CASE 7
The real estate tech (ReTech) company case. An AI system that can do price appraisals of apartments in place of real estate company employees.
Case overview
We were asked by a real estate company to develop a system to do the apartment value appraisals currently being done by real estate company staff for owners who are looking to sell.
Background / Challenges
- To accurately gauge a fair price for an apartment, its sales history (cases of being bought and sold) must be examined. But real estate portal sites are generally lacking in this information.
- Some people who request appraisal of apartments are dissatisfied with the lack of transparency from real estate company staff.
- Staff members were tasked with the workload of doing research on apartment sales history.
- The Ministry of Land, Infrastructure, Transport and Tourism is actively involved in using AI to assess second-hand houses and apartments. There are now an increasing number of venture companies dealing with real estate tech (ReTech).
Results / Outlook
We developed a system to calculate the market prices of certain apartments by letting an AI learn market tendency forecasts from sales history data.
Our solution
- Apartment value appraisal for real estate companies
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We developed a system for AI to replace real estate company staff in evaluating apartment prices for the owners who wish to sell.