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Bradie – The Bar is Now Set Higher for Digital Engagement in Real Estate

Redefining digital in real estate

We are excited to announce Bradie – Broker and Agent Digital Engagement platform – our suite of capabilities for the real estate marketplace. We are redefining the online real estate experience completely using AI and Machine Learning techniques. It integrates our various existing products that have been used by hundreds of agents and brokers.

We believe that the real estate agent has the opportunity to build lifelong relationships with homeowners as their trusted advisors on the largest investment of their lives. Bradie is our journey to help agents nurture that relationship and provide value to the homeowners. Visit

Bradie brings to market brand new ways of interacting with real estate information using computer vision. Home buyers using an IDX portal can now stop staring at loads of data about the homes they have shortlisted and instead see them side-by-side using pictures of each room and focus on what makes the homes different from each other.

 

 

Stale and weeks old Home Value Reports are a thing of the past. Our comparable market analysis engine – iCMALive – provides an engaging platform with live updates to their personalized value analysis as the market changes in their neighborhood – a new home on the market, a new sale, or a price change. All such updates can be screened by the agent in real time and Bradie will communicate with the customer on the agent’s behalf – building a trustworthy relationship with the customers. Visit bradie.propmix.io to get more details.

You have to see a demo of Bradie today to get a peek into a whole lot more groundbreaking features. Contact us at register.propmix.io or write to us at info@propmix.io.

Using Sally APIs to Auto-Label and Auto-Organize Images In an Appraisal Report

With the release of Market Conditions Advisor we have been receiving multiple requests to integrate Sally image recognition APIs into existing AMC software. This post intends to provide some specific information on one of the uses of Sally APIs and how to use it.

Image Rules for Appraisal Quality Reviews

The GSEs – Fannie Mae and Freddie Mac – are quite stringent in their requirement for the type, number and quality of images attached to an appraisal report. For instance, Fannie Mae requires that exterior images include front, back, and a street scene of the subject property and the front of each comparable. All properties must be appropriately identified.

Fannie Mae also requires interior of the kitchen, all bathrooms, and the main living area, while also providing examples of recent restoration, remodeling and renovation, and physical deterioration, if present.

To meet these photo requirements, appraisers spend valuable time during report preparation collating and organizing the photos of the subject property and searching and finding the best photos of the comparables.

Automating the Image Rules Using Sally

Some of these mundane and time consuming tasks can be easily automated using the Sally image recognition APIs. You can use the APIs to select the images for different room types required, check for the right quality of the images, and reject the ones that do not meet the standards prescribed. If there are no acceptable images for a specific room type, Sally can alert the appraiser accordingly.

In addition, the API can also return the images in a preferred order for direct inclusion in the appraisal report.

How do we implement this?

This is how your appraisal management software can easily make use of Sally:

The key step is to fetch a label for all the subject property and comparable photos from Sally. Once you have it, you can then make decisions on what to include and how to organize the photos. Sally provides the following APIs to do exactly that:

GetLabelsForImage:  With this API you would pass one or images as URLs or files to this API and receive an automatic label for each image.

GetListingDetails w/ labels & auto organized images:  This is a much simpler API to use. You can provide a listing ID or the full address of the property and Sally can find the photos for the property, label them, and organize them based on your preferences. And of course, use of this API requires that you have your MLS credentials.

Parallel and Background Processing of Images

Note that most image recognition processes can take about 1-2 seconds to complete for each image. With about 25 images on the average for a subject property this can quickly add up. First of all the Sally engine has a built-in parallelism to process multiple images at the same time. This would reduce the total processing time for a subject property to about 10-15 seconds. In addition, for the best user experience we recommend that you invoke Sally in the background while an appraisal report is being prepared by the user. You can then use the API responses to auto-label and auto-order the images and only generate alerts when there are warnings or errors.

Please contact us at support@propmix.io for further details of the APIs and code samples.

Reference: https://www.fanniemae.com/content/guide/selling/b4/1.2/01.html

PropMix API Search Best Practices for Best Results

Less is not always more…

We have all heard the term, “Less is More”, but when trying to find comparable sales and listings that is not always the case.

There is a school of thought that if I keep my search simple, I will get everything I need, therefore, if you look for comparable sales and listings within 1 mile and 12 months from your subject property, that should return a sufficient set of results. Well, the problem with this logic is if all your searches are “generic”, your results in urban and rural areas will vary widely.

