FoxyAI Partners with LOOM Property Insights to Revolutionize Property Valuation and Appraisal Accuracy Across South Africa

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Nov 21, 2024, 08:00 ET

AI-Driven Insights to Transform Property Valuations for 56% of South Africa's Mortgage Linked Market

NEW YORK, Nov. 21, 2024 /PRNewswire/ -- FoxyAI, a B2B PropTech innovator in real estate visualization and property intelligence, today announced a groundbreaking partnership with LOOM Property Insights, a leading provider of real-time property data and insights across the South African region. This partnership enhances LOOM's property valuation and appraisal accuracy by integrating FoxyAI's award-winning technology into its offerings, significantly improving the speed and precision of property valuations.

LOOM, which works with two of South Africa's top four banks—overseeing 56% of the country's mortgages through originations—and 21 of the region's leading real estate brands, selected FoxyAI to power its valuation process after extensive research. Through this partnership, LOOM will deliver faster and more accurate property valuations, transforming a traditionally manual, week-long process into an AI-driven system capable of completing appraisals within a single day.

By incorporating FoxyAI's advanced property intelligence models, LOOM can provide enhanced property insights and valuation estimates, particularly in real estate markets where accurate data and efficiency are critical. These improvements will not only benefit banks and real estate professionals but will also reshape and set a standardized foundation for the way property investments and transactions are conducted across South Africa.

"LOOM'S commitment to leveraging the best technology available led us to FoxyAI," said Jacques Rossouw, CEO of Loom. "We are excited about the potential this partnership brings to our region, where accurate and efficient property valuations are crucial to the growth and efficiency of our real estate market. With FoxyAI, we can provide our partners with more reliable standardized data and a streamlined process that will make a real and transformative impact throughout the South African real estate ecosystem."

This collaboration marks FoxyAI's first significant venture in the South African real estate market, showcasing the global applicability of its AI-driven property intelligence solutions.

"We are thrilled to see FoxyAI's technology making a significant impact in South Africa's real estate sector," said Vin Vomero, CEO of FoxyAI. "Partnering with LOOM allows us to help drive efficiency, accuracy, and innovation in property valuations on a scale that will directly impact 56% of South Africa's mortgages linked to originations and beyond. This collaboration sets a new standard for real estate valuations and technological innovation in the region."

This partnership is poised to set a new benchmark for property valuation and appraisal processes in South Africa, offering unprecedented transparency, speed, accuracy, measurability, objectivity, and scalability across the region's real estate industry. 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 LOOM Property Insights
LOOM Property Insights provides real-time property data and insights, leveraging collaboration across the real estate industry to deliver better property value estimates. Through its innovative use of machine learning and AI, LOOM creates a 'Single View of a Property' that enhances understanding throughout the property lifecycle. With offerings such as LOOM Area Builder and Street Builder, LOOM delivers highly detailed neighborhood and street-level insights that drive informed real estate decisions, and combined with real-time confirmed sales from real estate partners to produce the best AVM (Automated Valuation Models). For more information, visit https://loom.co.za/.

FoxyAI Media Contact:
Jacqueline Silva, [email protected]

SOURCE FoxyAI