Zillow's Chief Operating Officer Jeremy Wacksman has discussed Zillow's plans for artificial intelligence and provided an update on the accuracy of the Zestimate automated valuation tool.
Wacksman shared numbers including how Zillow's AI-powered valuation model, introduced in 2006, has decreased its error rate of 10% at launch to just 2% today, while progress is also being made on Zillow's super app.
In a nod to AI's famous ability to learn in real-time, Wacksman said:
"[Zestimate] continues to get better and learn every day. Today’s version is powered by neural networks. It’s called the Neural Zestimate and it updates in almost real time.
"AI is increasingly playing a role in building the technology to deliver [the housing super app]."
Wacksman said Zillow will use AI to improve search tools and personalize listings while optimizing the experience for mobile devices, is working on creating a shopping experience compatible with Apple Vision Pro's virtual reality headset, and that Zillow is also training AI models to follow fair housing guidelines.
Wacksman delivered his keynote presentation at the School of Media & Public Affairs event on Tuesday.
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