Consider a 1-mile radius search in Queens, NY, where there are hundreds of residential units of all types on one city block, therefore thousands within a 1-mile radius. A search in a densely populated area like this could return upwards of a thousand or more results, when only 50 or 100 are needed.

api search

Conversely, you run the same 1-mile radius, 12-month search in a rural area like Colts Neck, NJ where there are a multitude of mansions and horse farms on multiple acre lots, there may be a few dozen properties in total within a 1-mile radius. You would find results in the single digits for the same search in this area.

Understanding the market is paramount to getting the best possible results.

If you know you are working within an urban area, here are some suggestions:

  • Reduce your radius to half a mile
  • Shorten the timeframe to 6 months
  • Tighten search criteria such as:
    • GLA +/- 20% of the subject
    • +/- 1 Bedroom/Bathroom
    • Sale or List Price Range, etc.

Here are some suggestions when working within a rural or even some suburban markets:

  • Expand your radius to 3 or more miles
  • Add 6 months to the timeframe
  • Broaden the search criteria by as much as 50%
    • GLA +/- 40% of the subject
    • +/- 1 Bedroom and +/- 2 Bathrooms
    • A wider Sale or List Price Range, etc.

With PropMix API’s, you have the option of re-running your search as many times as necessary, without paying more for the same appraisal order. In fact, we encourage our clients to develop adaptive searches that will iteratively call our APIs and adjust the filter parameters to optimize time, distance, and additional filters to achieve the best comparable results.

To help our clients implement such best practices we launched a Professional Services division in 2018 that has already enabled many clients to retrieve the best comparables straight into their applications with optimal API integrations.

In my next blog post, I will explain some of these API integration scenarios so that you can achieve the same with PropMix APIs.

School Data APIs: Enrich Real Estate Data with Local School Information

Now you can easily retrieve school information for any property in the US through new APIs released recently. This is another step in PropMix’s ongoing journey to provide a one-stop shop for all your real estate data and insights needs.

These APIs enable you to search for public and private schools or school districts across the nation for any property based on attendance boundaries, geographic areas such as Zip or City, or within a radius from from the property.

We often ask from agents and appraisers are:

  • Add additional information to property detail pages on IDX sites
  • Map school attendance and district boundary information to better understand property values

The new API methods available are:

  • GetSchoolsByGeo
    Find public and private schools within a Zipcode, City, County or State
  • GetSchoolsByRadius
    Find public and private schools within a particular distance from a property or  any geocode
  • GetSchoolsByDistrict
    Find schools within a public school district. School districts can be found using GetSchoolDistricts API.
  • GetSchoolDistricts
    Find school districts within a state or school district applicable to a Zipcode

We recently also added an API specifically for IDX usage:

  • GetSchoolsForProperty
    This API would find all the public schools for the property based on attendance boundaries and also include local private schools. The same API would fetch a GreatSchools rating for each school using your GreatSchools API key.

In addition to their core function, these APIs provide a number of ways to filter the school data retrieved – keywords, grades offered, school affiliations, etc.

All the APIs respond with various school attributes including NCES School ID, State School ID, NCES School District ID, State School District ID, whether public or private, charter or not, grades offered, school grade level, school affiliations, etc. Upgraded APIs could also provide deeper analysis such as demographics, test scores, etc. if required.

Stay tuned for upcoming API releases and application enhancements (such as Market Conditions Advisor) that combine school data with home sale data:

  • GetListingsBySchool
    Find all homes for sale within your favorite school’s attendance boundary
  • GetListingsBySchoolDistrict
    Find all homes for sale within your target school district

Listing data will only be available to MLS participants based on permissions and entitlements defined by the MLS.

GreatSchools is a trademark and copyright of GreatSchools.org

How to build a hyperlocal real estate portal to drive your business?

As a Real Estate Agent or Broker how do you differentiate your website from Zillow, Realtor.com, or Redfin to attract visitors and generate leads via your online presence? One of the key benefits that agents offer is their knowledge of the local market and neighborhoods to help identify the best suited locality for a potential buyer or to help homeowners prepare and price their properties for sale.

