Zillow's Chief Operating Officer Jeremy Wacksman has discussed Zillow's plans for artificial intelligence and provided an update on the accuracy of the Zestimate automated valuation tool.
Wacksman shared numbers including how Zillow's AI-powered valuation model, introduced in 2006, has decreased its error rate of 10% at launch to just 2% today, while progress is also being made on Zillow's super app.
In a nod to AI's famous ability to learn in real-time, Wacksman said:
"[Zestimate] continues to get better and learn every day. Today’s version is powered by neural networks. It’s called the Neural Zestimate and it updates in almost real time.
"AI is increasingly playing a role in building the technology to deliver [the housing super app]."
Wacksman said Zillow will use AI to improve search tools and personalize listings while optimizing the experience for mobile devices, is working on creating a shopping experience compatible with Apple Vision Pro's virtual reality headset, and that Zillow is also training AI models to follow fair housing guidelines.
Wacksman delivered his keynote presentation at the School of Media & Public Affairs event on Tuesday.
Only around 40% of listings on Zillow are affordable. Or, to put it another way, only around 40% of properties...
Read More
This week's roundup of real estate marketplace comings and goings features executives on the move in Canada, Germany and India......
Read More
Rocket Companies has announced a $9.4 billion all-share deal to acquire Mr. Cooper, the largest mortgage servicer in the United...
Read More
Germany-based marketplace operator Scout24 has continued its expansion into real estate data with the acquisition of Austrian proptech firm ImmoUnited....
Read More
