In the real estate business, the appearance of a property has a significant impact on the decision-making of prospective buyers.
With so much at stake, real estate professionals are turning to AI in buying, selling, planning, and visualizing real estate.
“There's no disagreement that the real estate industry has historically been slow to adopt technology,” Foxy.ai CEO Vin Vomero told PYMNTS. “But I think they quickly jumped on the AI train. AI is transforming a lot of industries, and people in real estate are seeing that and seeing how AI can benefit their business. I understand.”
Vomero is a former real estate developer whose company is among those deploying AI to break the perception of paper contracts, paper checks, and paper photos. Foxy.ai's mission is to transform the way consumers perceive, analyze, and leverage real estate data through AI.
Founded in 2018, Foxy.ai was born out of Vomero's frustration with lower-than-expected valuations, which sparked an exploration of the potential of AI and computer vision to revolutionize real estate valuation. His frustration led to the development of a platform that turns property photos into actionable data.
Foxy.ai is not involved in actual real estate transactions. Instead, the company focuses on increasing efficiency and improving client profits through what it calls “visual property intelligence.” Leverage AI-driven computer vision, machine learning, and data science to transform real estate photos into usable data for government agencies, lending institutions, property preservation and asset management companies, insurance companies, appraisal and inspection companies, and technology companies. We cater to a variety of customers, including: Businesses and real estate investors.
The company offers its AI brand through its proprietary FoxyAI model library, accessible through an API that allows users to assess real estate quality, condition, location, rooms, scenes, object detection, occupancy, damage prediction, and renovation cost estimates. will be able to evaluate.
In addition to its model library, Foxy.ai offers a suite of generative AI models ranging from quality control to real estate valuation, allowing users to flexibly search real estate datasets, identify similar properties, and estimate renovation costs. Provide solutions to users. The problems this solves include providing a solution that improves the flow of information and, as a result, smoother transactions within the process.
Vomero said the company's impact extends beyond its valuation. Foxy.ai helps real estate agents become more efficient through tools like virtual staging and advanced search capabilities for unique property features. For example, Foxy.ai GPT enables comprehensive searches across real estate datasets, from specific objects to abstract concepts like an open kitchen with natural light.
The company has also developed an AI-enhanced automated valuation model (AVM) that uses a proprietary condition scoring method and quality score model. These innovations allow you to instantly consider the condition of a property along traditional metrics, resulting in a more accurate assessment.
“We provide better information, which helps drive a better sales process,” says Vomero. “So, for example, many of our customers use our Condition Score and Quality Score models to power their AVMs, which allows us to look beyond common property-level characteristics such as location and square footage. This allows any algorithm to immediately take into account the condition and quality of the property.'' Taking into account the number of bedrooms and bathrooms allows for a more accurate valuation. ”
What would actually happen?
NCCI is a risk resolution outsourcing company that provides consumer assistance solutions for real estate and inspection services. The company's property inspection services include reporting property occupancy, assessing the overall condition of a property, evaluating the exterior condition of a home, and detecting vandalism. Utilizing property photos ensures that the field report is accurate and the appraisal process is followed correctly.
However, the manual verification process is labor intensive and requires multiple full-time employees to oversee the quality control process. As a result of using Foxy.ai's model, Vomero says he has reduced his quality control labor costs by 50%.
The company won the HousingWire Tech 100 award for the third consecutive year in mid-February. Although specific financial goals remain private, Vomero hinted at a future marked by significant advances in AI models and customer experience optimization.
“We pride ourselves on hiring the best people for every role in our company, especially engineers and AI people,” Vomero said. “They're the ones driving the solutions we deliver to our customers. But from a brand perspective, there are limits to how much technology can advance. What's important is how we use that technology to help customers. It's about transforming the experience. That's why we have a lot of people with backgrounds in the real estate industry, and we want to continue to focus on providing that expertise.”
