September 10 2023
It's a $300 billion opportunity. That's how much homeowners collectively leave at the closing table when selling a home and not opting for the pre-sale renovation route to maximize their home's sales price.
The lost equity is so staggering that it gave birth to the pre-sale renovation industry, led by companies like Irvine, Calif.-based Revive. Compass was first with its Concierge program, but now Revive is introducing its own "first."
Revive launched Revive Vision AI: a game-changer for agents and home sellers alike.
Think smart CMA meets AI-powered AVM, providing a more detailed foundation for pre-sale renovation discussions to help agents with their listing and pricing strategy.
What used to take days is now taking seconds because of the built-in generative AI leveraging computer vision and machine learning in this mobile app.
It allows real estate agents to provide a homeowner at the listing presentation a complete pre-sale renovation game plan with the total budget and the ROI gain if the homeowner goes the zero-dollar out-of-pocket renovation before they list to maximize their sales price.
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 estimate renovation costs, potential market value and projected return on investment. Finally, a report is generated providing investment insights and recommended home improvements.
According to Dalip Jaggi, COO and Co-founder at Revive, empowering agents are four major benefits that include:
Agents using this during their listing presentation will escalate their success rate and set themselves far apart from their competitors with this powerful differentiator.
Smartly, Revive understands the agent is at the center of the transaction, and this tech was built for them – easy to use and explain.
Michael Alladawi, CEO and Co-Founder at Revive, emphasized, "Agents are the powerhouse of the real estate industry, and sellers expect them to be knowledgeable on all things real estate. 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.
And the mobile tech is mind-blowingly impressive with five major components:
Every once in a while, a true breakthrough technology resets the playing field. AI is doing this in real estate today, and the latest example comes from Revive.
And if that were not enough, Revive's Alladawi teased, "This is only the beginning of how AI will be leveraged to help real estate agents and homeowners."
More to come from AI for real estate, for sure.
To view the original article, visit the WAV Group blog.