AI to give agents a new edge in the property market
Date: 9 May 23
The Real Estate Institute of Victoria (REIV) has announced a partnership with data technology business PointData, to use its unique data and market insights and give members a competitive edge in the marketplace.
The innovative AI-driven company has created Australian-first data and analytics capabilities – including insights into the true potential of land subdivision - to equip real estate agents with the power to unlock the full potential of residential property.
Among its exciting features is the Micro-Market Price Index, which provides growth trends at a granular neighbourhood (street) level offering a distinctive advantage for professionals in the marketplace.
Quentin Kilian, REIV CEO, said the uniqueness of the data will bolster REIV's data insights and give members an edge to help drive listings via stronger conversations with vendors.
"AI technology is transforming real estate, providing real-time data and analytics that enable agents to make informed decisions, and PointData is at the forefront of this new paradigm. This technology is unlocking new possibilities, improving efficiency, and ultimately delivering a better experience for buyers and sellers", said Mr Kilian.
Initially, REIV and PointData will launch a new publication for Members, ViewPoints; this will be followed by unique tools for Buyers Agents that allow access to over 510,000 off and on-market development sites and data feeds for real estate businesses.
PointData's CEO and Founder, George Giannakodakis said the partnership is a game changer that offers improved benefits for vendors, agents and industry through advanced technology and analytics, providing these stakeholders with an unparalleled level of dynamic real estate data and knowledge.
"Our algorithms have been developed over several years and will provide competitive advantages to the industry in Victoria with its ease of use, speed and accuracy," Mr Giannakodakis said.
"Given that around 60 per cent of listings are not listed as development sites, agents can use our Development Report to update their listings, show the full development potential (STCA), increase the market traction of the property, and ultimately secure a better price and increased speed of sale for their vendors."
The first of its kind in Australia, PointData brings a new class of analytics. The REIV and PointData partnership is a significant step forward for the thousands of real estate agents within the REIV network.
REIV: Media Contact: [email protected] 03 9205 6607
PointData: George Giannakodakis, [email protected], 08 8227 0372