One of the many uses of AI and computer vision in real estate is to enhance the accuracy of property valuations. The increased accuracy can improve the credibility of such figures for insurance, purchase decisions, greenlighting loans and other areas.
Property valuation is often riddled with inconsistencies and inaccurate information, especially in underdeveloped and developing countries. In Zimbabwe, for example, issues with valuation due to inflationary pressures have caused volatility in the insurance and pension industries in recent times. The calculation of property value is carried out by predicting the growth in demand for real estate assets and their future availability.
There are several variables that need to be considered during property valuation—such as the current market rate of similar properties, the market positioning of the builder of the property, the proximity of a given property with places of utility such as shopping malls, railway stations, hospitals amongst others. An in-depth analysis of real-time information can be realized by involving tools and applications based on computer vision in real estate operations. Apart from real-time analysis, computer vision tech also captures data with accuracy and depth for customers to gain information from the metadata of property pictures.
Luxury Level Estimation
Computer vision tools can be used for classifying pictures of a house into various categories on the basis of utility—bedroom, living room, dining room amongst others—build quality, spaciousness and ergonomics. All this information can be displayed to customers located remotely. Most importantly, AI and machine learning-enabled tools can assess whether a given house or property is worth paying a premium or not. For this purpose, properties can be autonomously listed into various “luxury level” categories. Computer vision models are trained with thousands of datasets to identify and execute these classifications of visuals without human intervention.
Apart from that, real estate agents can use AR tools to virtually provide a tour of a given property to prospective buyers and allow them to accurately evaluate it. AR and computer vision combine well with one another and are collectively used in a host of applications already.
Future Price Prediction
The use of AI and computer vision in real estate functions involves forecasting the price of a given piece of property based on factors as varied such as the weather conditions of the area where a given house or land is located, connectivity to national or state highways, cost of transportation, water supply, and other factors. Machine learning and computer vision algorithms sieve through all the information available online or on various smart city platforms to gather this information. After that, factors such as inflation rate and prices of flats or bungalows are analyzed to arrive at a prospective future price. This figure is incredibly accurate as it is reached after large amounts of data crunching. While the use of computer vision in real estate functions is still in its initial phases, the technology promises to be a game-changer for remote property valuation.
