It’s a $300 billion opportunity. That’s how much homeowners collectively leave at the closing table when selling a home and not opting for the pre-sale renovation route to maximize their home’s sales price.
The lost equity is so staggering that it gave birth to the pre-sale renovation industry, led by companies like Irvine, Calif.-based Revive. Compass was first with its Concierge program, but now Revive is introducing its own “first.
Revive launched Revive Vision AI: a game-changer for agents and home sellers alike.
Think smart CMA meets AI-powered AVM, providing a more detailed foundation for pre-sale renovation discussions to help agents with their listing and pricing strategy.
What took days is now seconds with AI
What used to take days is now taking seconds because of the built-in generative AI leveraging computer vision and machine learning in this mobile app.
It allows real estate agents to provide a homeowner at the listing presentation a complete pre-sale renovation game plan with the total budget and the ROI gain if the homeowner goes the zero-dollar out-of-pocket renovation before they list to maximize their sales price.
Here’s how the Revive Vision AI mobile app works
Real estate agents upload at least 10 photos of their client’s property into the Revive admin dashboard via the mobile app or desktop. Second, Vision AI compares the subject property with similar homes in the area by analyzing photos available in MLS records.
Next, the data obtained from the photo analysis and comparative analysis is processed using advanced machine learning algorithms. This enables Vision AI to estimate renovation costs, potential market value and projected return on investment. Finally, a report is generated providing investment insights and recommended home improvements.
Benefits of Vision AI
According to Dalip Jaggi, COO and Co-founder at Revive, empowering agents are four major benefits that include:
- Foundation for discussion: The Vision AI report is a starting point, fostering meaningful conversations with clients about their property’s potential and the best strategies to realize it.
- Confidence and credibility: Whether you’re using Vision AI to obtain knowledge or use it as confirmation of things already known or an illustrative educational tool with your clients, you can speak with confidence and credibility, knowing you are making decisions backed by empirical data and professional analysis.
- Competitive advantage: By utilizing Vision AI as an early adopter, you will be one of the first professionals using machine learning and computer vision technology to help guide and confirm listing and pricing strategies.
- Quick property assessment: Within seconds, agents can generate valuable property insights for themselves and their clients at the listing appointment stage.
Agents using this during their listing presentation will escalate their success rate and set themselves far apart from their competitors with this powerful differentiator.
Agent-centric strategy
Smartly, Revive understands the agent is at the center of the transaction, and this tech was built for them – easy to use and explain.
Michael Alladawi, CEO and Co-Founder at Revive, emphasized, “Agents are the powerhouse of the real estate industry, and sellers expect them to be knowledgeable on all things real estate. Revive Vision AI is an easy way for real estate professionals to present more detailed and accurate information to their clients in a digestible, easy-to-understand way,” he added.
And the mobile tech is mind-blowingly impressive with five major components:
- Current Condition Home Value: The estimated current market value of the property in its existing condition, without any renovations or improvements.
- Future ARV (After-Remodeled Value): The projected market value of the property after completing the recommended renovations and improvements outlined in the renovation plan.
- Potential Score: A score that signals the property’s value-added potential; a higher score means greater opportunity, while a lower score indicates limited opportunities for enhancement relative to its surroundings.
- Renovation Scope & Budget: A detailed outline of the recommended renovations and improvements, including specific tasks and estimated contractor-backed costs for each item.
- Renovation Investment Plan: A comprehensive plan outlining the estimated profit potential for the homeowner if they complete the recommended renovations before selling the property.
Every once in a while, a true breakthrough technology resets the playing field. AI is doing this in real estate today, and the latest example comes from Revive.
And if that were not enough, Revive’s Alladawi teased, “This is only the beginning of how AI will be leveraged to help real estate agents and homeowners.”
More to come from AI for real estate, for sure.
