AI: According to WIRED, the popular real estate website Zillow uses artificial intelligence networks to increase real estate valuations. The latest algorithm can generate an automatic quotation for purchasing a house based on the price estimation.
By updating their artificial intelligence algorithm, Zillow believes that they have improved the accuracy of price estimation, which will enable them to buy more properties.
Previously, only owners of approximately 900,000 properties were eligible for the money. But after an improved artificial intelligence network, Zillow claims that the above-mentioned market has increased by 30%.
In addition, the company representative stated that the company could complete all sales within a week, which is proof of efficiency. This artificial intelligence network update is one of the greatest updates ever.
Zillow recalled in a GeekWire post that the real estate company’s “Zestimate” plan (launched nearly two years ago after the overhaul) was the last major attempt at artificial intelligence-driven real estate valuation.
Zillow said his improved neural network had reduced pricing errors in 30 US regions by 11.5%. Phoenix saw the largest decline in turnovers, followed by San Antonio, Tampa, and Houston. This is not the first time the real estate industry has relied on artificial intelligence services.
In the past year, many real estate agents have begun to use artificial intelligence to attract potential customers, proving the immense importance of neural networks for these types of businesses. Artificial Intelligence: No technical mind.
Artificial intelligence (AI) has a bad reputation, and it doesn’t deserve it. Although the premature commercialization of artificial intelligence may pose potential security threats overall, many people do not know how useful artificial intelligence in Los Angeles is.
Zillow makes full use of its processing power. Real estate is an industry that processes large amounts of data, more than any other industry. It’s amazing how much information this industry handles—various price estimates, trends, customer information, and so on.
If you rely solely on human skills, most transactions cannot be sustained, let alone increased efficiency. The power of artificial intelligence enables real estate agents and buyers to complete transactions with the least amount of effort, which is always a welcome reality because of the high pressure of buying a home, especially for first-time homebuyers.
When the “helper” is a machine, the maxim “you need all the help you can get” also applies.
Image courtesy of Science Time/YouTube
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