Dive deeper into the tech behind our platform
One of the biggest challenges in real estate is to provide accurate property valuations that are always up-to-date and that are cost-effective to produce. houzen has developed unique technology solutions to this challenge based on computer vision, artificial intelligence, and automated valuation models.
Find out more about what they are and why they are going to be the new benchmark in the 2021 real estate market.
What is Computer Vision?
How do computers see? A computer image is created when pixels are illuminated by light. Each pixel has its own color, which is generated by a combination of red, green and blue light. How do computers know what colors each pixel should display? They can’t just look at any pixel in an image—they have to look carefully to recognize an object. That’s where computer vision comes in.
Using cutting-edge techniques like deep learning and convolutional neural networks, we use computer vision to teach computers to classify images so they can understand what they’re looking at and react accordingly. This could be something as simple as knowing that there’s a dog in an image or as complex as determining whether someone is happy or sad from their facial expression. We apply these machine learning concepts for everything from visual search engines to automatic valuations. The possibilities are endless!
Computer Vision used by houzen:
houzen’s Computer Vision uses orange markers to “tag” various pieces of interior. It does not just spot them, but also values them based on the quality and style: so you would see “new hardwood floors”, “light scandinavian-style sofa” etc.
Detecting 97% more features and items than just the ones usually mentioned in the listing (property description)
Automatically assessing the value of facilities and furniture allows the valuation to become 95% more accurate than the traditional one.
Speed: valuation doesn’t require a site visit and can be created in seconds
Artificial Intelligence at houzen
Even though real estate is a human business, computers are great at crunching numbers and running tests. The use of artificial intelligence (AI) provides an incredible opportunity to automate valuation models, analyze data and get insights from it, find new ways to do things faster and save time for all parties involved in a transaction. Computers do not make decisions; rather they provide an unbiased source of information that humans can use to arrive at logical decisions. This makes AI especially useful when handling large amounts of data or complex problems.
AI at houzen:
Artificial intelligence is used in performing the valuations on houzen’s platform: it offers valuable insight into what factors have positive impact on property value and what factors have negative impact on property value. Because of that, AI helps us understand how changing one small thing could affect pricing in a whole neighborhood so we can better evaluate its true potential for future growth.
What are AVMs?
Automated valuation models are computer models that use machine learning and artificial intelligence to forecast home prices. They’re an increasingly popular method of valuing homes, and they offer several advantages over traditional methods. By analyzing past sales data, automated valuation models can be more accurate than human appraisers. They also take less time to complete. The biggest advantage is they can keep up with rapid changes in real estate values—something only humans used to be able to do . . . until now.
These systems constantly learn from new information and then integrate that knowledge into future projections. Because these algorithms continually improve themselves by learning from new information, they have been called self-learning computers.
How does houzen use AVMs?
houzen’s Automated Valuation model uses multiple sources of reliable data to calculate a recommended price. It combines public data, like HM Land Registry and Closed Prices Registry, PropertyData.co.uk, with proprietary houzen’s data like closed rents, expert’s predictions, data on profiles and budgets of potential tenants, local tenant migrations etc.
How do we compare your property with others?
houzen’s platform pulls 100,000+ data points for each comparison and picks only relevant properties to compare. What does “relevant” mean?
houzen touches on all aspects of the
real estate value chain. We can now
look at residential data in a way that
is complete, timely and live.
68 Salisbury House
London EC2M 5SQ
Tel: 020 8064 1431