Computer vision is not a mere option, but it has turned into a necessity now! The real estate industry is yielding add-on benefits with technology. The computer vision has given rise to the usage of artificial intelligence, virtual reality, and augmented reality. The traditional method of renting, buying, and selling are being replaced by the power of computer vision today. Are you looking to gain knowledge of how computer vision plays a vital role in the real estate industry?
More than 4.5 billion people are using the internet and the easiest way to address them is by using computer vision. Users at the present pace are prone to realistic images and they seek good home buying experience. With the outburst of COVID-19, people welcome computer vision services rather than taking a physical visit to the location. Creating a responsive computer vision has increased real estate sales even amid the pandemic outbreak.
With the “pixels per metric” ratio, the size of an object can be measured. Thinking about how it can relate to the real estate industry? Yes, it can relate better. The 3D layout of any property is designed initially and measurement for each room happens with this ratio. With this advanced technology, there is no need of implementing the traditional way of measurements. Mapping a complete property and measuring the dimensions of rooms have become easy with the help of computer vision.
Automated Valuation Models (AVM)
The listings of home price estimates are turning out bad and it upsets a customer who wants to check the price and availability of the property. To overcome this, AVM has been introduced. It gives comparable data of properties, historical house price movements, property improvements, and other necessary ideas that users need. This AI helps users to take strong decisions and even comes up with equity options. It uses two types of evaluation to generate suggestions in microseconds.
- Hedonic Model
- Repeat Sales Index Model
These two are widely used to evaluate a property in AVM. AI even looks at the image listing of the property and compares how it affects the price of a property and that is what makes it the successor in the real estate industry.
Guess what? With the help of computer vision, people can easily list their property details from room-wise. Thinking how can it happen? Property search websites and realtors who are uploading their property images will classify their pictures under several categories. Based on the variety of search queries given by the user they can generate the list of properties they want to see. For example, John wants to see “Residential 1 family” houses in Collin cad. The agents who have uploaded on the category of the same search query will pop up on the search results. Users of the current age are more attracted to pictures and high-resolution website pictures will get through the pooling.Computer vision with AI has created a potential resource for buyers and sellers to rely on it. The computer vision has transformed the real estate industry with a photo-centered buying experience. With this fast pace of development, the global computer vision market is expecting to make $48.32 billion during 2017-2023. This COVID-19 situation has also helped computer vision to grow rather than flattening the curve. Using virtual tours are helping investors to see properties with more details than before. This advantage has increased investors to come back to virtual tours rather than physical visits. Many investors are utilizing virtual tours offered by property listing companies which yield financial benefits for the parties involved. This is how computer vision techniques are helping the revolution of the real estate industry!