At a time when mobile devices are becoming increasingly powerful and equipped with the latest technologies, the question arises not if but when we can fully appreciate our homes with our smartphone. Currently, automated valuation models are based on registration data from public sources, which include information about price, location and construction details. However, detailed data about the inside of the house, such as the architecture, maintenance status and layout of the house, is still lacking.
With the emergence of the latest smartphones, equipped with Lidar technology, a promising step is being taken towards more accurate real estate valuation. Lidar, a type of infrared scanner, has the ability to sense depth and convert the environment into a detailed 3D model. The potential of this technology is enormous, especially when this data is integrated into Machine Learning models and combined with location data.
Lidar’s Revolution in Real Estate Valuation
It is no longer a matter of speculation as to whether we will adopt this technology, but rather when we will reap its benefits. Lidar has the potential to transform real estate valuation by providing detailed information about a home’s architecture, layout and maintenance status. This allows automated valuation models to become much more accurate, even in areas where housing homogeneity is currently a challenge.
The key role of Lidar in Machine Learning
Integrating Lidar data into Machine Learning models opens the door to a new approach to real estate valuation. By combining in-depth information about the inside of a home with location data, these models can provide an indication of home value that goes beyond current capabilities. It is a promising development that will turn the real estate sector upside down.
Emotion versus technology: The human factor remains important
While technology such as Lidar can improve the accuracy of property valuation, the human factor remains essential. The advice “Don’t fall in love with a home for sale” remains relevant, as emotion and personal preferences cannot be fully captured by technology. Professionals in the real estate industry will always play a crucial role and their expertise becomes even more valuable when combined with advanced technological tools.
Conclusion: Lidar and the future of real estate valuation
The real estate sector is evolving and with the rise of Lidar we are witnessing a promising step towards more advanced real estate valuation. With detailed 3D models and the power of Machine Learning, accuracy is significantly increased. This progress promises a future in which model-based real estate valuation is no longer limited to the exterior of a home, but is also able to accurately map the interior. This opens the door to a new era of efficiency and depth in real estate assessment.
