Two more real estate marketplace operators have integrated AI into their platforms after a first wave of portals jumped on the bandwagon earlier this month.
For Ed's hot take on AI in real estate, read his opinion piece here. But for now, here's Casavo and Propiedades...
Italy-based iBuyer Casavo will integrate the generative AI model Chat GPT-4 into its offering—including personalized property ads for users depending on their needs. For example, Casavo's search results will highlight schools and parks in the area for families with children, while gyms and sports centres will be highlighted for fitness freaks.
Fausto Maglia, CPO at Casavo, said:
“We recently developed Seller-Buyer Match. Unlike ad platforms, which are digital catalogues, we work to generate contact between seller and customer. For this, we are working on a Netflix-like recommendation system. We also give visibility to new announcements from sellers who are still evaluating whether to sell a house.“We are developing deep learning and computer vision capabilities to understand what user photos are referring to.”
Casavo will also use AI algorithms to determine what is and is not present in images of properties. The AI will be able to blur faces, anonymize floor plans and signal if there are no photos of windows or other aspects of the property.
Casavo made waves when it closed an astonishing Series D funding round worth in excess of €400m and expanded to Portugal and France in 2022.
But Europe's big name iBuyer folded its €100m Portugal operation and shed 30% of its staff in February this year amid challenging markets and lower transactions, with CEO Giorgio Tinacci saying that the iBuyer needed to focus its strategic efforts on profitability, not expansion.
If you're an average Joe who doesn't know how to write a perfect property description, Chat GPT has your back, and now the Propiedadaes.com portal has integrated the generative text AI to do the hard work for vendors.
Vendors can now use Chat GPT from within Propiedades' internal publication section to guide them on their property description—users just need to input key property features and other important information to prompt the AI to do the grunt work in seconds.
Propiedades.com is the fourth-largest portal in Mexico in terms of traffic. It was acquired by Colombian iBuyer Habi in 2022, becoming part of a Group of businesses including fellow Mexican marketplace Tu Cantón.