Revive has announced its new business tool, “Revive Vision AI,” a pre-sale home renovation solution. This “industry-first” smart tool analyzes property photos (uploaded by the agent) to assess a property’s current value and renovation potential. Revive’s renovation recommendation engine then provides an estimate backed by local contractors that maximize listing values.
Revive lists the tool’s offering categories as such:
- Current condition home value: The estimated current market value of the property in its existing condition, without any renovations or improvements.
- Future ARV (After-remodeled value): The projected market value of the property after completing the recommended renovations and improvements outlined in the renovation plan.
- Potential score: A score that signals the property’s value-add potential; a higher score means greater opportunity, while a lower score indicates limited opportunities for enhancement relative to its surroundings.
- Renovation scope & budget: A detailed outline of the recommended renovations and improvements, including specific tasks and estimated contractor-backed costs for each item.
- Renovation investment plan: A comprehensive plan that outlines the estimated profit potential for the homeowner if they choose to complete the recommended renovations before selling the property.
“Agents are the powerhouse of the real estate industry, and sellers expect them to be knowledgeable on all things real estate,” said Michael Alladawi, CEO and Co-Founder at Revive. “Revive Vision AI is an easy way for real estate professionals to present more detailed and accurate information to their clients in a digestible, easy-to-understand way.”
“Revive Vision AI is delivering what may be one of the most practical and valuable uses of AI in real estate available today,” added Dalip Jaggi, COO and co-founder at Revive, who spearheads its technology development, adding, “By leveraging computer vision and machine learning, we’re able to show homeowners how a pre-sale renovation may significantly increase their wealth. We are fundamentally improving the listing conversation real estate professionals will have with their clients, helping sellers make better decisions through real data.”
Jaggi, who promises this is “only the beginning” of AI as a tool for real estate professionals, cites these additional business benefits of the tool:
- Foundation for discussion: The Vision AI report serves as a starting point, fostering meaningful conversations with clients about their property’s potential and the best strategies to realize it.
- Confidence and credibility: Whether you’re using Vision AI to obtain knowledge or use it as confirmation of things already known, or an illustrative educational tool with your clients, you will be able to speak with confidence and credibility, knowing you are making decisions backed by empirical data and professional analysis.
- Competitive advantage: By utilizing Vision AI as an early adopter, you will be one of the first professionals using machine learning and computer vision technology to help guide and confirm listing and pricing strategies.
- Quick property assessment: Within seconds, agents can generate valuable property insights for themselves & their clients at the listing appointment stage.
Those interested in joining the waitlist for Revive Vision AI’s beta testing can do so here.