By Kevin Hawkins with Korey Hawkins | Vol. 2 Post 37
REAL AI is a human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. We post a new edition every Friday, and our free newsletter is delivered to your inbox every Monday
What’s your home’s ARV?
Revive, a leader in presale renovation, made its uber-cool Revive Vision AI platform accessible to all agents and consumers alike last week. Anyone can now answer the question, “What will be the future value of my home after I make the right improvements?”
Vision AI’s proprietary After Renovation Value tool will show the maximum potential value of your home if it were “updated to be in optimal market-ready condition,” according to Revive.
But the platform does more than give you your home’s ARV: It uses AI-powered computer vision and machine learning to provide a neighborhood property conditions analysis. So, it reviews not just the potential of your home but its potential in relation to the conditions of other properties that comprise your neighborhood.
Previously, access to Vision AI was agent-only, and you had to register. The move reminds me of the early days of ARVs. You had to contact an agent or pay for a home valuation estimate until Zillow democratized access with Zestimate and made it freely accessible.
Checking it out
When I ran a report on my home’s address, I had the same reaction to Revive Vision AI’s After Renovation Value tool that I had the first time I used Zestimate. I was fascinated by the estimated future value of my property. Moreover, the full Vision AI report is far more interesting, providing real-time, data-driven insights.
Once you upload photos of your home, computer vision is leveraged to show the current value as well, giving you a before and after estimate. It’s kind of like looking into a crystal ball but with more confidence in the accuracy.
Check it out for yourself here at this link. (-Kevin)
Apple’s first AI-powered iPhone
Ask a room full of Realtors to raise their hand if they own an iPhone; it will seem nearly unanimous. Apple has long been the smartphone choice for most real estate agents.
That’s why we are closely following Apple’s branded AI effort, called Apple Intelligence, and closely covering their integration of AI into their products, and for real estate agents, especially their iPhones.
Earlier this week, Apple released its first fully AI-capable smartphone: the iPhone 16. But common sense tells us to avoid rushing out to buy the first version of anything. This is mainly true of the iPhone 16 because the AI features that agents will benefit from the most are not yet in this version.
Most experts recommend you wait if you do not need a major upgrade. Many of the highly touted advanced Apple Intelligence features have been delayed and will not be available until 2025.
The new iPhone 16 line does feature other advances that make it a tempting upgrade. It has the new chips required to run future AI features, and that’s vital as there will be no backward compatibility for the coming AI features. The iPhone 16 line offers a larger and brighter display, has an improved camera system (the Pro Max features a periscope-style telephoto lens), a lighter but durable titanium frame (Pro models), and the best battery life ever for an iPhone.
Two other very welcomed non-AI features: Charging is now through a USB-C port – like almost every other phone in the world – and the Action Button, introduced on the iPhone 15, is a replacement for the mute switch. You can customize the button for the task you use most: turn on/off the flashlight, launch your favorite app, activate translate, or turn on your camera.
A few AI features did make it into the first iPhone 16 line, including a smarter version of Siri (we sure hope). We can’t wait until it integrates with ChatGPT; again, that’s coming.
For agents, the most useful one is AI-assisted notifications. Instead of just receiving a snippet of a message or email, the iPhone will summarize the key points, allowing users to quickly assess whether immediate action is needed or if they want to ignore the notification. More advanced improvements related to email management are still coming.
AI also powers more writing and editing tools in the iPhone 16 line and better photo search using natural language and smart replies. However, that appears limited to its Mail app and not iMessages, its text app.
Again, for those who badly need an upgrade, the new iPhone 16 offers more features than ever, but the AI promises? Well, Apple is finding out what everyone who develops great AI knows from experience: reliable AI is hard, and thus, expect more Apple Intelligence, but not until 2025. (-Kevin)
AI Facts
- 37% of people are leveraging AI chatbots to automate conversations, especially in customer service – Botco
- 79% of business leaders surveyed reported cost decreases as a result of AI adoption – McKinsey
- 30% of outbound corporate messages will be AI-generated by 2025 – Gartner
- Only 4% of tech leaders said their organizations have the skills to execute an AI strategy – Google
- 48% of consumers believe AI shouldn’t be used for marketing ads – Statista
Source: Nerdynav (-Korey)
AI Headlines 
Computer vision firm Restb.ai hits 720K agents across US, Canada | 9/10/24 Inman
MLSs are leading the way with AI, bringing computer vision-enabled tools to nearly a quarter million US real estate agents.
How to use Midjourney’s website to generate amazing images with AI | 9/6/24 ZDNET
Midjourney is becoming easier to use as it produces more impressive results.
AI takes the lead: Why mortgage and real estate tech leaders are betting big on AI | 9/10/24 HousingWire
HW Tech Trendsetters offer their insights on the future of AI in real estate and mortgage.
OpenAI launches new series of AI models with ‘reasoning’ abilities | 9/12/24 Reuters
Meet Strawberry: OpenAI’s with advanced reasoning capabilities, able to better understand context and complex coding, science and math.
Here’s what your iPhone 16 will do with Apple Intelligence — eventually | 9/10/24 The Verge
Learn more about the AI tools that will be arriving in October for your new iPhone. (-Korey)
AI Quote of the Week
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