In today's fast-moving real estate market, accurately determining property value is critical for buyers, sellers, and investors. However, traditional valuation methods are often time-consuming, inconsistent, and prone to human error.
BASAO is an AI-powered real estate valuation tool developed by SotaTek's expert team to revolutionize property evaluation. By leveraging advanced machine learning algorithms and real-time market data, BASAO delivers fast, reliable, and highly accurate property valuations. This empowers buyers, sellers, and investors to make informed decisions with confidence.
Real estate valuation is essential for buying, selling, and investing, but traditional methods are often slow, costly, and inconsistent. Relying on manual research and subjective comparisons, valuations can take days or weeks, delaying decisions for individuals, businesses, and government agencies.
As real estate markets evolve, the need for faster, data-driven valuation has grown. Inaccurate pricing can cause financial losses, risky investments, and inefficiencies, leading buyers to overpay, sellers to undervalue, and investors to misjudge potential returns. Recognizing these challenges, the SotaTek team developed BASAO to address the pain points faced by different stakeholders in the real estate industry.
- For property owners and buyers, valuation costs can be prohibitively high, ranging from 0.1% to 1% of the total asset value. Additionally, the market is often flooded with inaccurate or misleading pricing information, making it difficult for buyers and sellers to make informed decisions.
- For property appraisers, connecting with individual clients remains a challenge. Many appraisers have access to valuable real estate data but lack the tools to efficiently utilize it, leading to price inflation and market speculation.
- For the government, annual land valuation requires significant resources, placing a strain on public budgets and administrative efforts. The process is labor-intensive and costly, adding to the overall inefficiencies in property valuation.
To ensure speed, accuracy, and efficiency in real estate valuation, BASAO is built with a well-structured tech stack that integrates AI models, a responsive backend, and an intuitive user interface.
Technology stack including:
- Backend (BE): FastAPI
- Frontend (FE): Next.js
- Database (DB): PostgreSQL, ChromaDB, QGIS, GeoServer
- Artificial Intelligence (AI): Reinforcement Learning, LangChain, PyTorch, LLM
- Data Processing: Pandas, Numpy, Scikit-learn, Matplotlib/Seaborn
- Mobile: React Native
How BASAO Works
BASAO efficiently uses AI and big data to analyze real estate pricing. It collects and processes historical sales data, property details, and market trends, ensuring accuracy through data normalization with Pandas.
When users input property details, BASAO processes them via FastAPI, retrieves relevant data, and generates valuations based on real-time market conditions. Reinforcement learning enhances prediction accuracy over time.
By automating valuation and adapting to market changes, BASAO reduces costs, minimizes bias, and improves transparency, offering a seamless experience for buyers, sellers, appraisers, and government agencies.
Key Functions of BASAO:
- Property Search: Provides detailed information on individual land lots.
- Valuation Estimates: Calculates property values based on location.
- Market Updates: Appraisers can update valuation data to keep it current.
- AI Chatbot: Offers 24/7 support, legal guidance, and real estate insights.
BASAO brings significant advantages to various stakeholders in the real estate market by making property valuation more efficient, transparent, and accessible.
- For appraisers: Expands customer reach and simplifies valuation with faster, less manual processes.
- For buyers & sellers: Ensures accurate pricing, reduces transaction risks, and speeds up legal procedures.
- For society: Enhances market transparency, prevents price manipulation, minimizes legal disputes, and cuts valuation time by 90%.
