Common Real Estate Use Cases for Computer Vision
The role of computer vision in the real estate sector is vast, and applications of the technology can bring considerable value to clients and businesses. From helping in content search and discovery to generating recommendations, metadata, content moderation, and damage analysis, computer vision can disrupt the real estate sector. Images and videos are essential for running a successful real estate business. They are used for a variety of purposes and can often influence decision making to a large extent. Many companies such as Amazon Rekognition and restb.ai offer readymade solutions to integrate computer vision into existing business databases. The subsequent analysis can be used to empower real estate professionals in the pre-purchase, purchase, and post-purchase stages of a product. This blog by the Iqbal Institute of Policy Studies explains the importance of images in the real estate sector and how computer vision can disrupt the current business practices in the sector.
How Important are Property Photos and Videos?
Understanding the course of searching properties is essential to realise the importance of photos and videos in the process. Streamlining data from these images can bring additional value to buyers, sellers, and investors. Various factors are used to search for properties such as floor plans, real estate agents, virtual tours, comparables, neighbourhood information, videos, and real estate news and articles. However, according to a 2019 survey conducted in the USA real estate market, photos were the most important purchase driver for searchers of properties. The quality of images posted in listings can also have a significant impact on the decision of the buyer and investor. More than 1 million property images are uploaded every day in the US, and there is no way to leverage the valuable insights hidden within these photos at scale. Similarly, considering that property valuation is an essential part of buying and selling real estate, conducting remote appraisals is also a growing trend among real estate professionals. Images and videos can be an extremely significant part of the process as high-quality images collected from appraisal sites can be analysed remotely using computer vision to extract valuable insights. Therefore, it can be understood that images and videos are an essential asset to businesses related to real estate.
How can Computer Vision and AI Enhance Real Estate Professionals?
Real estate professionals can leverage computer vision and artificial intelligence to enhance different aspects of listing creation, property search, advertising, appraisals, insurance, renovations, and refinancing. Advanced computer vision applications can also detect different types of rooms in a building and highlight the features of a property. This can help agents create listings as the software will automatically categorise images and videos to save time for the agent. Computer vision can also detect distinct features of the property, such as the number of amenities available in the kitchen. Standard listings do not have such a level of detail mentioned about a property, and therefore, the use of computer vision can significantly enhance and add value for the customer. Property insurance and financing is another area where computer vision can play a vital role. It can be used in compliance detection and highlight aspects that would reduce the risk for the lending institution. Moreover, using style detection and condition detection, the technology can also rate different properties according to market trends and client preferences. Additionally, computer vision can also be used for automatic photo enhancements, generating SEO image captions, and similarity detection.
Computer vision is a disruptive technology that has vast applications in the real estate sector. From helping in content search and discovery to generating recommendations and content moderation, computer vision and artificial intelligence can help real estate advisors provide effective and efficient services to clients in the pre-purchase, purchase, and post-purchase processes of a property transaction. Companies like Amazon Rekognition and restb.ai are already providing solutions to different real estate companies to integrate computer vision with their existing database of images and videos. Pakistan’s real estate sector is booming, and the introduction of technologies like artificial intelligence and computer vision can greatly enhance investor interest and develop market best practices.