Transforming Real Estate with Computer Vision

Transforming Real Estate with Computer Vision

Naveen Joshi 04/11/2019 5

Computer vision is used in many industries and services today. The adoption of computer vision in real estate is now not an option, but, a necessity. The real estate sector can hugely benefit from the implementation of computer vision technologies coupled with artificial intelligence, augmented reality, and virtual reality technologies.

Traditionally, the process of looking for, buying, renting, or selling properties has been a manual task. Also, the current technologies in use only allow the user to scan through hundreds of photos or find a property based on preferred locations that don’t exactly create a good home buying experience. The use of technologies like computer vision in real estate has the potential to change this experience by allowing users to narrow down on properties specific to their every need at the convenience of their fingertips.

Applications of Computer Vision in Real Estate

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Image Tagging

Image tagging takes advantage of the current technologies used in the real estate sector. There are millions of images available on the real estate portal. The metadata of these images can be used to provide a better experience to the user. The image search engine results can be improved drastically by using metadata. With advanced computer vision technologies, firms can avoid writing long descriptions about products on their websites. The metadata can be used to tag specific items in the image so users can find further information about the properties they are interested in. With the addition of thousands of images to the platform every day, the technology can be vastly improved upon to provide a minimalistic, non-obtrusive user experience. Buyers can quickly identify properties and decorative materials that match their needs and preferences, and sellers can also provide better information to their clients.

Property Comparison

With the use of computer vision, users can compare properties room-for-room. Users can select properties by comparing various options and analyzing their space, amenities, natural lighting, and other features. With the thousands of images available online, computer vision can help users compare properties inch for inch. Multiple images available for a single room helps the user for a better comparison and provide a better judgment regarding the property. The global computer vision market is expected to earn USD 48.32 billion during the period 2017-2023. With further development and research, the use of computer vision in real estate can transform the property buying and selling experience along with financial benefits for all the parties involved. Combined with AR and VR, it has the potential to disrupt the real estate sector completely. Computer vision will provide users with a more photo-centric property buying experience.

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  • Brian Sutherland

    Informative

  • Liam James

    We live in a world of fast-paced technological change.

  • Jay Parmar

    It amazes me that some real estate companies are slow to adopt computer vision.

  • Rick Stevens

    Clearly, a picture is worth a thousand words.

  • Paul Taverna

    Literally billions of dollars are at stake, and so even small gains in accuracy really affect Key Performance Indicators (KPIs) for reducing lending risk.

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Naveen Joshi

Tech Guru

Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.

   

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