Artificial intelligence software company Restb.ai released a report on the effectiveness of launch day floor plans.
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Among other uses, Restb.ai’s computer vision models provide a new way for consumers to search for homes and speed up the process of mortgage approval by appraisers.
Now, Inman has learned that it’s using artificial intelligence intelligence to document how very specific marketing assets overlap with home-selling capabilities, and it looks like all those scary images of agents pointing to floor plans may end up in your marketing arsenal. occupy a place in it.
The Restb.ai Special Report Series will be a semi-annual breakdown of the information the company derives from reading millions of property photos submitted to multiple listing partners. The first examines how the presence of a floor plan affects days on market (DOM). Do consumers think they have value before making a list? Yes, according to a July 24 press release.
The first report used one hundred thousand photos. The press release stated that listing pages were read in 10 markets between May 1, 2023, and April 30, 2024, including major cities such as Chicago, Phoenix and Houston, as well as Portland, Ore., and Michigan Mid-sized markets like Grand Rapids, state. Diversity is key to ensuring that the data captured by AI represents a healthy cross-section of how floor plans impact real estate sales activity.
The results confirmed the apparent conclusion—Chicago has the most floor plans, St. Louis the fewest—and their use is growing. More compelling findings show that agents who use floor plans sell their clients’ homes in less time, especially in St. Louis, where using floor plans reduces DOM by 41%. In Chicago, DOM increased from an average of 11.3 days to 8.5 days.
The city of Portland reduced the use of floor plans during the study period, but listing agents who encouraged their use sold homes almost two days faster on average. The exception is Las Vegas, where using floor plans increased DOM by 2%. Apparently, buyers out there would rather not know how a home is designed.
Restb.ai is the first software provider to sign on to the real estate industry’s new foundation, an enhanced combination of artificial intelligence and rapidly evolving machine learning solutions. The company’s artificial intelligence quickly scans and “reads” static images to understand their content, which can be turned into actionable data when processed at scale.
The company’s chief product officer, Nathan Brannen, said in a 2023 interview with Inman that they learned that twilight editing of exterior photos resulted in fewer days on the market.
“We did do a study on cloudy photos (whether it was dusk or snowing) and looked at the impact on price. We found that photos taken under cloudy conditions had an average of 12 days longer time to market. So those The company that does sky replacement editing…it’s worth it.
In his new floor plan reveal, Branning made sure to note that, as the data shows, they will vary by market.
“Our research highlights how a floor plan can enhance a listing’s appeal, but its impact varies depending on specific market dynamics. Incorporating a floor plan into a property listing can be a crucial decision for selling agents, which can be done in It provides a competitive advantage in markets with more floor plans,” he said.
From a broader perspective, the data shows that stable floor plan numbers can boost the overall market. Research shows that markets where at least 10% of listings include floor plans show an average DOM reduction of 1.4 days, which equates to an 18% reduction.
Email Craig C. Rowe
