Zillow upgrades AI search; Revive’s valuation tool now free; Long & Foster enhances chatbot; LeadingRE adds Move Concierge; Calque expands financing products.
Editor’s note: Technology is a driving force in real estate. From startups to established players, tech companies are constantly innovating, growing and forging partnerships. Here we highlight some of the latest news about the companies that help power the industry.
Zillow adds new capabilities to AI search tool
The leading home search portal has upgraded its natural language search functionality, giving shoppers additional ways to find homes that meet their criteria.
Zillow introduced the AI-powered search tool in January 2023, and according to the company, remains the only residential real estate marketplace to offer this type of search experience. The natural language feature allows site browsers to search for homes using the same kind of language they would use when talking to a person.
With the recent upgrade, shoppers can now search for rentals or for-sale properties by commute time, affordability, schools and points of interest without having to select a variety of filters, Zillow noted in a news release.
The search functionality is currently available only on the Zillow app, but the company says it will soon be added to its website as well.
“From streamlining the home search to personalizing the user experience, Zillow applies AI in practical ways to help people get home,” Josh Weisberg, SVP of artificial intelligence said in the announcement. “Search is one of the bedrocks of our platform, and we’re always improving it to make it easier for users to find homes that meet their unique needs.”
Revive offers valuation tool for free
After launching its AI-powered property valuation tools a year ago, presale renovation platform Revive is now giving homeowners and agents free access to the technology.
The company aims to help users determine the ROI of potential renovations via its Vision AI platform and proprietary After Renovation Value tool. The technology provides a value estimate and “reveals a property’s untapped potential” to help sellers decide which projects to consider before listing their home, the company said.
“Making Revive Vision AI available to anyone marks a new era in property valuation, where agents and consumers alike can access real-time, data-driven insights to make informed decisions to maximize the value of a home,” said Dalip Jaggi, co-founder and COO of Revive.
By offering sellers “actionable insights for maximizing their home’s value,” the product also has the potential to open up more inventory, Jaggi said.
Long & Foster works with Roof AI to level up its chatbot
“Holmes,” the Long & Foster chatbot, has gotten an advanced AI upgrade from Roof AI that will allow it to engage in a more personal way with customers. People can get questions answered in real time and search for homes in a more conversational way by describing features, a price range and other details.
“Using cutting-edge AI technology, ‘Holmes’ will now provide 24/7 digital recommendations that assist in the buying experience, by accessing a vast database of real estate and financing knowledge,” said Patrick Bain, president and CEO of The Long & Foster Companies. “This technology upgrade will bring value to the user while delivering a great customer experience, which is very important to us at Long & Foster.”
The upgrade is an integration of top large language models, including Open AI and Google BERT.
“Our goal has always been to equip real estate professionals with best-in-class AI that boosts their revenue and automates routine tasks, ensuring an exceptional online customer experience,” said Pierre Sabbagh, CEO of Roof AI.
Move Concierge added to LeadingRE Solutions Group
Leading Real Estate Companies of the World has added Move Concierge to its Solutions Group, a collection of curated tools offered to LeadingRE’s network of 550 independent firms.
Move Concierge provides home service connections for internet, home automation, security and more — at no charge to brokerages and the consumers they work with.
Jessica Edgerton, LeadingRE’s chief legal officer and executive vice president of industry & learning, called Move Concierge a “valuable addition” to their program. “They simplify the moving process by setting up home connections, ensuring a seamless transition.”
Calque expands buy-before-you-sell financing programs
Fintech company Calque has a new partner for its flagship lender program — “The Trade-In Mortgage” — and launched a new option: the “Contingency Buster.”
Mid Florida Mortgage Professionals is the latest lender to offer the Trade-In Mortgage, which helps homeowners buy a new home before selling their current home by leveraging their equity to make a non-contingent offer.
“At Mid Florida Mortgage, we are committed to providing a client-centered mortgage solution, and The Trade-In Mortgage is an integral part of that promise,” said Rayce Robinson, Mid Florida’s president and CEO.
Calque has also added a new buy-before-you-sell offering, the Contingency Buster, which the company describes as a faster and more affordable option for people who can come up with a down payment on a new home and don’t need a second mortgage. It works by leveraging Calque’s “Purchase Price Guarantee,” a binding backup contract for Calque to buy the homebuyer’s current home if it does not sell in 150 days. This can remove the current home from debt-to-income calculations and allow lenders to provide non-contingent financing on the new home.
“With the introduction of the Contingency Buster, we are elevating our commitment to providing faster, more cost-effective options that pave the way for seamless home buying and selling experiences,” said Calque CEO Michael Bremer.