Blending computer vision with advanced machine learning techniques for more data-driven decision making
IRVINE, Calif., Sept. 6, 2023 /PRNewswire/ — At the heart of every real estate transaction rooted in maximizing ROI, real estate professionals and sellers must understand the property’s current value, its comparison to neighborhood comparable, its maximum potential value, necessary improvements to achieve that value, their estimated costs, and the expected ROI on improvements made.
Today marks a significant advancement in the artificial intelligence tools available to real estate professionals. For the first time, agents can leverage the unparalleled speed and efficiency of AI-powered insights backed by award-winning computer vision technology that incorporates the current condition of a home to help determine a more accurate current value and maximum potential value than a traditional automated valuation model (AVM).
Introducing “Revive Vision AI” from Revive – the most advanced pre-sale home renovation solution. This industry-first smart tool analyzes property photos to assess a property’s current value and renovation potential, utilizing Revive’s renovation recommendation engine to provide estimates backed by local contractors that maximize listing values. Think smart CMA meets AI-powered AVM, providing a more detailed foundation for discussions to help agents with their listing and pricing strategy.
Revive is inviting early adopters to use Revive Vision AI – now in beta testing (join the waitlist) – which provides a comprehensive assessment of a property’s potential, providing a detailed plan and overview that includes:
- 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,” he added.
The Vision AI process is simple: Real estate agents upload at least 10 photos of their client’s property into the Revive admin dashboard via the mobile app or desktop. Second, Vision AI compares the subject property with similar homes in the area by analyzing photos available in MLS records. Next, the data obtained from the photo analysis and comparative analysis is processed using advanced machine learning algorithms. This enables Vision AI to generate accurate estimates of renovation costs, potential market value, and projected return on investment. Lastly, a report is generated providing investment insights and recommended home improvements.
Revive Vision AI brings all of the most important pieces of information needed for real estate professionals and sellers to make an informed decision that meets their specific goals.
“Revive Vision AI is delivering what may be one of the most practical and valuable uses of AI in real estate available today,” said 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 notes that Revive Vision AI delivers additional business benefits, including:
- 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.
Revive’s latest breakthrough in real estate technology reflects the company’s ongoing commitment to helping real estate professionals deliver a better sales experience while assisting clients to maximize the value of their homes. Revive has aggressively expanded its AI capabilities, building out its development teams.
“This is only the beginning of how AI will be leveraged to help real estate agents and homeowners,” said Alladawi.
Alladawi points out that while Revive Vision AI provides a comprehensive game plan, it is an informative tool and does not replace professional advice. Homeowners are encouraged to consult with real estate experts, tax professionals, and other industry specialists for tailored guidance based on their specific circumstances.
How to access Revive Vision AI
Revive Vision AI will be made available on a subscription basis exclusively first to real estate agents who currently work with Revive. Pricing details will be available soon. Agents can join a waitlist to be invited to participate in the coming weeks ahead as the program rolls out in phases.
Learn more about Revive Vision AI at www.revivevision.ai.
Revive Real Estate partners with real estate professionals to provide the funding, guidance, and contractor needed to get strategic pre-sale renovations done fast and for maximum value. By providing access to Revive’s network of top contractors, Revive homes sell for more and help sellers move ahead by maximizing their sales value. Revive is last year’s iOi Summit Pitch Battle winner. Discover more at www.revive.realestate.
Candice Mooring | Revive Real Estate
(949) 989-5399 – email@example.com
Kevin Hawkins for Revive
(206) 866-1220 – firstname.lastname@example.org
SOURCE Revive Real Estate