Reliable real estate valuation with artificial intelligence – future dreams or reality?

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Reliable real estate valuation with AI – future dreams or reality?

Subject: Artificial Intelligence, or AI for short, has the potential to revolutionize the real estate industry and make it more innovative. These are technologies that are programmed to learn and thus optimize themselves. While artificial intelligence has long been a topic from the world of science fiction for many, people are now increasingly coming into contact with it in their everyday lives. How will the importance of the human workforce change with the arrival of AI in the real estate industry?

Expert: Christian Crain

Christian Crain brings 23 years of experience in the real estate and finance industry to Price Hubble AG in Germany and Austria. Among other things, the company deals with real estate valuation using artificial intelligence. It was founded in Switzerland in 2016 and now has offices in France, Germany, Austria and Japan.

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About Price Hubble

Our plan for Price Hubble is to offer customers the possibility to determine the statistically most probable market price in a transparent, comprehensible and fast way. For the valuation models, Price Hubble uses machine learning and specially created algorithms to determine valuations of real estate through comparison objects and calculation of different sensitivities with the help of so-called “explainable artificial intelligence“.

How the online valuation of your property works:

Step by step, you enter the relevant data and individual criteria of your property into the online valuation. Based on relevant market data, daily comparative data and the supply and demand situation, an initial orientation value of your property is created.

What is artificial intelligence?

In our case, artificial intelligence is part of the approach we take to enable real-time property valuation.  A 2018 study found that about 60% of a market price now arises so-called non-traditional information and properties. This means that once more the location factors determine than characteristics of the property, such as year of construction and condition. There it is about factors like infrastructure and accessibility, socio-economic neighborhood, sunshine duration etc.. This is done with the help of “Big Data Analytics“.

What does “Big data Analytics” mean?

In the end, it means being able to process vast amounts of information quickly. The keyword is cloud computing, i.e. connecting different computers in series in the so-called cloud. In other words, virtually interconnecting them so that they have greater computing power and storage capacity and can therefore evaluate more information in complex contexts right away.

How do you get the information you need?

Basically, a well-functioning automated evaluation model depends on three conditions. Firstly, it is about the quantity and quality of the data and secondly, of course, the quality of the algorithm and thirdly, possibly hardware bottlenecks, but these are rather negligible.

A lot of the information we need is actually publicly available. A large part of the data, such as social economic data, we buy from market research institutes. Other important information, like actual rents or transaction costs, we get back from our users and a lot of other information is just really available online in public marketplaces.

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