UrbanZoom Launches API Access to its AI-enabled Property Auto-Valuation Tool
Companies can now augment their services with API access to its proprietary Zoom Value.
UrbanZoom, Singapore’s leading AI-enabled research portal for HDB and condominiums, has announced that it has enabled API access to its proprietary auto-valuation tool, Zoom Value.
Zoom Value is able to predict HDB and condominium valuations with a median error of less than 3% and includes a confidence rating on its accuracy for every prediction, all in real-time. By opening up API access, UrbanZoom hopes businesses can easily tap into UrbanZoom's AI-enabled insights to enrich their services. Since its launch in March 2018, UrbanZoom boasts about S$100 billion worth of Zoom Value searches.
"After we launched, we were pleasantly surprised by the level of interest from businesses who're interested to tap on our technology. There were proptech, fintech startups, financial institutions, etc; each with their own unique use cases of Zoom Value." explains founder Michael Cho. "While our team is proud of the tech we've built, which is outperforming even the best-in-class auto-valuation tools in markets like US & China in terms of accuracy, a good piece of tech is still useless unless people use it. So we'd rather open up Zoom Value to allow more people to access it, be it through partners who use our API or our own website."
To-date, startups and companies across industries like insurance and finance are testing the Zoom Value API. Government agencies like MAS and URA have also started using UrbanZoom’s technology. SoReal Prop and Ohmyhome are two property companies who have already incorporated UrbanZoom’s API and have deployed it in their current product offerings.
“UrbanZoom is fast, convenient and has the lowest margin of error, providing a much more efficient way for valuation,” comments Rhonda Wong, CEO of Ohmyhome.
Jeremiah Ng, CTO of SoReal says “Working together with UrbanZoom allows SoReal to stay on track with the current market indicative valuation and as a guide for our users. We are planning a further collaboration between our two companies to increase the accuracy of the valuation for everyone."
As a further showcase, UrbanZoom also recently released a voice app on Google Home (“OK Google, Talk To UrbanZoom”) and launched a phone hotline, 31388416, where users can now dial in to check on their home's Zoom Value, all built in a matter of weeks using the Zoom Value API.
“While we’re a team of geeks, we don’t forget who we’re serving. We get feedback like ‘Why is your website font so small!’” laughs Michael. “Some of our users aren’t used to computer screens and prefer a number to call. This is why we built the voice app and hotline; it’s a direct response to our users’ feedback ”
Ultimately, we’re here to empower home owners. How can we leverage on our tech know-how to better inform the ‘moms and pops’ with useful insights without overwhelming them with a deluge of data? That is the challenge and our opportunity to make a real difference in this space.
Download PDFDownload PDF
UrbanZoom is an AI-enabled research tool for home buyers, sellers, landlords and tenants in Singapore.
We are a team of data scientists and real estate professionals who are passionate about bringing full information transparency and actionable insights to the housing market.
We believe in empowering the man on the street so that he can be free of misinformation and fear when he’s about to commit to one of the biggest financial decisions of his lifetime.
For more on our team’s philosophy, take a look at our blog post here.