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Presale renovation services company Revive has made its artificial intelligence-backed property valuation product, Revive Vision AI, free to all real estate consumers, Inman has learned exclusively.
The company said in a press release that now anyone can use its dynamic pricing predictor to determine “the maximum potential value of your home if it were updated to be in optimal market-ready condition.”
The company’s own vision is that its product reaches “Zestimate” status within the real estate zeitgeist, referring to Zillow’s free home value estimation tool.
“Making Revive Vision AI available to anyone marks a new era in property valuation, where agents and consumers alike can access real-time, data-driven insights to make informed decisions to maximize the value of a home,” said Dalip Jaggi, co-founder and COO of Revive, in the press release.
Part of Revive Vision is its May 2024-launched Neighborhood Report, which scores each home it finds using an ascending 1 to 5 scale, on which it considers overall interior condition, exterior presentation, bathrooms, kitchen design and finishes, and other core living areas. Each home’s score is then measured against the subject, and a Neighborhood Condition Score is generated on a letter-grade scale, A to F, taking into account overall sales activity, too.
Revive Vision AI initially rolled out a year ago in September 2023.
The company said then that its tool “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.”
Computer vision is a form of AI that provides deep insights by scanning and learning from still images and is rapidly supporting a number of products in the real estate software milieu. It was largely introduced to agents by a Barcelona, Spain-headquartered company called Restb.ai that started analyzing photos for multiple listing services here and abroad and moved into integrating with other third-party software companies, such as Revive.
In an interview with Inman Intel, Restb.ai’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.”
Revive can provide consumers with the same sort of tool set typically reserved for licensed agents, such as regional sales activity, comparable homes and granular renovation ROI data to help potential sellers know where to focus on a home and buyers to understand how to position an offer.
Inman reviewed Revive’s solution in 2022, prior to it launching its AI-laced features. The software uses different user views and tools for sellers, agents and contractors.
At that time, renovation plans were assembled by Revive staff who use localized market data and previous projects to arrive at estimates and work with contractors. While it’s possible, Revive isn’t about managing large, multi-month home renovations. These are meant to be smaller in scope, high-quality turnarounds that are proven to maximize return in most cases.
Now, AI can power a lot of its pre-sale, post-renovation valuation features, which may become necessary as more consumers explore the free offering.
“With our AI tool, there are zero humans,” Jaggi told Inman in an email. “The renovation estimate and ARV value/potential is all driven through our Computer Vision tech. But they are still estimates … before Revive does a project we have [a] human sign-off.”
Have a technology product you would like to discuss? Email Craig Rowe
Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.
