A picture is worth a thousand words, and photos have always been a critical tool for agents.
Restb.ai, an artificial intelligence software company, says its technology can harness the valuable data in those images and streamline how many in the industry navigate MLS.
The Barcelona-based proptech company, which specializes in AI for real estate, is partnering with the Toronto Regional Real Estate Board (TRREB) to help improve its system.
The technology, which will be integrated into TRREB’s MLS, allows for the automation of the listing input process by analyzing photos and extracting data, according to Lisa Larson, managing director for North America at Restb.ai.
Image courtesy restb.ai
“Not only are we able to identify all of the interior and exterior features, like flooring, lighting and countertops, we can also identify architectural styles,” Larson adds. “When a listing agent or a broker uploads photos to the database, (the software) can quickly analyze it and auto-populate the entire listing form field with all the additional tags, making it more accurate and getting the listing up quicker.”
Larson says the software can analyze an image in one-third of a second and up to one hundred images in five to six seconds with an accuracy level of 99.8 per cent. “We’re able to speed up a process that has traditionally taken 20 to 30 minutes. We also identify a lot more property features.”
A Pinterest-type experience
The AI software will also allow users to expand on the traditional MLS search by enabling buyers to search for a property using a wider variety of features or images of their dream home. Larson promises a Pinterest-type experience, “Buyers can take an image of any property, any feature, interior or exterior, upload it to MLS, and immediately find every active listing that matches that attribute.”
In addition, Larson says Restb.ai can detect the condition of a property by analyzing images to help determine what and how much work it may need, as well as the property’s value. “We move the needle when it comes to valuation. It’s a more accurate way to measure the value of a property.” The technology also offers a compliance solution that can auto-detect misuses of listing photos or other violations based on board rules.
Image courtesy restb.ai
Minimal training required for users
“The way we’ve always done it is dead,” says John DiMichele, CEO of TRREB. “You shouldn’t have to retrieve data; it should come to you.”
TRREB’s CEO asks the question before answering it himself, “Is this software going to be something that will revolutionize (MLS)? Yes. But people need to learn to adopt it into their methods.”
Before the official launch, members will require “minimal training” to learn the new tech. A firm date has yet to be set, though TRREB is hopeful the integration will be complete in early 2023. DiMichele promises, “It’s going to change things.”
No other Canadian boards have signed on to add this new technology to their respective MLS systems— though, according to Larson, conversations are happening with boards across the country, “from Vancouver to Montreal.”
Jordana is the editor of Real Estate Magazine. You can reach her by email.
This sounds absolutely incredible. If it lives up to its expectations, it would save a lot of time and frustration.
This is yet one more reason why other boards should partner with TRREB. We need one MLS database so that clients are better served and get full exposure for their listing, regardless of where it is or who has the listing.
Everybody else is partnered, its just Treb that won’t partner.
Exactly- TRREB is the problem child. And stratus sucks. No space for offer remarks, showing instructions or otherwise. The realtor remarks are so tiny, and you have to waste space with adding the rest of the legal description because that field isn’t large enough also. And to boot- a house can only have 12 rooms? Rubbish
This AI stuff will also eliminate the Realtors soon too.
Firstly its time TRREB Modernized (laypersons have better access to outside listings ) second agree with Bob a unified Board is what we as
Licensed agents ought to Have
and lastly we as Realtors should Only have access to this Modern Data
whereby we can accordingly release to clients as required
AI is the future, it’s coming so get on board. Share with the public and meet your clients face to face to show your true value to them and all the ways you can make their life easier weather buying or selling. This is just the tip of the iceberg!!
Do I really need AI to tell me that is a vaulted ceiling? Or that is Engineered Hardwood flooring? And this is not the first time in the past 25 years someone has made the claim that some new tool will revolutionize the real estate industry. A residential home is subjective, I have had a buyer walk into the front entrance of a house and say. “This is the house I want” before they have stepped five feet into the entrance and seen the rest of the home. It is an emotional journey not one broken down into data. And as for analyzing design? Any home build it the past 15 to 20 years can right now be designated as one of only a few designs offered by a builder. The Victorian and Edwardian eras are long past. Its now a matter of “Cookie Cutter design 1″ Cookie Cutter Design 2”
But I wait with anticipation for the revolution!
I agree, David. Real estate purchasing is not just visual, either.
All our senses, especially our abiltiy to feel/touch and smell are in my opinion the most incredible tools we have in real estate, and it may be difficult for AI to get there, at least in my time.
As I always say, “be careful what you ask for, you may not like the delivery”. I can definitely see a trend towards independent brokerages that work outside the boards/associations and MLS system. Our data is our most valuable asset, and we give it away for free and then buy it back in another format. Much like selling our natural resources to other countries and then buying it back in trinkets in truth. Brokerbay, and now this. These companies would be nothing without our data and once they have it and develop their systems at our expense, we will be in too deep to turn it around. Our data and systems should be developed in house for agents and done by individual provinces. Get rid of CREA and local boards, funnel all that money to one provincial body and we will have more than enough to do this in house and protect our asset.
Agree. We are paying for the gun that will kill us.
And we pay thru our fees to have all this good information given for free to the public! Does this make sense????
I agree it doesn’t make sense. The problem is the people defending our interest don’t understand our interest. They are too far removed. We have a lot of fat that needs trimming.