Key Takeaways
- Fannie Mae has begun reaping the benefits of implementing computer vision to expedite and enhance property appraisals.
- Restb.ai, a tech firm specializing in computer vision, is ramping up to become a major player in the home appraisal arena.
- With the aid of computer vision, appraisals—once a time-consuming and rather subjective process—can now be done in a jiffy, with both speed and precision.
- Fannie Mae’s push towards the adoption of AI and machine learning has the potential to revolutionize the real estate industry and significantly reduce appraisal-related roadblocks.
- In order to keep pace with industry changes, human appraisers are urged to embrace this burgeoning technology.
- Skeptics remain but, the potential benefits of AI-led appraisals, predominantly accuracy and efficiency, are hard to ignore.
My Hot Take
Well, it’s clear as high-definition on a 4K television that Fannie Mae is getting tech-savvy. Rapidly embracing computer vision to transform the traditionally laborious appraisal process into a speed run challenge! “Need for Speed: Appraisal Edition,” anyone?
Enter Restb.ai, gearing up to be, not the Winston Churchill, but the Elon Musk of the property appraisal space. The firm’s slogan might as well be “We see homes, not as they are, but as artificially-intelligent software perceives them.” And let’s be honest – they’re probably onto something.
The days of making small talk with a human appraiser while guiding them through your property, with a forced smile and praying the rusty door hinge doesn’t giveaway, could be numbered. Thanks to these tech advancements, appraisals are about to become as smooth as your favorite pop star’s dance moves.
However, human appraisers need not panic. This isn’t quite the plot of a dystopian sci-fi movie where machines tweet ‘You’re fired!’ to humans. Rather, this is an amazing chance for appraisers to upgrade their skills-stash, embrace innovation, and complete their work with robotic precision – and probably at hyper-speed.
Yes, there are skeptics furrowing brows and rolling eyes, calling it all a pipedream. But let’s remember, folks once thought that the earth was as flat as a pancake, too. The transformative power of AI and machine learning in the real estate industry is as real as it gets. So, buckle up, because we’re in for one hi-tech ride.
All said and done, we’re talking about a significant step towards precision, efficiency, and cost-effectiveness in property appraisals. Or in other words, Fannie Mae and Restb.ai might just be about to pull off the ‘real estate revolution of the century.’ Can’t wait to say, “I told you so!”
Original article: https://www.inman.com/2023/11/29/with-fannie-maes-adoption-ais-role-in-real-estate-is-solidified/
