The next generation of pricing technology — RISMedia

Geniusprice technology combines advanced valuation automation with local property data

Breaking a new frontier of real estate innovation, homegenius Real Estate — a Radian company — is transforming the real estate transaction experience for buyers and sellers and the industry that serves them with the launch of geniuspricePro.

The pricing engine of the future, geniuspricePro is a first-of-its-kind valuation technology that uses a unique and powerful combination of artificial intelligence (AI) techniques such as computer vision and image recognition to dynamically estimate and inform property valuations.

Part of homegenius Real Estate’s innovative smart pricing suite, geniuspricePro provides agents with next-level analytics and insights in an easy-to-use interface that takes home pricing to a whole new level. Agents can grow their business and create customers forever using geniuspricePro to nurture leads and serve their entire portfolio with unique and valuable insights.

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An incredible feat of innovation from the in-house genius real estate data science team, Dalisa Chow — VP, Product Owner — and Steve Geinzler — SVP, Products, Data and Analytics — discuss what went into developing this new technology, why is uniquely superior to other pricing technologies and how agents can use them to their advantage.

Real estate life cycle support

Genzler

“The motivation behind creating geniuspricePro was to provide agents with something they could use to quickly and efficiently create accurate price estimates for their clients,” explains Chow. “In fast-moving markets like those seen over the past few years, accuracy is paramount to trust.”

Going beyond simply creating a tool for agents to create pricing predictions, the homegenius team focused on building an ecosystem to support an agent’s ability to deliver value to consumers throughout their buying, selling and home ownership journeys.

“What we did was try to find a way to use what we had here to build technology that not only helps agents assess the value of homes, but also provides all the supporting information from which they need to have those conversations with their customers,” adds Chow.

“Consumers are more informed than ever, so when we looked at developing geniuspricePro, we knew we needed data, technology and analytics to enable an agent to not only represent property values, but also protect them,” says Genzler.

And because of the significant amount of legacy technology in the real estate space, Gaenzler notes, this was considered a new segment of Property Intelligence.

“It’s not just about creating an estimate, but rather about generating personalized property information that the agent can present to the consumer that reflects the types of technology, data and data science that exist today,” says Genzler.

Defining a distinct segment that serves the more modern purpose of today’s real estate agent, understanding the two stakeholders in the process – the agent and the consumer – was a key factor that went into the development of geniuspricePro.

“Not only did we need to understand consumers, their behaviors and needs—and how they change—we also needed to understand their motivations so we could create an experience that maximized what was important to them,” says Genzler.

While creating something intuitive, fast and convenient was mission critical, thinking outside the box was key.

“We had the chance to break out of the mold and explore some of the what-ifs,” Chau says. “What if we used data science like this? What if we started providing information like this? What if we could do this faster, and what if we did this instead?”

A new segment of property intelligence

In an industry flooded with technology solutions born out of the need to give agents more time in their day, geniuspricePro breaks the mold by providing a unique value proposition that stands out from the competition.

“There are several things that make geniuspricePro unique,” says Gaenzler, “but first and foremost is our focused approach to using the data science and AI tools we use on the platform.”

Delving further, Gaenzler explains that the way geniuspricePro delivers value through data science – both through market intelligence and specific property intelligence – is extremely unique.

“We took the table and turned it,” says Genzler. “Many agent-focused pricing tools in the market treat property valuation as something of an afterthought. This is “step 7” in the presentation builder. Our entire focus starts with the property address and goes directly to the valuation assessment and property scouting process. Creating a report for the buyer or seller are certainly options, but not the focus of the outcome,” notes Gaenzler.

Another key factor that makes geniuspricePro uniquely superior to other pricing technologies is Computer Vision, an AI technology that the company built from the ground up.

A powerful image recognition and predictive technology, Computer Vision is an important driver when it comes to saving time and creating better, more accurate value estimates. “We harnessed these techniques to develop new models that do important things like identify objects and finishes that can differentiate the value of homes or even rate the condition of a room on a scale built from grading guidelines.” These tools make the agent’s job of finding and evaluating comparable properties significantly faster and more complete,” Gaenzler offers.

“Our goal is to give agents more time to spend with their clients, more time to build relationships, and more time to have real conversations,” Chau says.

Work smarter, not harder

Transforming the real estate transaction experience, geniusprice technology is part of what can be considered the “customer forever” relationship journey.

“It’s sometimes misconstrued that valuation technology platforms are really about listing or selling opportunities, when in reality they can be used for so much more,” says Chow. “With geniuspricePro, we’re giving agents the ability to not only secure listings, but to keep them connected to their customers by sharing market intelligence tailored to what’s important to them.”

But the benefits for agents don’t end there. In fact, according to Gaenzler, geniuspricePro allows agents to work smarter, not harder.

“The geniusprice technology is designed so that agents can do the same amount of work, if not more, in five minutes compared to 40-60 minutes using traditional tools. That speed opens up the ability to use the technology in different ways,” he says.

For customers across the board, the trust factor is perhaps the biggest benefit.

“Agents can provide insight to the consumer that benefits the level of confidence they have in making their own decisions,” says Genzler.

“Technology is not there to replace the agent,” Chow concludes. “It’s to make it easier for them so they can spend more time on what really matters.”

For more information visit https://www.homegenius.com.

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