A Note from the CEO
Wishing you a great 2024 ahead. It certainly looks like the market is going to take a turn for the better even though the extent of that turnaround is anyone’s guess at this time.
While 2023 was a hard year for all of us, PropMix certainly managed to post a moderate growth of about 22% in revenues. It is a testament to our awesome technology team, clean fiscal discipline, and most importantly our unwavering commitment to our customers’ success.Â
We also had the opportunity to help our industry during 2 major cyber security events that caused the Rapattoni and ACI outages. While all of us invest heavily on ensuring the best levels of security, the undeniable fact is that it could happen to any of us as long as the attacker is well funded and motivated. Fortunately, in both these events we had the opportunity to step into help the industry. With Rapattoni servers being down we were able to provide alternate data access to historical MLS data from our servers because the PropMix data platform extracts and stores RESO standardized data every 15 minutes from over 400 MLSs. In the case of the ACI downtime we again stepped in to help folks generate MISMO XMLs for appraisals using our digitization services which can convert PDF UAD forms to standard MISMO XMLs. While we originally built the OCR and computer vision technology for appraisal analytics it was also able to help AMCs and appraisers with their UAD submissions.
We invested heavily in 2023 to build out additional products for both the valuation and the real estate segments. The Profet platform has now expanded to include a comprehensive appraisal review product and a lite order management system to support alternate valuations such as Desktops and BPOs. The Prospektr brand has added numerous CRM and homeowner engagement capabilities and is now powering various nationwide brokers and lenders.
We launched the AI Innovation Center during the ValuationExpo last August in partnership with Innovation Incubator. The real estate industry focused innovation center is currently incubating 2 startups and has an active pipeline of 3 more stealth ideas. We are helping the companies with real estate domain expertise, AI insights, and technology development. Looking forward to the launch announcements of these companies in the coming weeks.
As we look ahead to 2024, we are working on various initiatives with the adoption of new UAD standards being front and center for the Profet platform. We will continue to grow our MLS relationships to maintain our 95+% coverage and grow it further. For agents and brokers the Prospektr platform is a game changer with the integration of pre-foreclosures alongside MLS listings, and online equity tracking and property listing capabilities to engage homeowners.
We are eager to work with each of you to help contribute to the growth of your business and make some great friendships along the way.Â
Thank you and look forward to hearing from you.
Sincerely,
Umesh Harigopal
CEO, PropMix
PropMix’s AVM powers numerous solutions: Interactive AVM, Investor AVMs, and Tax Solutions​
The automated valuation model (AVM) has been upgraded to run in real-time with the latest comparable data available for any property. This has also enabled the Interactive AVM where valuation professionals can now choose their own comparables or edit subject characteristics to generate a value in real-time.
Profet now also includes an Investor AVM report where repair / improvement costs can be added to derive After Repair / After Improvement value for a property. The before and after values enable investors to assess the profit potential in a fixer-upper property.
The AVM is also helping numerous other use cases including tax solutions. Tax attorneys can now make an initial assessment on a large number of properties to shortlist overtaxed properties.
Review added Bias detection in appraisals using various strategies
The valuation industry has been grappling with various bias related appraisal complexities in recent years and many companies have been compiling and publishing wordlists to capture possible bias in the appraiser’s comments. Potential bias in a valuation requires the analysis of many factors in the appraisal report:
- Language: While wordlists provide a list, just the words independently do not completely indicate bias and numerous examples exist: white kitchen cabinets vs. white neighbors. A natural language processor can better understand and indicate real issues in the comments.
- Choice of comps: The choice of comps from neighboring areas of the subject can also indicate potential bias. For example, the choice of a comp from a neighborhood with a different value range compared to the subject.
Profet Review has now introduced natural language processing and comparable analysis to assess real bias in valuations. The natural language parser is also customizable to any company’s specific language based bias rules. The comparable analysis makes use of PropMix’s value boundaries and neighborhood level insights.
