With Machine Learning and AI: Platform fights overpricing in property rentals and sales
This refers to HousePricing, who use technology to bring transparency and efficiency to the real estate market in Chile.
Using machine learning algorithms and big data, the startup HousePricing.cl has developed an innovative platform that helps to combat overpricing in property rentals and sales.
This is possible because the company provides accurate and reliable appraisals, with a success rate of 98%, covering almost the entire national territory, in order to facilitate fairer transactions for both buyers and sellers.
"Our goal is to democratize access to quality information in the real estate market. We want both professionals and individuals to be able to make informed decisions, based on accurate and up-to-date data," explains Matías Echeverría, CEO and co-founder of the platform.
Technology at the Service of the Real Estate Market.
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The platform monitors over 200,000 real estate listings daily and analyzes historical data from the Internal Revenue Service's (IRS) sales transactions to provide price estimates based on real transactions, all in just 5 seconds.
Through its own automatic learning models, such as K-Nearest Neighbors (KNN), HousePricing.cl takes into account key features of each property, such as size, year of construction, location and additional data, when it provides its information.
Furthermore, the company has implemented advanced processes to clean duplicate data and ensure the highest quality of information. They even analyze images of the properties to estimate the year of construction when this information is not available.
The benefits for the different market players
The platform addresses common problems in the real estate market at various levels:
- For buyers and renters: It facilitates the calculation of a fair price, saving time and avoiding overpaying.
- For sellers and landlords: Helps to establish a competitive price, speeding up the sales or rental process and maximizing profit.
- For real estate agents and professionals: Provides efficient tools to assist your clients and improve your service offerings.
Commitment to Innovation and Quality
The company goes against the grain of many other market solutions, by recognizing the importance of not overusing the term "artificial intelligence". Instead, it prefers to highlight the use of algorithms and its own development platform.
"We focus on providing concrete and effective solutions, rather than on trendy terms," adds the founder.