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Background
Our client is one of the leading companies in real estate valuation for both individuals and companies. They perform more than 30,000 valuations each year, the majority being for banks and insurance companies.
Challenge
A real estate valuation contains a list of all details specific to a property, as well as an estimate of the total property value. The estimated value is especially important in the context of granting insurance policies and mortgage loans. Defining the correct value is a labor-intensive and costly process. Our client was looking to automate the value estimation of properties based on internal data and publicly available data on the web.
Approach
- Reduce the complexity of the available data through a business-driven aggregation process. - Design, create, test, and select the best performing models. - Develop a REST API to simplify the integration of the models into a web interface to make it available to the target audience.
Key results
Benefits
Offering a property value estimation as an on-demand service to customers makes our client a leading innovative company in their sector. They are also a preferred partner for insurance companies as it further streamlines the insurance process. The main cost of our client - expert labor costs - are reduced so that employees can focus on the more difficult cases that do not fall within the scope of the models.
Technology partners
Python
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