PropMix @ Inman Connect NYC 2017
The Perfect Match: Using Cognitive Insights from Big Data to unite agents with properties
Tom Ciulla, VP at Equifax
Todd Hoover SVP at Equifax Antony Satyadas CEO and Co-Founder at Innovation Incubator
With the explosion of digital technology both on the supply and demand side of home transactions, Agents are inundated with hundreds of listings hitting the market every day. Their customers have already done preliminary research and are looking up to the Agents to provide more value added information to the home sale or purchase process. In this context, it becomes imperative for the Agents to use the best tools in the market to zero in on the best properties in a given market.
Here are some key takeaways from the panel discussion:
- Artificial Intelligence is not science fiction any more. It is here and the Real Estate market is adopting the technologies in interesting ways
- Machine learning techniques combined with real estate big data is being used to match consumers to the best fit homes.
- Natural Language Process (NLP) -driven chatbots are being developed in the labs to help agents better understand a consumer’s interest and match them to the best properties
- Image processing for real estate photos is just at the beginning stages and will evolve to becoming a valuable tool to identify properties that a consumer likes. For example, by tracking how long a user views and/or ‘likes’ a photo of a home, we could infer the user’s tastes and aesthetics and recommend other similar homes.
PropMix is at the leading edge of AI innovation in Real Estate . A few key insights from PropMix Cognitive Fabric were showcased at Inman – Similar Homes, Match My Home and Best Fit Homes.
Similar Homes insight helps an Agent identify properties that are the most similar a property whose details they are looking at. Instead of scouring through hundreds of listings, Agents can screen properties faster and guide their customers only to the top homes that match their wishlist.
Best Fit Homes insight takes a detailed list of property attributes that fit the dream home characteristics from a Buyer and helps the Agent identify the homes that match the characteristics in a target location. This takes out the manual searching involved, and instantaneously provides a list of properties for the Agent to start working with. Saves time and improves productivity and customer satisfaction.
Match My Home is an insight that helps to match a current property characteristics in a new location. A homeowner would want to find a property similar to their existing home when they relocate due to work. They would also like the agent selling their current home help in shortlisting a few properties in their new city. Match My Home helps Agents recommend a set of properties that closely match the characteristics of the current home. Agents get to refer their customers to their counterparts in another city.
Engineers and AI scientists at PropMix are already experimenting with NLP for chatbots and Image Processing and will be releasing exciting products into the market in the near future. Please stay tuned.