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Appraisal software company Aivre has hired computer vision company Restb.ai to help expedite its customer solution, Inman learned in an April 24 statement.
A company case study stated that the addition of Restb.ai’s technology enables it to speed appraisal completion by more than 50 percent, or three hours per project, thus allowing Aivre to theoretically double the number of appraisals it can complete in a day.
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“Appraisers can instantly extract and classify key property features from photos, receive condition and quality scores for subject and comparable properties, and auto-populate GSE-compliant forms — without manually inputting or verifying the data,” the release stated.
Restb.ai’s computer vision is an AI that extracts data from still photography, learning to identify room contents and overall property quality with increasingly impressive accuracy. It’s been working in the residential real estate ecosystem for a number of years, largely through multiple listing services partnerships, and its effectiveness is compounded as it’s fed more photos.
It was announced in March that Restb.ai had been hired by 10 multiple listing services of late, affecting more than 45,000 agents. That announcement came after news in September that it had agreed to deals with 17 MLSs, at the time reaching 720,000 agents throughout the U.S. and Canada.
“We’re taking the first AI trained to autofill reports in UAD language to the next level through our joint efforts with Restb.ai,” said Jake Lew, Aivre founder and CEO, in the release. “Aivre frees appraisers from repetitive tasks, allowing them to focus on their expertise and deliver faster, more precise appraisals with greater efficiency.”
The case study Aivre conducted with Restb.ai segmented each step of an appraisal, listing the amount of time saved by use of the AI:
- Collecting and validating property details (e.g., lot size, legal description): 20 minutes
- On-site note-taking: 20 minutes
- Floor plan validation: 20 minutes
- Photo placement and labeling: 10 minutes
- Comp selection and scoring: 60 minutes
- Report typing: 60 minutes
“These gains aren’t just about speed — they’re also about accuracy,” said Nathan Brannen, Restb.ai’s chief product officer, in the release. “By automating more of the manual data fill appraisers enter into each report, we reduce human errors, increase consistency, and ultimately, enable appraisers to spend their energy analyzing and valuing the property.”
Restb.ai won the 2023 Inman Innovator Award in the Top Technology category.
