XAI Land Incorporates AI for Real Estate Investing in Korea

Most of the wealthiest people in South Korea own real estate. Real estate investing in Korea is considered one of the top long-term investments people can make. In addition, unlike stocks, with real estate, there are plenty of deals that can be found if you do your research. The truth is real estate all around the world are not priced perfectly. Therefore people can find great deals. However, most buyers don’t have the time to do proper research.

XAI Land is a real estate startup that uses big data and AI to offer the most accurate and comprehensive automated valuation models (AVM) that value residential and commercial uses. An AVM is an estimated value for any kind of property. However, AVMs have been prone to be highly significant to residential properties. In Korea, AVMs that have been developed are being proven to be not as accurate as AVMs used in the United States and other countries.

A New AVM Tool for Real Estate Investing in Korea

XAI LandAI is being used in financial sectors. There are hundreds of AI robo-advisors out there. However, there are few platforms that use AI when dealing with real estate. Real estate is significantly more complicated than buying stock. Therefore it requires a lot of your time. In addition, you need to understand concepts such as leverage and short/long term financing.

Therefore XAI Land created their own AVM service based on AI, big data, and machine learning technologies. Users will be able to instantly discover the current and predicted future market value of any property in Korea. Best of all, users can do this right from the comfort of their homes. Their AVM tool is being well-received by real estate service providers. The strong team at XAI Land consists of data science, real estate, and software developers.

XAI Land’s Current Service Offerings includes:

  • An instant AI-based desktop valuation report. This report will show the current market price, land information, and transactions that have similar demand and supply conditions.
  • A data and analytics service. This allows financial institutions, banks, and investors the ability to easily access the raw data behind XAI Land’s valuation of a target property. Such raw data includes: distances to schools, roads, subways, buses, among others. In the coming year, the company hopes to be able to provide domestic and international users/corporations, a comprehensive appraisal reporting service. This will be perfect for those who may desire the best of data, AI, and humans as often times a site inspection report is needed to complement data-driven analytics.

Ray Chetti

“I believe our database and proprietary AVMs and software can contribute to making the real estate market in Korea more transparent, which can eventually bring it to the attention of an increasing number of global investors,” said the CEO of XAI Land, Raymond Chetti

Real Estate Investing in Korea with XAI Land – Save Money and Time

When looking to buy a home or office, Koreans rely heavily on realtors for market information. Although realtors are experts armed with years of experience in their neighborhood, being able to sit down and talk to a broker about the value of a property can be a daunting experience. Especially if the realtor is not equipped with any data, market reports, or insight that can help you understand why a property’s value is what it is.

Sellers on the other hand must pay additional costs to appraise their property.

AI has evolved to a point over the last decade that it can analyze data, draw conclusions, and produce authoritative reports that can allow stakeholders such as real estate brokers, buyers, and sellers to more confidently and easily see eye-to-eye when understanding a property’s true market value.

AI for Real Estate

There are several real estate firms in the United States that are already integrating AI to estimate real estate and supplement their human appraisal work.

The key is not only about having the right amount of data. It is about how you process, analyze, and feature engineer it. Not just numerical data such as transaction values, but other factors that make each property unique. Everyone in Korea has access to the same data-sets provided by the government’s open data portal. However, it is about the knowledge and experience of the team to make that open data valuable.

The best way to think about XAI Land’s work and their related results is to think of them as a superstar team of chefs. You can think of “data sources” like “supermarkets and other local food markets”, “data” like “ingredients necessary for a recipe”, and their “start-up team” as the “team of chefs” in the same kitchen who are working together to cook the best meal. Just because a chef knows where an Emart is located does not mean they know how to cook the most amazing Samgyetang (Ginseng Chicken Soup).

Data-Driven Property Valuations

Real Estate Investing in KoreaXAI Land uses machine learning for data-driven property valuations in South Korea as the company currently has a database for 3.2 million villa units in Seoul and is working to expand their database to Seoul’s surrounding suburbs, Gyeonggi-do, which composes over a quarter of the country’s total population (13.53 million people spread out over 10,171 km2 of land).

Machine learning is a form of AI that allows people to understand the impact of large amounts of data. XAI Land analyzes large amounts of data to cluster together properties in the country with similar attributes and features. By large amounts of data, we are talking about hundreds of thousands of prior real estate transactions and listings. In addition, XAI Land can consider some of the key attributes or features of a property. This includes factors that might be driving up or lowering their value. Some of these features include supply/demand (number of transactions over time), socio-demographics, and infrastructure.

XAI Land reports will contain data and analysis that allows users to understand property details. Details such as similar comparable properties, historical price growth, and surrounding real estate market conditions. They offer reliable data for those looking to make the smartest decision possible. XAI Land has the most comprehensive database of real estate data/analytics and APIs.

The company aims to allow users to upload their own Excel files to their system. This will allow companies to download data directly in order to perform their own analysis. As well as, integrate XAI land’s APIs into internal systems.

Feel free to give XAI Land a try by scheduling a demo through their site.