My Property gets a makeover in 
Prospektr launched the competitive product to Homebot.ai about 2 years back and it has seen great success with both realtors and loan officers. The capability provides fully automated homeowner engagement with value and net equity updates even across a portfolio of properties that an investor might own. We recently updated the My Property interface to further improve the experience and make it a lot more intuitive with customizable calls-to-action (CTAs) to help any lender or brokerage make it their own. It has also been integrated with lead and marketing effectiveness capabilities within Prospektr to further understand the depth and breadth of homeowner engagement
See what’s new in Prospektr
Lead and CRM Funnel management gets a boost
Launches DIY Listing capabilities for Homeowners
Prospektr introduces a do-it-yourself (DIY) listing feature to help homeowners effortlessly list their properties for sale and take control of the costs of selling their home. This is implemented in partnership with Continental Real Estate Group, Inc. (CREG) – a 38 – State real estate brokerage with 110+ MLS memberships. Homeowners can now use the in-depth property data from PropMix to auto-generate a listing for their property and list it in the MLS via CREG. They can also choose the appropriate buyside agent commission, sign all the disclosures and listing agreements online and do their own listing marketing using the numerous add-on tools available to them. This innovative capability streamlines the process, offering homeowners a user-friendly platform to showcase their homes, enhancing visibility and accessibility for potential buyers. See it work at https://www.homerise.com
PropMix Unveils Virtual AI Innovation Center for the Real Estate and Mortgage Ecosystem
PropMix announced the launch of the AI Innovation Center for Appraisal Management Companies and Mortgage Lenders. Jumpstart services provided in partnership with Innovation Incubator Inc. will accelerate artificial intelligence driven product modernization and cost reduction using Generative AI, Prompt Engineering, AI chatbots and immersive experience technologies on Amazon and Microsoft cloud.Â
The partnership with Innovation Incubator also enabled PropMix to offer clients either AWS credits or discounts for infrastructure hosting. Since the launch 2 startup companies have already been onboarded into the Innovation Center with a target market launch in Q1 2024.
Open access to market insights in 20 top metros
PropMix, one of a handful of companies in the US that aggregates real estate market data, announced that it is opening up access to nationwide market insights starting in 20 top metros. This will help consumers and industry professionals gain quick and easy access to accurate and reliable market indicators. PropMix gathers real estate data in near real time from various sources across the US and computes numerous predictive insights to support real estate and valuation professionals. The data lake contains billions of data points and over 20 years of history covering over 151 million properties.The platform utilizes deep learning, data science, natural language processing, geospatial analysis, and computer vision techniques to enrich and deliver some of the most comprehensive and accurate decision support systems in the industry.
API Enhancements
Dynamic Neighborhood Insights
We have long been offering market trend information for zip codes, counties, and metropolitan areas. We recently released a high-performance API that can compute trends for any geographic area defined in terms of a polygon. The trends computed include median sale prices, median list prices, list to sold price ratios, average or median days on market, and absorption rate.
Upcoming
Profet Order Management
In the ongoing journey to complete its full set of capabilities for the valuation industry PropMix has been developing an Order Management platform where valuation orders can be placed by lenders or AMCs and manage their workflows. The platform includes a built-in panel management capability along with deep performance and workflow analytics. The first version of the system supports broker price opinions (BPOs) and various inspection platforms with bifurcated orders. The platform is also integrated with ClearBox as an alternative panel management platform. While the product is already being used by early adopter AMCs we plan to launch this with many more robust features later in 2024.
New MLS Markets Added
The following MLSs were added/renewed during the last three months, see the list of recently added MLSs below:
Disclaimer: All logos used in this representation are the property of the respective MLS
Press Releases
PropMix Upgrades its Profet Real-time Automated Valuation Model (AVM) with an Interactive AVM
Published on: August 8, 2023
PropMix Unveils Virtual AI Innovation Center for the Real Estate and Mortgage Ecosystem
Published on: August 7, 2023
PropMix Introduces Open Access to Nationwide Real Estate Market Insights
Published on: July 6, 2023
Latest Market Insights
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
