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Revive has augmented the power of its presale renovation evaluation solution by adding a computer vision feature for a more accurate breakdown of home status and condition, according to a Sept. 7 announcement shared with Inman.
The new feature, now in beta-testing, is called Revive Vision AI, which “analyzes property photos to assess a property’s current value and renovation potential, utilizing Revive’s renovation recommendation engine to provide estimates backed by local contractors that maximize listing values,” according to the announcement.
In a statement on the new addition’s rollout, Revive CEO and co-founder Michael Alladawi said it’s all about empowering agents to better serve customers.
“Agents are the powerhouse of the real estate industry, and sellers expect them to be knowledgeable on all things real estate,” Alladawi said. “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.”
Artificial intelligence technology company Restb.ai is powering the tool via its API. Founded in 2015, the Barcelona, Spain-based technology company has long had a role in the advancement of computer vision in real estate. In an interview with Inman Intel, the company’s Chief Product Officer Nathan Brannen said that the traditional real estate transaction’s dependence on photography and visual content led the company’s focus.
“If you look at e-commerce, there are a lot of photos, but it’s not as impactful as buying a home,” he told Intel. “There are about a million photos uploaded every day in the U.S. just in MLSs, and then if you look at photos uploaded in property insurance and appraisals, that number multiplies. You’re making the biggest decision of your life on these photos. Someone may buy a home without seeing it, but no one buys a home without seeing a photo of it. They contain so much information.”
Computer vision is a form of artificial intelligence that extracts actionable data by interpreting the content of a static photo. At its most fundamental, it can identify an appliance type, lead a user to its warranty materials and let a potential buyer know if a manufacturer has ceased supporting it. It can also be applied to buyer search, linking common items in a photo to a consumer’s home preferences, a use heavily applied by upstart buyer experience platform Mosaik.
At its most in-depth, computer vision can scan the photos of an entire market and use what it learns to create quality and condition benchmarks according to a specific submarket and price range, giving agents exceptionally accurate baselines on which to offer insight on pricing and renovation commitments, according to Brannen.
As in the case of software companies, such as Revive and Plunk, computer vision can also quickly classify individual rooms and benchmark their conditions against national and local databases of service providers, labor rates and material costs.
Integrated with Revive’s existing user experience, the AI model will offer a range of new advantages for users, including an existing, unimproved valuation, an ARV (after-remodel valuation), a potential value-add metric, a remodeling project scope and budget and a forecasted “renovation investment plan that outlines the estimated profit potential for the homeowner if they choose to complete the recommended renovations before selling the property.“
Users will upload 10 photos through their user panel in either the browser or mobile app experience, which will juxtapose those images with the user’s local MLS to execute the various forms of analysis and property content to create a final report.
Plunk, another repair-focused proptech, partnered with Restb.ai in 2021 to enhance its Plunk Score, a tool that analyzes properties for renovation potential and subsequent market value.
“Restb.ai will analyze, score and tag over 400 million images from over 53 million homes in the U.S. and will be used by Plunk’s new AI-driven Dynamic Valuation Model,” according to a November 2021 statement.
In addition to MLS feeds and public property records, homes can be photographed into Plunk’s new tool with a user’s mobile device, run through Restb.ai’s algorithm, and thus updated with materials, finish quality and overall condition.
Revive was reviewed by Inman in 2022, the four-star product lauded for its unique position in the market as an innovative tool for agents in listing presentations and when competing for business.
“The software uses different user views and tools for sellers, agents and contractors. Renovation plans are assembled by Revive staff who use localized market data and previous projects to arrive at estimates and work with contractors,” the review reads.
The company won the 2022 Pitch Battle sponsored by the National Association of Realtors, claiming a $15,000 prize from Second Century Ventures, NAR’s technology-focused, for-profit investment subsidiary.
“We are fundamentally improving the listing conversation real estate professionals will have with their clients, helping sellers make better decisions through real data,“ said Dalip Jaggi, chief operating officer and co-founder of Revive, in the press release. “Revive Vision AI is delivering what may be one of the most practical and valuable uses of AI in real estate available today.“
Restb.ai won the 2023 Inman Innovator Award for Best Technology Company, presented on stage at Inman Connect Las Vegas. Its technology is also behind a tool geared at modernizing the appraisal process and assisting in compliance with new Fannie Mae and Freddie Mac programs that make it easier to get loans approved without an appraisal.
