Real estate platform realestate.com.au has launched a suite of new AI-powered enhancements, including a Generative AI ChatGPT integration, for one of its most used features, ‘Suggested Properties’ on the platform’s home screen.
REA Group Chief Product and Audience Officer, Melina Cruickshank, said the group invests for the long term and would actively pursue the use of AI where it makes sense.
“Our product, marketing and engineering teams are continually innovating to make it easier for the millions of Australians who engage with our platforms,” she said.
“The successful launch of our realEstimate automated valuation model, now being used to track over 35 per cent of Australian households, illustrates how critical machine learning has become in our product development process,” Ms Cruickshank said.
“I’m excited to see the scale and pace of work being produced right now.
“Recently we sent a group of our ML and Data Scientists to join AI industry leaders at a Global Hackathon at Princeton University in the USA.
“New technology is allowing us to make a genuine difference in how Australians buy, rent and sell property in the coming years.
“In addition to what we currently have in market, we see significant opportunities ahead.”
The ‘Suggested Properties’ feature is personalised to a consumer’s activity and provides real estate agents with valuable insights into high intent buyers, renters and sellers.
Leveraging the ChatGPT API, a ‘Top Feature’ has been added to each suggested property.
The technology behind this sends listing descriptions for suggested properties to the ChatGPT API and asks it to return a ‘Top Feature’ for each listing.
Consumers then see the selected ‘Top Feature’ highlighted on their ‘Suggested Properties’ carousel on the home screen, resulting in a more engaging experience.
The platform has also released new ML models to predict and recommend agents that could be the best fit for prospective vendors.
This new feature for realestate.com.au members highlights agents on the web and app home screen and is built from algorithms that can determine a consumer’s property interests and lifecycle stage.
Almost four million Australian homes are tracked on realestate.com.au via the newly launched realEstimateTM, powered by PropTrack.
With the backing of a multi-channel marketing campaign earlier this year, a new property is now tracked on the platform every 20 seconds.
AI innovation powers image tagging, which looks at a listing’s images to identify attributes of a property that help increase the accuracy of realestate.com.au’s valuation feature.
This significantly contributes to the high level of accuracy of the valuation model.
Last month, realestate.com.au’s audience spent close to 500 million minutes on the site.
The high level of unique consumer engagement is a core driver behind the development of realestate.com.au’s new listing optimisation feature for Premiere Plus customers.
The feature dynamically reorders photos and prioritises the most appealing and engaging visuals, ultimately captivating potential buyers and tenants and driving deeper engagement with a listing.
