Newsletter - February 2023

A Note from the CEO

This is my first contribution to our newsletter and so will take the liberty to first provide a short post-perspective on PropMix that will set the stage for my future contributions.

Our journey started over 7 years back in the fall of 2015 as a few of us with deep experience in core technology, AI, financial services, and real estate came together to contribute and serve the real estate and mortgage industry. Since then, we have grown completely organically to a point where we now count as our customers numerous Fortune 1000 companies to sole-proprietor businesses.

We are now one of a small number of companies that have built a comprehensive real estate data lake including public records, listings, and numerous other geo-spatial data sets. It has been a lot of hard work to get to this point; strong data governance, consistent data standardization, and commitment to data accuracy has helped us build a solid data foundation to power our machine learning and apps.

We wrapped up 2022 with major advancements to our flagship brands – Profet.ai for property valuation and Prospektr.ai for real estate and mortgage marketing. The enhancements span new and custom APIs, better usability, and contextual and actionable value, trend, and risk indicators within applications.

All of the above is made possible by a strong and dedicated team of technologists at PropMix that I am personally proud of and thankful to. In the coming months, this team will stamp its name on more products and capabilities:

Enhanced AVM with higher accuracy and confidence scores
Appraisal Management to digitize and modernize the appraisal process
Built-In CRM in Prospektr for realtors and loan originators

As we enter 2023 amid challenging market uncertainties the following simple but foundational principles will continue to guide us:

Deliver a good product at a fair price
Listen to the customer
Stay committed to excellence

These principles enable us to challenge the status quo with better technology, better data, better service, and better outcomes for our customers.

Thank you and look forward to hearing from you.

Sincerely,

Umesh Harigopal

CEO, PropMix

Added Value Adjustment Models - Paired Sales and a Customizable Contribution Percentage Model

Paired Sales Adjustments is now available in Profet and it automates the complex steps of deriving property characteristic values using the paired sales analysis. Candidate sales are auto-selected for analysis and the resulting adjustments are provided as recommendations.

Also provided is a customizable contribution percentage model where the appraiser can choose the relative value of specific property features and the adjustments are derived automatically. PropMix recommends such relative percentage values for urban, suburban, and rural neighborhoods but can be tweaked by the appraiser as they see fit.

Profet Review to Automate Appraisal Reviews Powered by Machine Learning

Profet.ai suite now includes Profet Review – appraisal quality control powered by customizable rule sets, automated comparable scoring, and risk assessment. Profet Review can handle MISMO XMLs or 1st gen/2nd gen PDF documents. PDF documents are automatically converted to MISMO XML using PropMix’s own AI-driven OCR engine. Profet Review is a comprehensive review platform that also supports the extraction and analysis of images from the appraisal PDF document. Read More

Simplifies Recommendations and Alerts

Notifications is a new area within Prospektr where users can view all their recommendations and alerts in one place.

Examples of such notifications are:

recently listed properties
change in property value
change in property features

Users can also modify their notification settings to include:

new listings
listing status change
recommendations
mortgage closed
list price change
ownership duration
new mortgage on property

See What’s New in Prospektr

Share Deal Analysis

Agents and Loan Officers can now generate an investment pro forma for a property and share it with their clients. All parties can now collaborate on analyzing and making decisions on an investment property.

Lead Gen Campaigns

Agents can now customize their features to run varios lead generation campaigns. They can start with trial or premium plans on the basis of the number of campaigns they want to run in a month.

Financial Strategies

Agents and Loan officers can now use marketing automation to send personalized home financing strategies to their clients. It is a proven model for increasing customer engagement.

New Insights Launched

Home Value Boundaries: We completed a geospatial analysis of home values to arrive at geographical boundaries across which values change. It is immensely helpful for appraisers and investors to know how property values change in an area and to identify similar neighborhoods by value
We completed NLP based information extraction from the Public Remarks in listing data to enrich the property information. This includes various features such as basement types, pool types, solar power, etc

Upcoming Insights

Here are some of the new insights ready to roll out soon:

PropMix Automated Valuation Model (AVM) in its final stages of internal testing and the results look very promising. It will also be an interactive AVM
Enhanced zipcode based regression model that recommends property type specific feature adjustment values in any market in the country

Buy-Box Monitoring and Alerting

iBuyers and Hedge Funds investing in real estate have clear definitions of their markets and target properties based on well-defined criteria called buy-boxes
PropMix’s Buy-Box monitoring implements custom buy-boxes including various property and neighbourhood related criteria to automatically identify the target investment properties

New API Enhancements in Production

Comparable Report and Listing Sheet reports upgraded with additional fields from listing and public record data
API Level authorization model enhanced for all API customers

Upcoming Enhancements in APIs

Use additional sources to improve the geocode accuracy
Improve address matching algorithms to match incoming addresses with property addresses in the PropMix DB

New MLS Markets Added

The following MLSs were added/renewed during the last three months:

California

Contra Costa Association of Realtors

California

Bay East Association of Realtors

Idaho

Mountain Central Association of Realtors

Kansas

Garden City Board of Realtors

Montana

Billings Association of Realtors

New Mexico

Santa Fe Association of Realtors

Ohio

MLS of Greater Cincinnati

Texas

Lubbock Association of Realtors

Virginia

Chesapeake Bay & Rivers Association of Realtors

Disclaimer: All logos used in this representation are the property of the respective MLS

Latest Market Insights

PropMix covers the top 15 metro areas as part of market insights, and the data is updated monthly. Key statistics such as median sale price of Single Family Homes, sales volume, months of supply, and inventory for sale are covered for each metro. An overall comparison of these metros across each metric is also published each month. Read More

Newsletter – October 2022