Rising Above Real Estate Disruptions With AI-Empowered Property Evaluation System
Experties: Web & Enterprise Portals Application Development
Verticals: Real Estate Technology
Technologies: Angular JSNode.jsMongoDBiOSAndroid
PrestoIntelligence is the fintech ecosystem that enterprises need today for evaluating properties accurately, reducing paperwork, and bringing the turnaround from weeks to days. It is an AI-empowered system that not only checks but also suggests whether a real estate appraisal complies with USPAP requirements, GSE guidelines, UAD, and other best practices. These property-specific suggestions bring down the amount of time an underwriter spends on reviewing collateral.
Time Duration 12 Months
Team Effort 06 Persons
Business NeedsThe client had an idea to create an appraisal management system (AMS) where any appraiser management company would find the right appraisers for doing property evaluation for its customers. This platform was to be engineered for letting property owners get their real estate appraised by qualified appraisers. As the platform was designed to attract experienced appraisers, the client wanted its look and feel to be professional. Some other highlights of the business needs are given below..
- Creating AI-empowered
- Harnessing the power of AI
- Including fintech capabilities
- Deploying machine learning modules
- Facilitating faster decision-making
- Reducing manual efforts
- Streamlining property evaluation
Strategy & SolutionOnce Flexsin came on board, its development team harnessed Artificial Intelligence (AI) by creating a robust and intuitive AMS for the client. We used AI-enabled algorithms for ending every single manual effort that is common to traditional appraisal systems. Flexsin deployed its team of AI developers who had the expertise of working with IBM Watson.
Front-end Since the web-empowered application was to be used by property appraisers, appraisal management companies, and property owners, it had to have a professional look. Our team of designers and developers ensured that the delivered solution not only eliminated redundant work but also automated business workflows.
- Developed a swift interface for tracking property evaluations
- Integrated with existing enterprise systems seamlessly
- Automated property evaluation and other documentation tasks through AI
Backend We made sure that the AMS has robust support in the backend. For that purpose, our team leveraged the latest backend-centric technologies for creating modules and frameworks that blended AI with property appraisal. For creating an enterprise-grade AMS, we leveraged PHP and MEAN stack. We ensured that we had the right backend processes in place for making the interaction of the developed application with legacy components quicker and easier than ever.
- Deployed frameworks and modules for facilitating interactions with the database
- Implemented individual data storages for sorting out data flows
- Created a fully scalable architecture for ensuring that the application can withstand peak loads
- Used statistical modeling for helping AI modify and adapt itself based on the inputs fed to the AMS
- Leveraged customized modules for making sure property compliances are checked
Development Process The team at Flexsin ensured that the development process was transparent and the client was updated after the completion of every milestone. The development process used was agile enough to accommodate any last-minute upgrades without throttling the production chain. Some of the highlights of this development process are as follows.
- Making the workflow transparent and fast
- Leveraging new work modules to accelerate delivery
- Carrying out sprint meetings regularly with the client
- Constantly checking the quality of the deliverables
- Managing any on-the-fly development upgrades
For guaranteeing the designed software worked well for checking all the compliances, we assigned dedicated QA engineers on TaskyGig's project. From the beginning, every team member was aware of the project's specifications and requirements.
The collaboration with Flexsin was driven by AI-enabled digital innovations. The AI development team..
Business OutcomesAfter successfully designing and developing an intuitive and robust AMS, we automated the process of property appraisal end to end. The ecosystem was designed to be easy to use for property owners, appraisal companies, and appraisers. Now, the client is using this AI-empowered system for streamlining entire workflows as easily and quickly as possible. By implementing this system, the client has improved its productivity and has taken its operational efficiency to the next level.
- Automating the property documentation, task reviews, and real estate verification
- Finding jobs and assigning them to appraisers smoothly
- Accelerating the process of appraising properties by 40 percent
- Implementing a dedicated AI-enabled chatbot that answers technical queries related to appraisal and property valuation
- Handling customer queries across the US and Canada
- Using a dedicated AI system for checking and suggesting whether a property appraisal report complies with UAD, GSE guidelines, and USPAD
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