We are starting a three-week-long marathon of exciting announcements for AllSet. Every week, we will be making one major announcement about our real estate platform, AllSet AI. These announcements will include major technical updates and developments, BD news, new properties for sale on the platform, and much much more. So stay tuned for that!
Today, we have some amazing news to begin with : AllSet AI has significantly improved its AI search engine accuracy by adding several important features and improvements. As of now, the accuracy of our AI picks have reached a stunning 97.8%, which is 15% higher than it was in February.
You might be wondering, is 15% a lot? Well, in the AI world, this kind of increase is a very significant improvement and is normally only possible during the first phase of the product’s development when the system is being developed and absorbing more features.
How do we measure it? There are many testing approaches to measure accuracy. For example, running tests on past deals and comparing them with real-world data. We use many other technical methods to ensure our AI is precise and efficient.
During the last 30 days, we tested several features we had built earlier to see how they would improve the algorithm and platform:
- One of the features we added is the ability to incorporate all the long-term and short-term rental data into our search engine. Currently, this works for officially registered deals with the government (long-term) and Airbnb and several smaller platforms (short-term). This means we can now gather all data about the rental market, and evaluate properties even better than before. This pilot was live for 30 days and significantly increased the quality of the options our AI selected.
- We also added a new feature for value appreciation predictions. Our AI analyzes all of the buy/sell deals all over the city and deconstructs every deal by components. Then, it looks for similarities and repeating patterns that make an impact on the price. For example, during the first phase of testing, we were able to figure out that in Dubai, water and parks in walking distance contribute to the price of a property by up to 57%.
How Does the AI Search Engine Work in Simple Words?
AllSet AI constantly searches for the best options by scanning leading marketplaces, checking databases of real estate developers and brokers, and evaluating listings by different criteria to find out which one could provide the best value appreciation in 36 months and is good enough rental income.
Effectively, it compares all of the listings with the database of all deals in the city/neighborhood made for the last 12 months, and checks how much similar properties are making on Airbnb or via long-term rental (and how their value has changed over time).
To make this work, we have integrated with the land department for all buy/sell deals and long-term rentals. In addition to this, we have built a feature to gain access to the data of short-term rental platforms to make it more precise. This way, we can see the price dynamics and occupancy rates of similar properties (or even the property we are considering).
After checking 53 parameters, our AI ranks all properties by using its own rating system, which scales from 1% to 100%, where 100% is the best possible option. Everything in the range of 85%-100% is marked as recommended and automatically goes to the website, so that users can buy it as an entire property or a partial share.
As you can see, having all that real-time data allows our AI to scan freely and instantly makes its selection process even smoother and more efficient. Therefore, all customers can enjoy a perfect selection of properties that will generate a sizable rental income while growing in value significantly over the next 36 months.
Why is That Important?
In the world of real estate, there’s a famous saying: “You make a profit when buying a unit, not when selling.” In other words, the key to success in real estate investing lies in finding a good property at a reasonable price, which is more likely to appreciate in value and generate substantial rental income. That’s why choosing the right property is the most crucial step in real estate, and products with a competitive edge in this area thrive, especially during turbulent times.
Therefore, having a perfect search engine is like having a solid foundation on which to build the product. And that’s precisely what our AI system offers: the ability to select the best real estate from the market and present it to you in its entirety or in small pieces. When we say “best,” we mean properties that have a higher projected value appreciation than the market average, coupled with a rental ROI that exceeds the norm. With this information, we can analyze and predict the rental potential of a unit accurately, and provide our customers with impeccable recommendations.
This announcement marks the first of a three-week marathon of great news about AllSet. So stay tuned for more exciting developments that will help us establish AllSet as the top real estate product in the market. We’re thrilled to see AllSet grow and evolve, but we know there’s still much work to be done. Thank you for joining us on this journey, and have a fantastic week!
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