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New level of accuracy for real estate dataHome price valuation is key part of home selling and buying process. Valuation is also fundamental criteria for banks to make mortgage decision and it is also used in foreclosures.
Automated valuation models (AVM) do not take into account property condition or layout characteristics which can have
major impact to valuation (https://www.zillow.com/zestimate).
CubiCasa real estate data platform has quantified information of property characteristics which enables totally new level of
details and analytics for various real estate use cases.
CubiCasa property data use cases
1. Fundamental part of the property reports2. New criterias and features for home search 3. Data for Comparable Market Analysis (CMA) 4. More accurate AVMs (Automated Valuation Models)5. Find price sensitive factors through data analytics6. Validate existing real estate data7. Property characteristics standard through RESO data dictionary
CubiCasa property data solutionConvert millions of BIM models with AI tech
+Automated conversion
Automatedinput acquiring
=Property Data
Platform (RESO compliant)
Technology which makes floor plan input cost
minimal
AI tech to convert BIM models automatically
Huge amount of property BIM models accessed
through API
What information property BIM model can include?
How many rooms and their typeSize of each roomNumber of windows and doorsKitchen, dining, living room conceptAppliances (e.g. DW)Terrace/balcony/deckBedrooms with W.I.C or en-suite bathCompass directionLayout form factor and shapeSpecial things like: loft, corner apartment, storage space, ...
CubiCasa solution enables totally new kind of analytics and finding price sensitive characteristics. There is no need to ask homeowners to update their property characteristics, like Zillow and others do.
Shorter sales cycle for properties in platform
Property in platform
Ranks better in search results
Gets more views
Shorter sales cycle
All major players provide AVM● Hometrack acquired by Zoopla for $150M (2017)● Platinum Data Solutions acquired by Mercury Network (2016)● FNC acquired by CoreLogic for $475M (2015)● LPS (BKFS) acquired by Fidelity National $2.9B (2014)● Retsly acquired by Zillow (2014)● DataQuick acquired by CoreLogic (2013)
Status as of today
>1 million original floor plans acquired from US
+ =>95 000 BIM models
converted> 4500 NYC property BIM
models available in platform
How we monetize the property data?Product
CubiCasa property data platform is accessed only through APITarget segment
Companies providing home search, property report, comparables or AVM Target market
USBusiness model
SaaSWhat’s the secret source?
Data reuse: convert once - sell it to many, multiple times!What other use cases this data enables?
Smart property search for all kinds of real estate apps e.g. AirBnB
What this property data is worth?
There is no direct references available but if we look at the property data service providers
House Canary (www.housecanary.com), the main service being the value reportThis company raised $33M A-round Jan 2017
Property details $0.19…$0.25Value $0.74…$1.00Value report $4.20…$5.00SaaS $54/month/10 reports or PRO $1000/month for unlimited access
Example: Zillow improves Zestimate AVM with neural network
- More “human-friendly” way to interpret images and data
- Labeling of all kinds of features (kitchen, materials, sizes etc)
- Adding indoor space data complements property valuations
- Normalization of data - there is no standard how floor plans or images should be interpreted
- Most importantly: built to reduce valuation error rate and improve home search accuracy & results
Sources: Inman News, informationweek.com, housely.com. Current error rate 4.5%.
More information:[email protected]