{"id":12982,"date":"2022-04-17T18:50:25","date_gmt":"2022-04-17T13:20:25","guid":{"rendered":"https:\/\/www.allerin.com\/blog\/?p=12982"},"modified":"2022-04-01T18:52:23","modified_gmt":"2022-04-01T13:22:23","slug":"leveraging-computer-vision-to-optimize-property-valuation","status":"publish","type":"post","link":"https:\/\/www.allerin.com\/blog\/leveraging-computer-vision-to-optimize-property-valuation\/","title":{"rendered":"Leveraging Computer Vision To Optimize Property Valuation"},"content":{"rendered":"<p><a href=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2022\/04\/computer-vision-in-real-estate.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-12983\" src=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2022\/04\/computer-vision-in-real-estate.jpg\" alt=\"computer vision in real estate\u00a0\" width=\"1000\" height=\"585\" srcset=\"https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/computer-vision-in-real-estate.jpg 1000w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/computer-vision-in-real-estate-300x176.jpg 300w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/computer-vision-in-real-estate-768x449.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<p>Property valuation is often riddled with inconsistencies and inaccurate information, especially in underdeveloped and developing countries. In Zimbabwe, for example,\u00a0<a href=\"https:\/\/www.herald.co.zw\/valuation-problems-show-property-sectors-state-of-flux\/\">issues with valuation due to inflationary pressures have caused volatility in the insurance and pension industries<\/a> in recent times. The calculation of property value is carried out by predicting the growth in demand for real estate assets and their future availability. There are several variables that need to be considered during property valuation\u2014such as the current market rate of similar properties, the market positioning of the builder of the property, the proximity of a given property with places of utility such as shopping malls, railway stations, hospitals amongst others. An in-depth analysis of real-time information can be realized by involving tools and applications based on computer vision in real estate operations. Apart from real-time analysis, computer vision tech also <a href=\"https:\/\/www.allerin.com\/blog\/computer-vision-for-data-capture-a-catalyst-for-digitization\">captures data with accuracy and depth<\/a> for customers to gain information from the metadata of property pictures.<\/p>\n<h2>Luxury Level Estimation<\/h2>\n<p>Computer vision tools can be used for classifying pictures of a house into various categories on the basis of utility\u2014bedroom, living room, dining room amongst others\u2014build quality, spaciousness and ergonomics. All this information can be displayed to customers located remotely. Most importantly, AI and machine learning-enabled tools can assess whether a given house or property is worth paying a premium or not. For this purpose, properties can be autonomously listed into various \u201cluxury level\u201d categories. Computer vision models are trained with thousands of datasets to identify and execute these classifications of visuals without human intervention.<\/p>\n<h3><a href=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2022\/04\/Leveraging-Computer-Vision-To-Optimize-Property-Valuation.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-12984\" src=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2022\/04\/Leveraging-Computer-Vision-To-Optimize-Property-Valuation.png\" alt=\"computer vision in real estate\u00a0\" width=\"1620\" height=\"1620\" srcset=\"https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/Leveraging-Computer-Vision-To-Optimize-Property-Valuation.png 1620w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/Leveraging-Computer-Vision-To-Optimize-Property-Valuation-300x300.png 300w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/Leveraging-Computer-Vision-To-Optimize-Property-Valuation-1024x1024.png 1024w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/Leveraging-Computer-Vision-To-Optimize-Property-Valuation-150x150.png 150w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/Leveraging-Computer-Vision-To-Optimize-Property-Valuation-768x768.png 768w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/Leveraging-Computer-Vision-To-Optimize-Property-Valuation-1536x1536.png 1536w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/Leveraging-Computer-Vision-To-Optimize-Property-Valuation-144x144.png 144w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2022\/04\/Leveraging-Computer-Vision-To-Optimize-Property-Valuation-120x120.png 120w\" sizes=\"auto, (max-width: 1620px) 100vw, 1620px\" \/><\/a><\/h3>\n<p>Apart from that, real estate agents can use AR tools to virtually provide a tour of a given property to prospective buyers and allow them to accurately evaluate it. AR and computer vision combine well with one another and are collectively used <a href=\"https:\/\/www.forbes.com\/sites\/naveenjoshi\/2022\/01\/03\/how-ar-and-computer-vision-lead-to-smart-policing\/\">in a host of applications already<\/a>.<\/p>\n<h2>Future Price Prediction<\/h2>\n<p>The use of AI and computer vision in real estate functions involves forecasting the price of a given piece of property based on factors as varied such as the weather conditions of the area where a given house or land is located, connectivity to national or state highways, cost of transportation, water supply, and other factors. Machine learning and computer vision algorithms sieve through all the information available online or on various smart city platforms to gather this information. After that, factors such as inflation rate and prices of flats or bungalows are analyzed to arrive at a prospective future price. This figure is incredibly accurate as it is reached after large amounts of data crunching.<\/p>\n<p>While the use of computer vision in real estate functions is still in its initial phases, the technology promises to be a game-changer for remote property valuation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Property valuation is often riddled with inconsistencies and inaccurate information, especially in underdeveloped and developing countries. In Zimbabwe, for example,\u00a0issues with valuation due to inflationary pressures have caused volatility in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[5,3],"tags":[1125],"class_list":["post-12982","post","type-post","status-publish","format-standard","hentry","category-ai","category-technology","tag-computer-vision-in-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Leveraging Computer Vision To Optimize Property Valuation<\/title>\n<meta name=\"description\" content=\"One of the many uses of AI and computer vision in real estate is to enhance the accuracy of property valuations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.allerin.com\/blog\/leveraging-computer-vision-to-optimize-property-valuation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leveraging Computer Vision To Optimize Property Valuation\" \/>\n<meta property=\"og:description\" content=\"Property valuation is often riddled with inconsistencies and inaccurate information, especially in underdeveloped and developing countries. 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