the visual world. The AI art generator is trained on billions of reference images of artwork and photos to learn artistic styles. It then analyzes your selfie uploads to study your features and convert your face into a work of art.
AI-driven technology can do things we never imagined possible with instantaneous ease. It allows us to parallel park hands free, unlock our phones with facial recognition, and now see ourselves in a totally new way. In real estate, we are always looking for ways to do things better, faster, and smarter. There are plenty of opportunities for improvement, but one particular real estate application is primed for progress: the legacy comparative market analysis (CMA).
The legacy CMA hasn’t changed much in the last several decades. It remains a time-consuming and largely manual process. In fact, most agents don’t just use one application—they are in and out of five or more systems, including the MLS, public records, spreadsheets, presentation software, and more. It’s no wonder this process takes most agents 45 minutes or more, according to a survey by homegenius and the Residential Real Estate Council.
The CMA is ready for an AI metamorphosis of its own. With AI image recognition capabilities powered by computer vision, the old, outdated CMA can be transformed into an entirely new category of real estate tool: property intelligence.
Just like the reference artwork used to train AI art generators, computer vision technology can process billions of property photos, train models to identify and classify property attributes, and even predict the condition of a property just from images. For example, it can look at a photo of the kitchen or bathroom and identify the age and important features. It can even evaluate the subject property photos against those of comparable properties in any geography. This type of AI can help agents automate their process of estimating property condition and value in seconds rather than hours or days.
Homegenius Real Estate is working to make this technology accessible to every agent with homegeniusIQ. HomegeniusIQ is a proprietary artificial intelligence system that combines image recognition and computer vision technology to analyze images. The system assesses and assigns a room condition score for each room, and identifies more than fifty objects, features, and finishes within them that may impact its value. To build trust, the room condition models were trained on inspection and reporting guidelines required of appraisers. Room condition scores which range from 1-to-5, help agents quickly differentiate lower quality or damaged homes (lower ratings), to those with newer renovations or new construction (higher ratings). The result is a powerful valuation tool that replaces the legacy CMA with actionable property intelligence.
The bottom line is that smart agents are wasting precious time and brainpower following outdated processes. It’s time your CMA had an IQ of its own.
For more information, visit https://www.homegenius.com/.