Artificial Intelligence is about to make the process of creating a highly accurate MLS database even easier. MRED has just partnered with Restb.ai, a leading edge AI company that specializes in making all types of elements of a photo searchable. With this new service offering, MLSs will able to “READ” violations included in photos such as Yard Signs, License Plates and even humans in images. Historically MLS Data Compliance software only included the ability to read text responses and isolate violations as defined by the local MLS’ rules and regulations. With this new solution, every image can be read as well to ensure that all types of MLS data being shared are completely compliant. As Chris Haran mentions in the release, this is just one small indicator of the ways that AI is going to be able to help improve MLS services. I think we are going to look back on this era of the birth of AI and recognize it as innovation as important as the Industrial Revolution and the birth of the Internet.
For those that don’t know Restb.ai, they are a very impressive company based in Spain. In 2018 they were the winner of more than a $3 million grant from the European Innovation Council. The EIC pilot is part of the Horizon 2020 programme, the biggest European Union Research and Innovation programme. They were one of the winners chosen from 1658 proposals. I love to see MLSs tapping into global innovations!
Very exciting stuff!
Congratulations to Restb.ai and MRED!
Full Press Release:
LISLE, Ill., April 30, 2019 (GLOBE NEWSWIRE) — Midwest Real Estate Data (MRED) has signed an agreement with Restb.ai, an artificial intelligence company specializing in computer vision for real estate. The partnership brings Restb.ai’s revolutionary technology to the 45,000 brokers and appraisers who use the Chicagoland area’s multiple listing service (MLS).
MRED real estate professionals will soon enjoy a time-saving benefit of this partnership, as many listing details will instantly be populated once a property’s photos are uploaded. The incorporation of Restb.ai’s computer vision into MRED’s listing input module will automatically pull information from photos and enter that data directly into the appropriate fields.
Restb.ai’s technology has the ability to detect and report room types such as kitchen, bathroom and office; and features such as the presence of natural light, hardwood floors, stainless steel appliances, and kitchen islands. Those specifics are in addition to many other attributes that are relevant to common searches in the home-buying process based on information that previously had to be manually entered.
“We’re very excited to partner up with a forward-looking organization like MRED to deliver more value to their members by automating many time-consuming tasks through the power of artificial intelligence,” said Restb.ai CEO Angel Esteban.
The benefits of this new technology will also be felt behind the scenes. Restb.ai provides a compliance solution that allows MRED’s Rules and Regulations staff to proactively monitor listing photos for rule violations. This process takes place before photos are public, enabling corrected images to be uploaded in a timely manner and resolving issues early to save real estate professionals from potential fines.
“We’re always looking for new ways to bring value to brokers and appraisers as well as supply them with solutions to pain points they’re experiencing,” said MRED President/CEO Rebecca Jensen. “The best part of this AI integration is the tangible benefits it delivers to our marketplace.”
“We brought in this technology because it will save time and reduce hassle, which is exactly what artificial intelligence should do,” said MRED Chief Technology Officer Chris Haran. “We’re only scratching the surface of AI’s capacity to improve the MLS experience and we’re aggressively pursuing more enhancements like this that make life easier for real estate professionals.”
MRED and Restb.ai are testing the technology in MRED’s property listing database, with specific modules capabilities scheduled to be launched in May and June. The automatic listing field population feature is slated to be released later in 2019.
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to more than 45,000 brokers and appraisers and over 7,300 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin, and northwest Indiana. MRED delivers more than 20 products and services to its customers. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for 10 consecutive years the MRED Help Desk has been identified as one of the best small business centers in North America by BenchmarkPortal. For more information please visit MREDLLC.com.
About Restb.ai
Founded in early 2016, Restb.ai is a Barcelona based start-up specializing in artificial intelligence for real estate. The computer vision technology tags, categorizes, and delivers results on property-related images, with an accuracy on search results of up to 99%. By using Restb.ai’s plug-n-play solutions, MLS’ can auto-flag photo violations and populate listing features directly from uploaded images.
Attachment
Jeremy Sharp Midwest Real Estate Data LLC 630-799-1402 jeremy.sharp@mredllc.com The original press release can be found on Globe News Wire
