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REA Group releases a host of AI-powered offerings

By Kyle Robbins
05 July 2023 | 11 minute read
melina cruickshank REA reb nems4a

The prominent real estate site has amped up its artificial intelligence (AI) offering with a suite of new AI-powered enhancements now offered on the platform.

According to REA Group chief product and audience officer, Melina Cruickshank, the site’s latest offering is part of the company’s wider commitment to long-term investment and its active pursuit of suitable AI advancement.

“Our product, marketing, and engineering teams are continually innovating to make it easier for the millions of Australians who engage with our platforms,” she said.

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She cited the successful launch of the group’s realEstimate automated valuation model, now used by over one-third of Australian homes, as a demonstration of “how critical machine learning has become in our product development process.”

Expressing excitement at “the scale and pace of work being produced right now,” Ms Cruickshank added REA Group recently sent its machine learning (ML) and data scientists to Princeton University in New Jersey to link up with AI industry leaders at a global hackathon.

“New technology is allowing us to make a genuine difference in how Australians buy, rent, and sell property in the coming years,” she said.

Among the new suite of AI enhancements, REA Group has introduced a Generative AI ChatGPT integration for its Suggested Properties platform, which is tailored to customers’ activity and provides agents with valuable insights into buyers, renters, and sellers.

Moreover, the platform has released new ML models to predict and recommend which agent might be the best fit for sellers considering parting with their property, with the service built from algorithms that are capable of determining a consumer’s property interests and lifecycle stage.

On the realEstimate front, the service has been bolstered by AI innovation powers which look at a listing’s images to identify attributes of a property to increase the platform’s valuation feature’s accuracy.

Ms Cruickshank concluded that, “in addition to what we currently have in market, we see significant opportunities ahead.”

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