BARCELONA, Spain, July 24,
2024 /PRNewswire/ -- Restb.ai, a global leader in
computer vision and artificial intelligence (AI) solutions for the
real estate industry, today debuts a new "Special Report Series" to
unlock unique visual insights provided from Restb.ai's
proprietary AI models. The inaugural report is the
first-of-its-kind study to examine the impact of floor plans on
Days on Market or DOM – the time a property is listed for sale
before an offer is accepted.
The AI movement is revolutionizing the real estate industry as
it harnesses the power of computer vision to unlock unprecedented
insights and create innovative data-driven strategies. This
pioneering study from Restb.ai used computer vision and machine
learning to analyze property listings at scale to reveal the true
impact of floor plans on selling speed.
Restb.ai meticulously examined 100,000 single-family properties
listed between May 1, 2023, and
April 30, 2024, across 10 diverse US
metro markets, including Chicago,
Grand Rapids (MI), Portland, Denver, Houston, Las
Vegas, Jacksonville,
Saint Louis, Phoenix, and Dallas. This geographically diverse dataset
captures a wide range of real estate dynamics, uncovering general
conclusions about the impact of floor plans on property listings
regardless of regional market variations.
Overall, the new Restb.ai Special Report reveals significant
variations in market penetration – the percentage of listings that
include floor plans – across different markets. On average,
Chicago had the highest rate of
listings with floor plans (31.4%), while Saint Louis had the lowest (4.9%). The study
also showed a growing trend in the use of floor plans in property
listings, reflecting a shift towards providing more detailed
property information.
Among the key findings
The Restb.ai study revealed:
- Chicago: Listings with
floor plans reduced DOM by 33%, decreasing from 11.3 to 8.5
days.
- St. Louis: The DOM of
properties with floor plans decreased by 41%, from 8.6 to 6.1
days.
- Portland: Despite an
overall reduction in floor plan usage, properties with floor plans
experienced a 17% reduction in DOM, from 7.1 to 5.9 days.
- Denver: Listings with
floor plans saw a decrease in DOM from 9.1 to 7.8 days, reflecting
a 14% improvement.
- Dallas: Contrary to the
general trend, the DOM of properties with floor plans increased by
23% from 14 to 18.3 days.
- Las Vegas: Listings
with floor plans showed a slight increase in DOM, from 12.9 to 13.2
days, indicating a 2% rise.
Nathan Brannen, Chief
Product Officer of Restb.ai, emphasized the importance of these
findings: "Our study highlights how floor plans can enhance the
appeal of a listing, but their impact varies based on specific
market dynamics. Integrating floor plans into property listings can
be a crucial decision for selling agents, offering a competitive
edge in markets with a high presence of floor plans."
Top 5 takeaways
Brannen notes that the findings of the impact of floor plans on
DOM, like real estate, were highly local:
- Geographical diversity in floor plan penetration: The
study found that 14.5% of listings across various markets included
floor plans, with Chicago and
Grand Rapids leading at 31%, while
Jacksonville and St. Louis were at the lower end with 6.7% and
4.9%, respectively
- Growing trend in floor plan usage: Most cities have seen
a year-over-year increase in floor plan usage, with notable
increases in St. Louis (from 2.8%
to 4.9%) and Phoenix (from 5.5% to
8.5%).
- Localized impact on DOM: Markets with at least 10% of
listings containing floor plans showed an average reduction of 1.4
days in DOM, equating to an 18% decrease.
- Effectiveness in high penetration markets: Cities like
Chicago and Grand Rapids, with high floor plan
penetration, saw significant reductions in DOM, emphasizing the
importance of including floor plans in property listings.
- Varied Market Dynamics: Some markets, such as
Dallas and Las Vegas, showed an increase in DOM despite
including floor plans, highlighting the need for localized
marketing strategies.
Overall, the new Restb.ai Special Report underscores the
importance of floor plans in real estate marketing and their
potential to reduce DOM in high-penetration markets. "As floor
plans become more common, their effectiveness in influencing buyer
decisions appears to become even more pronounced," added Brannen,
"and as a result, one would expect more listing agents to
incorporate floor plans into their listings moving forward."
Additional information about the Restb.ai Special Report is
available here.
For more information on Restb.ai, visit its
website. For Restb.ai-related media inquiries, please
reach out to Maya Makarem at
contact@restb.ai or maya@restb.ai or Kevin Hawkins at 1-206-866-1220 or
kevin@wavgroup.com.
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SOURCE Restb.ai