Antincipa reduced bottleneck in listing properties from days to seconds by relying on Restb.ai's real estate AI-generated property descriptions
Anticipa, a subsidiary of the US fund Blackstone, specializes in the management of real estate assets and the management of mortgage debts with residential collateral. They pride themselves on providing comprehensive, transparent and innovative solutions for their clients.
Their mission is to maximize value through the global management of real estate assets and mortgage portfolios based on their extensive experience in the sector and track record of using technological resources to maximize their process’s efficiency
Problem
As a leading manager of real estate assets, Anticipa is always looking for better ways to obtain higher returns. They frequently search for and acquire attractive portfolios of homes, but unfortunately, after they purchase a collection of homes, it can be challenging to quickly and efficiently list all of the properties on the market.
Their past experience had shown them that properties sell faster and for a higher price with a quality property description, but creating good descriptions was time-consuming and complex. At that moment, Anticipa’s best option was to generate the descriptions using a non-specialized work force.
While this approach worked, it took valuable time. The external teams had to find information from various sources to provide the comprehensive details needed for each description. Due to the large volume of listings and the time it took to find this information, there was an average lag of 7 days from when Anticipa acquired a home to when the listing was created. Anticipa was eager to find a better solution.
Solution
Recent advances in artificial intelligence have made it easier than ever before to automate repeatable tasks at scale. With this is mind, Anticipa was looking for a solution to automate the 1000’s of property descriptions they needed every year. Their only concern – Was it possible? They challenged Restb.ai to find out.
Restb.ai knew creating descriptions that were indistinguishable from a human’s stretched the limits of what could be done, but at the same time, they knew the building blocks were in place. Computer vision could be used to understand the interiors of a home and its condition. Location data could provide nearby areas of interest. Natural language processing could be leveraged to write coherent and unique descriptions for each and every property.
Given a strict deadline to determine the project’s feasiblity, both Anticipa and Restb.ai were thrilled with the results. The AI consistently produced high-quality and easy to read summaries. In fact, the auto-generated descriptions frequently performed better than the listings created by their human contractors.
“Restb.ai allows us to automate the entire process of creating property descriptions. They help us reduce the time to market of our properties and the direct costs of generating the descriptions while improving their quality and consistency.”
Gerard Peiró – Director of Innovation
Impact
Before using Restb.ai’s AI-generated property descriptions, Anticipa relied on costly human contractors to research and write each home’s description. The quality was inconsistent, but even worse, the time it took to list all of their homes was hurting their bottom line.
Fast forward several months and now Anticipa is in a much better place. The automated nature of Restb.ai’s property descriptions makes their new solution much cheaper. Even better, the descriptions can be created in a matter of seconds as opposed to an average of 7 days. Considering Anticipa sells 1,000’s of homes annually and there is an opportunity cost of €15 for every day a listing remains unlisted, Anticipa expects to save over €1,000,000 a year with their new solution.
Anticipa’s willingness to challenge the status quo demonstates the value innovators can realize by embracing new technologies. Encouraged by their recent success, they’re already bursting with more ideas on how AI can further help their company. We can’t wait to see what they come up with next!