Australia’s leading real estate platform, realestate.com.au, has been dedicated to investing in artificial intelligence (AI) and machine learning (ML) for several years. As the most frequently visited real estate website in Australia, the platform has now introduced a range of AI-powered enhancements, including the integration of Generative AI ChatGPT, to enhance one of its most popular features, ‘Suggested Properties,’ on the platform’s home screen.
Melina Cruickshank, the Chief Product and Audience Officer of REA Group, emphasized the company’s long-term investment strategy and its active pursuit of AI implementation when appropriate. She stated that the product, marketing, and engineering teams continuously strive for innovation to facilitate seamless user experiences for the millions of Australians engaging with their platforms. As evidence of the significance of machine learning in their product development process, Melina highlighted the successful launch of their realEstimateTM automated valuation model, which currently monitors over 35% of Australian households.
Excitement surrounds the current volume and pace of work being generated, with a recent delegation of REA Group’s ML and Data Scientists participating in a Global Hackathon at Princeton University in the USA alongside AI industry leaders. With the aid of new technologies, REA Group aims to revolutionize the process of property buying, renting, and selling for Australians in the years to come. While acknowledging the substantial opportunities on the horizon, the company remains committed to their existing market offerings and looks forward to making a genuine difference in the real estate industry.
In a competitive market, the aim is to attract potential buyers and renters towards recommended choices.
The feature called ‘Suggested Properties’ is tailored to match individual consumer preferences, providing real estate agents with valuable insights into motivated buyers, renters, and sellers. Recently, in June, an additional enhancement called the ‘Top Feature’ was introduced to each suggested property. This innovative technology utilizes the ChatGPT API to analyze listing descriptions and generate a standout feature for each property. As a result, consumers can easily identify the highlighted ‘Top Feature’ within their ‘Suggested Properties’ carousel on the home screen, creating a more captivating and interactive experience.
Discovering the ideal agent for every seller
In order to assist individuals contemplating the sale of their property, the platform has introduced advanced machine learning (ML) models. These models are designed to predict and suggest the most suitable agent for each seller. An exciting addition to the realestate.com.au member experience, this innovative feature showcases agents prominently on both the website and app home screens. By harnessing intricate algorithms, this tool is capable of assessing a consumer’s property preferences and current stage of the property lifecycle.
Gain invaluable market insights through the utilization of one of the most precise valuation models in the world.
realestate.com.au is currently tracking nearly 4 million Australian homes using their newly introduced realEstimateTM, powered by PropTrack. Supported by a comprehensive multi-channel marketing campaign conducted earlier this year, the platform now incorporates a new property into its system every 20 seconds. By harnessing the power of AI innovation, image tagging technology analyzes property images to identify specific attributes that enhance the accuracy of realestate.com.au’s valuation feature. This exceptional approach significantly bolsters the already high level of accuracy achieved by the valuation model.
Engaging prospective buyers and tenants through compelling visuals
In the previous month, realestate.com.au witnessed an impressive milestone as their audience spent nearly 500 million minutes on the site, surpassing their closest competitor by more than four timesiv. This remarkable level of individual consumer involvement forms the foundation for the creation of realestate.com.au’s latest listing optimisation feature exclusively available to Premiere Plus customers. This innovative feature employs dynamic photo rearrangement and prioritization, ensuring that the most captivating and appealing visuals take precedence. Ultimately, it enthralls potential buyers and tenants, fostering heightened engagement and interest in each listing.