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.Q&A with CEO and co-founder Brad McDanielWhat is your elevator pitch/30-second sound bite for Likely.AI?We are an artificial intelligence platform that is specifically designed for the real estate industry.We’ve built this platform by aggregating data, including from ATTOM on 155 million properties nationwide. We also incorporate a 225-million-record demographic dataset that provides information on buying trends and behavioral trends. We also have accumulated a macro market and micro market data set that is proprietary, made up of both local and national influence signals.We use all this to create different lead-generating products for the real estate industry, the first one being who has the desire to sell.
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Mar 28, 2019 - What are the objectives of AI implementation in real estate, to what. Heating capabilities, and AI-powered autonomously driving vehicles. Foxy AI is the perfect marriage of the latest in Artificial Intelligence and deep knowledge of the real estate industry. Our goal is to transform property valuation by building a platform of AI-powered real estate tools.
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We’ve gotten down to where we’re highly accurate.In essence we score every U.S. Property based on the likelihood of a sale in the near future, and once a property reaches a certain confidence threshold in our deep learning models, we say that is a valuable lead for real estate professionals. How is Likely.AI Data utilizing ATTOM real estate data?Other companies — list optimizers — look backwards to predict and it’s not a very viable model. It’s something we were doing back in 2007. These list optimizers, some of whom have rebranded as AI companies, use shallow neural networks with limited layers of neurons.
Now we use deep learning. Deep learning has very deep neural, long neural networks. All these layers of neurons allow you to make non-linear non-sequential connections between layers.Because of all the different property data that ATTOM Data Solutions has, we started looking at other models we could train and what industries would care about those models — predicting the appearance of a, or predicting the appearance of a trustee sale. If we can predict that a month or two in advance it is highly valuable for real estate investors.There are a lot models we can create utilizing different pieces of ATTOM data.
The challenge is to identify which of these models service the most industries and which industries are willing to pay the most for the models.We want to be that fourth-generation. First generation was direct marketing followed by online leads and then list optimizers who narrowed down a list of 100,000 homes to 20,000 homes that were higher-quality leads based on basic property and ownership characteristics. Our fourth-generation platform, driven by artificial intelligence and machine learning, will narrow down that same list of 100,000 homes to just 1,000 homes that we can predict with a high degree of certainty will represent revenue-generating opportunities for our clients.When we went out and created our team we really wanted someone with that AI and machine learning expertise that next level of guy. We got very lucky in finding somebody we had a relationship with and thus being able to go to market very quickly. How is the marketplace responding to Likely.AI products/services, specifically those integrating ATTOM data?We started conceptualizing these types of products as early as 2007, before the now-ubiquitous data science nomenclature even existed. We sat on it until technology and the industry caught up — when industries were willing to incorporate data into their growth strategy. Until that happened, the industry was talking about data like high schoolers talk about sex.
Everybody was talking about it but nobody was really doing it.Once we believed market forces had caught up to our vision, we did a soft launch in Q4 2017, providing 10 leads a week per zip code for our beta customers. We got great feedback from this launch. One customer in South Carolina knocked on 10 doors and talked to two people — both wanted to list.
Real estate is a tough market to crack, but Tel Aviv, Israel-based thinks it’s up to the task.The startup today announced an $18 million funding round led by Sequoia Capital and TLV Partners, with participation from JLL Spark and others. (JLL’s investment comes from its Spark Global Venture Fund, which was established to deploy $100 million into companies leveraging technology to improve real estate development, management, leasing, and investing.)“Over the last few years, we’ve seen AI disrupt a number of traditional industries, and the real estate market should be no different,” Sequoia Capital partner Haim Sadger said in a statement. “The power of Skyline AI technology to understand vast amounts of data that affect real estate transactions will unlock billions of dollars in untapped value.”The company’s innovative machine learning-powered platform taps a proprietary dataset of more than 130 sources, some going as far back as the last 50 years. Algorithms analyze over 10,000 attributes on each data asset, compiling them into a database architecture known as a data lake and cross-validating each one individually to ensure their accuracy.The platform can make predictions within “seconds,” said Skyline cofounder and CEO Guy Zipori, who claims it’s the most comprehensive system of its kind in the industry. He’s not afraid to put his money where his mouth is — earlier this year, Skyline acquired two residential complexes in Philadelphia for $26 million, after its platform determined the properties were being mismanaged.“Commercial real estate is coming out of the dark ages when it comes to technology,” Zipori said. “We developed a platform that injects advanced AI directly into the core of the acquisition and ownership process, leveraging the largest dataset in the industry to predict the performance of any asset in the U.S. We provide our partners and investors with cutting-edge asset analysis in the shortest amount of time, adding value to any commercial real estate investment, on or off the market.”Zipori said Skyline will use the capital to grow its platform integration with “additional asset classes” and to facilitate further cooperation with leading commercial real estate investment firms in the U.S.In the not-too-distant future, Skyline AI hopes to expand beyond real estate.In July, it announced a data-sharing partnership with Greystone Labs, a commercial real estate, investment, and advisory company.
Under terms of the arrangement, Skyline AI added “key industry insights” from Greystone to its growing collection of data sources, and Greystone received access to Skyline’s predictive technology, which it said will allow it to underwrite loans 10 times faster and “with greater accuracy” than the competition.Skyline was founded in 2017 and has offices in New York, in addition to Tel Aviv. In March, the company raised $3 million from Sequoia, and it’s brought in $21 million from NYCA Partners, Arbor Ventures, and iAngels, to date.Of course, Skyline isn’t the only one applying AI to the lucrative real estate market, which is forecast to hit by 2025., which emerged from stealth earlier this year, uses AI and blockchain technology to power its primary securities market for commercial properties.