REA Group, the leading operator of real estate portals in Australia, has issued a press release highlighting the incorporation of artificial intelligence (AI) in its products. The company’s use of AI is aimed at enhancing the accuracy and efficiency of its services.
One notable AI-powered feature mentioned in the release is the Automated Valuation Model (AVM) utilized by the portal. REA Group claims that its AVM is among the most precise in the world, thanks to AI-driven image recognition. By analyzing the images in property listings, the system can identify various attributes of a property. Impressively, the release asserts that over 35% of Australian households are now using this tool to track their home’s value, following an extensive marketing campaign.
Additionally, AI and machine learning are being leveraged to improve REA Group’s matching algorithms. This technology facilitates the pairing of users interested in selling their houses with the most suitable REA agent customer based on their profile.
Another application of AI is observed in the ‘Suggested Properties’ feature on REA Group’s flagship portal, Realestate.com.au. Listing descriptions for suggested properties are sent to the ChatGPT API, which is then tasked with providing a ‘Top Feature’ for each listing. Consumers can view the selected ‘Top Feature’ highlighted in their ‘Suggested Properties’ carousel on the home screen.
Melina Cruickshank, Chief Product and Audience Officer of REA Group, expressed the company’s commitment to actively exploring AI opportunities where they make sense. She emphasized the ongoing innovation by the product, marketing, and engineering teams to enhance user experience. The successful launch of the realEstimate automated valuation model, which is now being used by over 35% of Australian households, demonstrates the vital role of machine learning in REA Group’s product development process.
Cruickshank also expressed enthusiasm for the remarkable scale and pace of work being produced, mentioning the participation of REA Group’s ML and Data Scientists in a Global Hackathon at Princeton University. With the aid of new technologies, the company aims to make a genuine difference in the way Australians buy, rent, and sell property in the years ahead. REA Group sees significant opportunities on the horizon, building upon its current market offerings.
REA Group’s announcement aligns with the trend among real estate portals worldwide, which are increasingly utilizing artificial intelligence to leverage the recent boom in this technology.