Name: A.I. is making home renovations easier and faster
Uploaded: 2022-03-01
Duration: 4 min 22 s
Description: Real estate is finally getting a boost from A.I. to make home renovations much simpler

Real estate is finally getting a boost from A.I. to make home renovations much simpler

A.I. is making home renovations easier and faster

Tech

80% of the homes in us are now older than 20 years old. The average age of the home I think is now about 38 years old. What we really wanted to be able to do is bring that designer quality that architect quality renovations down to the everyday consumer and remove a lot of those costs that are associated with that. We've been developing the Ai technology now for a little over two years. We really wanted to enter this space with a really strong technical foundation. So we started with the kitchen to really build that foundation in place. Once we have that we can expand pretty quickly to other parts of the home. So what we do is we send out a professional three D surveyor to home once we have that three D scan on our side, that's where we inject that that scan into into basically our system and from there were also really gathering a number of different data points from customers around what are they trying to solve for, what are they really looking for and they're looking to optimize for storage or entertainment purposes, family considerations, entertainment And using those different data points and preferences. We typically generate around 700 permutations of what could be possible with the combination of the exact nuances of that space and the preferences that the user has. So In three days, what the customers presented with three different layouts, each of which are optimized for their preferences and for the space. So things like budget and storage needs. It all gets incorporated into it. And they're also presented the breakdown of costs upfront in those three days, Every plan that we're generating is overseen by a trained architect. We're organizing in such a way where with every plan that we're doing and that every plan that's being overseen by that trained architect is providing more intelligence into the system. So over time, the speed to turn around the planet gets shorter and shorter and shorter and eventually, this will be fully automated. These days, buyers want at home ready to move it and how could a homeowner really pick the right set of renovations for a particular home that maximizes it's ready to move in status, makes it a delightful home for buyers to make offers on. That's a hard problem. Now, what compass land does is help with that. So now, when a new home is ready to list, they can take pictures of the rooms in those homes, especially important features like kitchens and others. And then upload it into the system and the system automatically uses ai to match with other pictures that look very similar to it. And it's an Ai based room recognition and matching and from that, you can easily identify the type of improvements that can be made, for example, the kitchen or a living room or whether replacing a carpet with wooden floor. And then you can also see the improvements and price that have happened for homes that have previously sold over list price, which have had those kind of improvements. So you can compute statistics on it, understand what are the best improvements to make and because every home is sort of unique and bespoke. The agent also adds their agent intelligence. In addition to artificial intelligence to work together to upgrade the home and make it look move in ready and presentable and get the box office. The feedback to the Ai comes from enriching that data set. So you have more and more enriched before and after pictures of homes. I would look before having looked after what the listed price was, what it sold for, how many offers you got. All of that is data that is constantly being added into the platform which the Ai then uses to update its models and become better at it. Real estate marketing is an image business and in that area things like compass lands really helped make the agent provide better service to the homeowner and of course makes a home much better to live in for the buyer was coming in. Yeah.