FoxyAI, a B2B PropTech innovator in real estate visualization and property intelligence, has officially announced a partnership with Auction.com, the nation’s leading online marketplace focused exclusively on the sale of residential bank-owned and foreclosure properties via online auctions and live auction events. According to certain reports, this collaboration will encourage advancement in the use of AI technology to optimize property marketing and enhance the overall real estate process. More on the same would reveal how Auction.com will leverage FoxyAI’s award-winning Condition Score, Quality Score, Image Quality Score, Room Classification, and Scene Classification models across its own analytics platform. By doing so, it will refine the accuracy of property listings and provide greater insight. Such a set up also makes it possible for Auction.com to analyze past sales data, and therefore, identify opportunities for improving its sale strategies. Having referred to the initial bits and bobs, though, we must take a deeper view of all the tools that are now available to Auction.com, beginning from the presence of FoxyAI Condition Score. In essence, using a proprietary technology, the stated model analyzes property media and provides a condition assessment on a 6-point scale, ranging from Brand New to Heavy Damage/Not Livable. Markedly enough, it is all based upon the Uniform Appraisal Dataset scoring system used by Fannie Mae and Freddie Mac for underwriting. Next up, we have the FoxyAI Quality Score, which again banks upon a proprietary setup to study property media before providing a quality assessment on a 6-point scale, ranging from Luxury to Basic. Similar to its condition-focused counterpart, FoxyAI Quality Score is also based on the Uniform Appraisal Dataset scoring system used by Fannie Mae and Freddie Mac for underwriting.
Joining the mix is a FoxyAI Image Quality Score model. The stated model hands out scores for image quality on a continuous 1-6 scale, with low scores for blurry or extremely close-up images. To ensure top-notch quality for its users, it effectively eliminates all those images from analytics that score below three.
“We are excited to work with Auction.com, a company that shares our focus and commitment to AI integration. Their dedication to test cutting edge technology to benefit their platform aligns perfectly with our mission at FoxyAI,” said Vin Vomero, CEO of FoxyAI.
Hold on, we still have a few bits left to unpack, considering we still haven’t touched on FoxyAI Room Classification model. This particular model has its utility rooted in detecting room types for easy classification, organization, and search. Rounding up highlights for us is the FoxyAI Scene Classification model, which is well-equipped to spot out scene types for streamlined classification, organization, and search from photos/media.
Founded in 2018, FoxyAI’s rise up the ranks stems from being a leading B2B proptech in real estate visualization and property intelligence. Simply speaking, the company is best known for utilizing cutting-edge artificial intelligence and computer vision to convert everyday real estate photos into actionable data. This means FoxyAI’s suite of Property Intelligence tools, all available through its API, can instantly compute quality and condition, renovation costs, detect objects and materials, and more.
As for Auction.com, founded in 2007, the organization happens to be the nation’s leading online marketplace for the disposition of distressed residential properties. To deliver on that very promise, though, Auction.com goes beyond traditional disposition programs, offering tools and services that stabilize neighborhoods, expand homeownership, maximize sales, shorten the sales cycle, yield higher returns, mitigate risks, and elevate results at every stage of the asset lifecycle. The idea of its scale can also be understood once you take into account how the company’s national footprint for both online and in-person auctions includes all 50 states, as well as Washington, DC, and Puerto Rico.
