MAIN IMAGE: Jacques Rossouw – CEO of LOOM, Vin Vomero – CEO of FoxyAI
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AI-Driven Insights to Transform Property Valuations of the South African Residential Real Estate Market
LOOM Property Insights, a leading provider of real-time property data and insights across the South African real estate market, announces a groundbreaking partnership with FoxyAI, a B2B PropTech innovator in real estate visualisation and property intelligence headquartered in the USA.
This partnership enhances LOOM’s property valuation and appraisal accuracy by integrating FoxyAI’s award-winning technology into its offerings. This significantly improves the speed and precision of property valuations.
By incorporating FoxyAI’s advanced property intelligence models, LOOM can provide enhanced property insights and valuation estimates, particularly in real estate markets where accurate data and efficiency are critical. These improvements will not only benefit banks and real estate professionals but will also reshape and set a standardised foundation for the way property investments and transactions are conducted across South Africa.
“LOOM’S commitment to leveraging the best technology available led us to FoxyAI,” said Jacques Rossouw, CEO of LOOM. “We are excited about the potential this partnership brings to our region, where accurate and efficient property valuations are crucial to the growth and efficiency of our real estate market. Traditional AVMs (Automated Valuation Models) are a great baseline to start, but the constant changes in our market and the true condition and quality of finishing of a property can be subjective, and AVMs are linear and do not consider either of these as input. With FoxyAI, we can provide an objective quality and condition score that impacts the valuation of a property with more reliable data and a streamlined process that will make a real and transformative impact throughout the South African real estate ecosystem”
The LOOM 360AI-VAL solution uses photos or videos gathered from the property. These images and/or media are then passed through the FoxyAI computer vision AI-enabled models, where the property’s condition is scored from 1 to 6 based on millions of past inspections in the UAD (Universal Appraisal Dataset). The same goes for the quality of the property where the AI-Models will go as far as identifying objects and meta-tag these (i.e. Wooden Floors) and automatically detect room types. Both the Q+C Scores (Quality and Condition) are then used with an algorithm to further enhance valuations of properties and constantly updates the AI engine. The outcome is a more accurate estimation of the property’s value and is completely objective, and happens as soon as images are taken and uploaded.
“We believe that there is a huge opportunity for computer vision AI models in South Africa’s real estate market. The models will greatly reduce the risk associated to valuation estimates along with visual evidence that are objective and will enhance and streamline processing of mortgage application downstream and reduce the cost significantly. We didn’t just jump in and said we need the technology, we spent 6 months working with FoxyAI and a leading real estate brand to do real world testing and the results where truly remarkable.” Says Jacques.
“We are thrilled to see FoxyAI’s technology making a significant impact in South Africa’s real estate sector,” said Vin Vomero, CEO of FoxyAI. “Partnering with LOOM allows us to help drive efficiency, accuracy, and innovation in property valuations on a scale that will directly impact South Africa’s mortgages linked to originations and beyond. This collaboration sets a new standard for real estate valuations and technological innovation in the region.”
This partnership is poised to set a new benchmark for property valuation and appraisal processes in South Africa, offering unprecedented transparency, speed, accuracy, measurability, objectivity, and scalability across the region’s real estate industry. For more information, please contact sales@loom.co.za