As a Real Estate Agent or Broker, your time should be spent on building your business, not worrying about the nitty-gritties of setting up and maintaining a website. PropMix has recently launched a plug-in that allows you to set up a listing search website in a few minutes. It is a complete Real Estate solution in one plug-in. It is easily configurable and flexible. It provides properties details over and above MLS data such as Agent contact details, home fair market value, neighborhood and school information. The plug-in also allows search by polygons and multiple search results layouts to choose from.

blogsearch

There are three modules available currently in the plug-in – the search widget, the property results widget, and the research widget. The search widget allows you to search for listings in an area by providing the zipcode, city or state. The property results widget allows to get details of properties within the specified filter parameters. The research widget lists cities within a state, neighborhoods within a city, and demographics including school district, neighborhood details, population details, commute, and so on.

The highlights of the plugin are:

– Search for a property with the search widget

– Property details in different views available through the property results widget

– Additional details of a specific property available in layouts chosen by the Agent

– Property listings by zip code, city or state

– City details with demographics and description

– Neighborhood information

– Mark properties as  favorite for future reference

– Integrated school district data

– Commute details of a locality

The plug-in enables you to embed a few lines of code in your website, and it is ready to be used. The plug-in provides MLS data that is fetched using the MLS credentials of the Agent and/or Broker. All you need in addition is the credential for using this plug-in, which can be obtained by contacting us at support@propmix.io. You can also contact us to schedule a demo of the plug-in.

 

Real estate data mining for your next business need using Public Records

Here are a few examples of how our public record data mining is leveraged

Comprehensive nationwide real estate public record data helps tackle various business needs in many industries beyond real estate. We mine terrabytes of real estate data to find the those needles or patterns in the haystack. This post covers a few real estate and non-real estate use cases we are actively supporting.

As previously announced, our public record data provides a comprehensive set of property attributes such as owner occupancy, last sale information, and more detailed tax assessment information along with full property details. It also provides property identification, seller/buyer information, tax exemption details, building information, and legal description of the property.

The valuation models and comparable similarity scoring are now based on authoritative property details and current market conditions from listing data.

Marketers in any industry

PropMix real estate data is very well suited for finding target customer base for many businesses. Here are a few examples:

  1. A skylight company recently needed information on all homes that have a skylight so that they could offer upgrades or servicing options
  2. A flooring company is able to provide an automated estimate of carpeting or hardwood flooring costs using our building area information
  3. An insurance company is able to target customers who have lived for more than 10 years in a home to consider modifying their insurance coverages

Real Estate Investors

Investors are interested in finding undervalued homes in good rental markets to buy and convert them to income generating rental properties.

  1. We identify tenant occupied properties in each neighborhood in the country and find areas where rental demand is increasing
  2. We then find owner occupied homes in these areas that can potentially be converted to investment properties.

Our data can also power a full investment pro forma including the total cost of ownership and return on your investment.

realestate
Mortgage Industry

Appraisers and lenders need information to accurately assess the risk of a collateral before underwriting a loan –  purchase, refinance, and/or home equity.

  1. Appraisers improve the accuracy of their valuations using extensive assessor recorder property data and comparable sales from public records – including new homes sales and/or owner sales not in the Multiple Listing Services.
  2. Underwriters or lender reviewers can run their appraisal review and AVMs using:
    1. Transaction history on a property
    2. Comprehensive report of the property details

As we continue to solve additional business problems we will provide updates on this blog on new and creative ways in which our customers are mining our data.

Can you upgrade your current appraisal software to be at the cutting edge of the market?

Do you feel that your appraisal software is missing a lot of advances that are happening in the appraisal software market? Do you see your competitors use the latest in technology and products to create appraisal reports more effectively and saving a lot time in the process? Is that affecting your ability to service your customers competitively?

software

PropMix allows you to extend your existing appraisal management software through the highly flexible MCA product for appraisers. MCA has a number of data, insight, and productivity enhancing features that can be plugged directly into your existing appraisal software. You can continue to use your existing software, while using the unique features in MCA through a Single Sign On (SSO) option. If you are an appraisal software provider, MCA can be white labeled for use from your product suite.

The key features of MCA are:

  •    Integrate with any software in the market today with multiple export/download options – CSV, XML, MiSMO, Forms Software, PDF
  •    Single Sign On options for white labeling or partnered solutions
  •    Public records can be automatically appended to the listing data
  •    Print full reports or custom listing sheets
  •    More search capabilities and API Options – Geographic, Polygon and Radius Search Capabilities.
  •    Nimble technology team can offer custom solutions and development if required
  •    Exclusive Sally Image Recognition
  •    Auto population of data and imagery
  •    Proprietary algorithms to estimate Fair Market Value
  •    MCA offers an all in one solution to research, select, download, print and export.
  •    More export/download options – CSV, XML, MiSMO, Forms Software, PDF
  •    1004MC and local insights & analytics Included
  •    On the fly similarity scoring
  •    More MLS relationships in key markets than the competition

Are you aware of the latest trend in the appraisal market?

