Revive has released a new tool named “Revive Vision AI” designed to assist real estate professionals in property valuation. This AI-driven tool uses computer vision technology to evaluate the current condition of a property and provide a detailed assessment of its current market value and potential value post-renovation.
“Revive Vision AI” aims to provide a more precise value assessment than traditional automated valuation models (AVM) by analyzing property photos. It also uses Revive’s recommendation engine to offer renovation estimates supported by local contractors.
Some of the key features of this tool include:
Current condition home value: An estimate of the market value of the property in its present state.
Future ARV (after-remodeled value): The projected market value post-renovations.
Potential score: A rating indicating the property’s potential for increased value.
Renovation scope & budget: Recommendations for renovations, including tasks and estimated costs.
Renovation investment plan: An outline of potential profits for homeowners if they undertake the suggested renovations before selling.
The tool requires real estate agents to upload a minimum of 10 photos of the property. “Revive Vision AI” then compares these photos with similar properties in the area using images from MLS records. The tool applies advanced machine learning algorithms to the gathered data to produce renovation cost estimates, potential market values, and expected returns on investment.
CEO and Co-Founder at Revive, Michael Alladawi, emphasized that while “Revive Vision AI” provides comprehensive information, it should complement and not replace expert advice. Homeowners are still advised to seek guidance from industry professionals tailored to their unique situations.
Access to “Revive Vision AI” will initially be exclusive to agents affiliated with Revive, with details on subscription pricing to be announced soon.
