FoxyAI Partners with Auction.com to Elevate Real Estate Auction Analytics with Advanced AI Integration

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Aug 13, 2024, 08:00 ET

AI-Driven Insights to Optimize Property Listings and Pricing Strategies

NEW YORK, Aug. 13, 2024 /PRNewswire/ -- FoxyAI, a B2B PropTech innovator in real estate visualization and property intelligence, is proud to announce its collaboration 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. This collaboration marks a significant advancement in the use of AI technology to optimize property marketing and enhance the overall real estate process.

Auction.com will leverage FoxyAI's award-winning Condition Score, Quality Score, Image Quality Score, Room Classification, and Scene Classification models into its analytics platform. This integration aims to refine the accuracy of property listings and provide additional insight by assessing the condition of properties with unparalleled precision. Additionally, this collaboration enables Auction.com to analyze past sales data, identifying opportunities to improve their sale strategies.

Vin Vomero, CEO of FoxyAI, highlighted the importance of this collaboration, stating, "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."

Descriptions of Auction.com-deployed FoxyAI models:

FoxyAI Condition Score: Utilizing a proprietary model, this score analyzes property media and provides a condition assessment on a 6-point scale, ranging from Brand New to Heavy Damage/Not Livable. It is based on the Uniform Appraisal Dataset scoring system used by Fannie Mae and Freddie Mac for underwriting.
FoxyAI Quality Score: Utilizing a proprietary model, this score analyzes property media and provides a quality assessment on a 6-point scale, ranging from Luxury to Basic. It is based on the Uniform Appraisal Dataset scoring system used by Fannie Mae and Freddie Mac for underwriting.
FoxyAI Image Quality Score: This model scores image quality on a continuous 1-6 scale, with low scores for blurry or extremely close-up images. Images scoring below three are excluded from analytics, ensuring only high-quality images are used.
FoxyAI Room Classification: This model detects room types for easy classification, organization, and search from photos/ media.
FoxyAI Scene Classification: This model detects scene types for streamlined classification, organization, and search from photos/media.

This engagement underscores the growing importance of AI in the real estate sector. It offers enhanced tools and insights that drive more informed decision-making and improved outcomes for all stakeholders involved. For more information, please contact [email protected].

About FoxyAI
Founded in 2018, FoxyAI is a leading B2B proptech in real estate visualization and property intelligence. The company utilizes cutting-edge artificial intelligence and computer vision to convert everyday real estate photos into actionable data. 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. For more information on FoxyAI, visit https://foxyai.com/.

About Auction.com

Auction.com is the nation's leading online marketplace for the disposition of distressed residential properties. The company 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. With a nationwide marketing reach going to millions of potential buyers, Auction.com's national footprint for both online and in-person auctions include all 50 states, as well as Washington, DC, and Puerto Rico. For more information, visit Auction.com.

FoxyAI Media Contact:
Jacqueline Silva, [email protected]

SOURCE FoxyAI