As you may have guessed, Image recognition is the latest trend that is sweeping the appraisal market. It is no longer an option to have image recognition as a service with an appraisal management software. Customers are demanding better and accurate tagging of images to make the reports comply with industry standards.

sally

We have solved the image recognition problem in real estate using our decades of real estate experience and deep AI knowledge. We have trained Sally – our image bot – on a million images to help you automate the labeling of all your photos, organize them, choose the best thumbnail image, and improve your SEO hits.

Best of all, you can compare rooms side-by-side using photos. See a demo of this at sally.propmix.io. You can learn more about Sally at https://www.propmix.io/sally.

Some of the key advantages of MCA are:

  •        Public Records can be automatically appended to the listing data
  •        Print Full Reports or Custom Listing Sheets
  •        Auto Population of data and imagery
  •        Proprietary algorithms to estimate Fair Market Value  o
  •        More search capabilities and API Options – Geographic, Polygon and Radius Search Capabilities.
  •        MCA offers an all in one solution to research, select, download, print and export.
  •        More export/download options – CSV, XML, MiSMO, Forms Software, PDF
  •        1004MC and Local Insights & Analytics Included
  •        On the fly similarity scoring
  •        Single Sign On options for White Labeling or Partnered Solutions
  •        Nimble Technology Team can offer custom solutions and development if required

Get powerful insights along with accurate nation-wide data to enhance your appraisal reports

Appraisal reports are going through a disruptive change in their content and presentation. It is no longer sufficient to provide the subject property details and comps. Customers and appraisers are looking for more value that they can get out of these reports. How about better identification of comps, similarity scoring of comps, and advanced local inventory analysis? Or even better, using image recognition to improve the images included in your report.

PropMix has a full suite of data insights that can be easily added to your appraisal reports.

  •    Sally image recognition provides an exclusive solution to label rooms, identify amenities, and compare rooms side-by-side.
  •    Proprietary algorithms to estimate Fair Market Value allow the appraiser to have a second opinion on the value of the property.
  •    1004MC and local insights and analytics included as part of the standard package
  •    On the fly similarity scoring that helps identify the most suitable comps for a subject property, while allowing the appraiser to correct property details and update the similarity score in real-time.

powerfulinsights

Some of the other advantages of MCA are:

  •    Public Records can be automatically appended to the listing data
  •    Print Full Reports or Custom Listing Sheets
  •    Auto Population of data and imagery
  •    More search capabilities and API Options – Geographic, Polygon and Radius Search Capabilities.
  •    MCA offers an all in one solution to research, select, download, print and export.
  •    More export/download options – CSV, XML, MiSMO, Forms Software, PDF
  •    Single Sign On options for White Labeling or Partnered Solutions
  •    Nimble Technology Team can offer custom solutions and development if required

Is adequate data coverage a constraint in growing your business?

As an appraisal management company, it is exciting to have your business grow by leaps and bounds through the quality of your reports and the service that you provide to your customers. But with growth comes the challenge of getting listings and comps data that are reliable, accurate and timely in order to extend the same levels of service to your new territory. This is not optional  given that you are a new player trying to differentiate yourself from the existing players.

data coverage

With PropMix MCA, not only are you assured of nationwide coverage of data, but data of the highest quality in the market. You can expand to any location with data that is reliable and RESO compliant. Our data goes through stringent quality checks to ensure that you get the best possible information in the market. We use our proprietary algorithms to fill in and update listing records using past records.

Some of the key advantages of MCA are:

  •        Public Records can be automatically appended to the listing data
  •        Print Full Reports or Custom Listing Sheets
  •        Exclusive Sally Image Recognition
  •        Auto Population of data and imagery
  •        Proprietary algorithms to estimate Fair Market Value  o
  •        More search capabilities and API Options
  •        More export/download options – CSV, XML, MiSMO, Forms Software, PDF
  •        1004MC and local insights & analytics Included
  •        On the fly similarity scoring
  •        Single Sign On options for white labeling or partnered solutions
  •        Nimble technology team can offer custom solutions and development if required