Montreal-based entrepreneur Jordan Owen and his team recently launched an artificial intelligence-powered real estate pricing tool, according to Forbes. It uses various datasets such as public census and listings to arrive at an ideal price for a residential unit.
The platform looks at valuable information including images to “[quantify] the different location and design attribute that a unit might have,” as per Forbes.
These attributes include terrace size, view quality, unit dead space, proximity to transport options, grocery stores, and income distribution. Overall, the tool looks at over 200 attributes, each assigned with a value, which can affect the property’s price.
Aside from evaluations using artificial intelligence, the tool also tracks real-time sales and determines attributes that sell. Using this data, the platform adjusts the price of a current listing, usually resulting in price increases for properties with those attributes.
The platform offers accessibility for users. It utilizes a simple and familiar display, which allows users to get more accustomed to the interface even at the beginning. According to Owen, “It’s designed to be user-friendly to give the developer ease of use.”
Squarefeet combines the expertise of its founders, which is a real estate and computer science. Three of the founders work in real estate, while the last one is knowledgeable about computer science.
With their industry knowledge, the team seeks to “fulfill a need within their community,” which is the lack of technology in providing prices for listings.
For brothers Jordan and Mark Owen, both counted as co-founders of the company, “Developing tech solutions requires a lot of professional experience and the marriage of tech and business founders is key to the success of a new product.”
A few months before Squarefeet, Owen and his team launched two other businesses including a reusable mask company called Bien Aller.
Launching a business has always been a dream of the brothers. This year, Jordan delayed his education at the Massachusetts Institute of Technology, and with the revenue from Bien Aller, the team was able to gather enough funds to start Squarefeet.
The platform was inspired by the airline and hospitality industry, which uses AI and machine learning to manage rates.
Squarefeet offers a unique service for the real estate industry. Forbes noted that its originality contributes to the success of the founders.
Regarding this, Owen said, “There hasn’t been much change in the real estate world and people are looking for increase efficiency.” He added, “They’re hungry for it.”