Transforming Pricing: Introducing the Next Generation of Pricing Technology
Geniusprice technology brings together advanced valuation automation with local property data
Opening 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 the first-ever valuation technology to use a unique and powerful combination of Artificial Intelligence (AI) techniques like Computer Vision and image recognition to dynamically evaluate and inform a property’s value estimate.
Part of homegenius Real Estate’s groundbreaking intelligent pricing suite, geniuspricePro provides agents with next-level analytics and insights in an easy-to-use interface that takes estimating home prices to a whole new level. Agents can grow their business and create forever clients using geniuspricePro to nurture leads as well as service their entire portfolio with unique and valuable insights.
An incredible feat of innovation by the homegenius Real Estate data science team, Dalisa Chau—VP, product owner—and Steve Gaenzler—SVP, product, data & analytics—discuss what went into developing this new technology, why it’s uniquely better than other pricing technologies, and how agents can use it to their benefit.
Supporting the Real Estate Lifecycle
“The motivation behind the creation of geniuspricePro was to provide agents with something they could use to quickly and efficiently create accurate pricing estimates for their customers,” explains Chau. “In fast moving markets like those witnessed over the last few years, accuracy is paramount to trust.”
Going beyond simply creating a tool for agents to create pricing estimates, the homegenius team set its sights on building an ecosystem that would support an agent’s ability to provide value to consumers throughout their buying, selling and homeownership journeys.
“What we did was try to find a way to utilize what we had here to build a technology that not only helps agents with estimating home values, but also provides all the supporting information they need to have these conversations with their clients,” adds Chau.
“Consumers are more informed than ever, and so when we looked at developing geniuspricePro, we knew that we needed to have data, technology and analytics that would allow the agent to not just present property values, but also defend them,” says Gaenzler.
And due to the significant amount of outdated technology within the real estate space, Gaenzler notes that this was thought about as a new segment of Property Intelligence.
“It’s not just about creating a valuation estimate, but rather, generating personalized property intelligence that an agent can present to a consumer and that is reflective of the types of technology, data and data science out there today,” says Gaenzler.
Defining a different 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 the consumers, their behavior and needs—as well as how they’re changing—we also needed to understand their motivations so that we could create an experience that maximizes what’s important to them,” says Gaenzler.
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,’” says Chau. “What if we use data science like this? What if we started providing information like this? What if we can do this more quickly, and what if we did this instead of that?”
A new segment of property intelligence
In an industry inundated with technology solutions born out of the need to give agents more time back into their day, geniuspricePro is breaking the mold by providing a unique value proposition that stands out among the competition.
“There are a couple of things that make geniuspricePro unique,” says Gaenzler, “but first and foremost is our focused approach to using data science and the AI tools we’re leveraging in the platform.”
Drilling down further, Gaenzler goes on to explain that the way geniuspricePro brings value through data science—through both market intelligence and specific property intelligence—is extremely unique.
“We’ve taken the table and flipped it over,” says Gaenzler. “Many agent-focused pricing tools in the market treat the property valuation as a bit of an after-thought. It is ‘step 7’ in a presentation builder. Our entire focus begins with the property’s address and moves directly into the valuation estimate and property intelligence process. Creating a buyer’s or seller’s report are certainly options, but not the focus of the outcome,” notes Gaenzler.
Another key factor that plays into geniuspricePro being uniquely better than other pricing technologies is Computer Vision, an AI technology the company built from scratch.
A powerful image recognition and prediction technology, Computer Vision is an important driver when it comes to saving time and creating better, more accurate valuation estimates. “We have harnessed these techniques to develop novel models that do important things like identifying objects and finishes that can differentiate value across homes, or even score the condition of a room on a scale built from appraisal guidelines. These tools make the agent’s job of finding and evaluating comparable properties significantly faster and more complete,” suggests Gaenzler.
“Our goal is to give agents more time to spend with their customers, more time for relationship-building and more time to actually have conversations,” says Chau.
Working smarter, not harder
Transforming the real estate transaction experience, geniusprice technology is part of what can be considered the “forever client” relationship journey.
“It is sometimes misconstrued that the valuation technology platforms are really for listing or selling opportunities, when in actuality, they can be used for so much more,” says Chau. “With geniuspricePro, we’re giving agents the ability to not only secure listings, but also keep them in touch with their customers by sharing market intelligence personalized to what is 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 leverage the technology in different ways,” he says.
For clients across the board, the trust factor is perhaps the biggest benefit.
“The agents can bring insight to the consumer that benefits the level of confidence they have in making their own decisions,” says Gaenzler.
“The technology isn’t there to replace the agent,” concludes Chau. “It’s there to make it easier for them so that they get to spend more time on what truly matters.”
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