Property website launches that estimates house prices using AI
Property website Slam Ai Club has launched, which estimates the value of UK property and offers resources for property buyers, sellers and agents.
Slam Ai Club aims to connect users by providing accurate and transparent real estate data.
Property owners looking to sell or let a property can do so through the website.
David Surkov, founder said: “Our portal is designed to make the house buying process more straightforward by making real estate data available to everyone rather than a select few giant property website or agents.
“We’re using an algorithm which takes into account a wide range of factors to predict property prices including transaction data from Land Registry since 1995, geo-location data from Google and Royal Mail databases, financial markets data and records from the office of national statistics.
“There is an element of competition in the name ‘Slam AI Club’ – we want to show that artificial intelligence can compete with human ability to predict property prices. Once a sale is complete through the website, the algorithm looks to see who was more accurate, AI or its human counterparts and then learns from the competition, making it more accurate in the future.”
Home buyers can record properties they have visited and add descriptions, notes and photos and the portal can also be used to create shortlist of properties and record property values.
The service is free to home buyers and a nominal fee, £14.99, is charged to property sellers and agents at the point they wish to list a property for sale or rent.
The idea for Slam Ai Club came after Surkov and his team, named Aichoo, entered a worldwide year-long competition organised by Zillow, the US version of property giant website, Zoopla, to design and beat the website’s algorithm.
The winners received $1 million and Zillow adopted the winning algorithm for its own use and acquired the sole intellectual property rights.
The founders of Slam Ai Club came fourth place out of 5,000 competitors.
Aichoo retained the rights to the own algorithm.
Surkov added: “With home sales effectively banned for six weeks when the UK’s pandemic lockdown kicked in, house prices are expected to fall by up to 5% this year according to Reuters poll of market analysts.
“Now is the time to make real estate data transparent to all, helping people to make more confident decisions in their house purchases or sales.
“It is an undeniable trend that every industry is moving towards a peer-to-peer model, trying to reduce reliance in intermediaries and thus reduce costs to all parties. It hasn’t yet happened in property industry, although success of Airbnb shows that it is possible.
“Now our Slam Ai Club portal enables peer-to-peer transactions for all property businesses including buying and selling as well as short and long term lets.”