Launched in 2016, our AI tool Forecast predicts which properties are most likely to come to market in the next two months. Forecast has eight years of machine learning behind it. But what does this mean?
As impressive as AI already is, what's even more fascinating is that machine learning improves as time passes. In this blog, we will explore how it learns over time and why, at the ripe age of eight, Forecast is helping our agent clients to source even more leads than ever before.
Machine learning explained
Machine learning is a way for AI to imitate human learning and gradually improve its accuracy. It involves training algorithms to recognise patterns and make decisions based on data. The algorithms are designed to learn from experience so the more data that they process, the better they become at making accurate predictions or decisions.
Machine learning can occur in three ways:
- Supervised learning: The algorithm is trained on a labelled dataset. It learns to map inputs to predict outcomes accurately.
- Unsupervised learning: AI will find patterns or data groupings in unlabelled datasets without the need for human intervention.
- Reinforcement learning: AI learns as it goes via trial and error. It is rewarded when correct so it learns over time what actions it needs to take.
How do machine learning models improve?
Machine learning models will improve simply through exposure to more and more data. The larger the dataset, the more the machine learning model can glean from it and the more it will learn the nuanced patterns. Additionally, the higher the quality of the data, the more accurate its output will be. Garbage in, garbage out has never been more apt when it comes to machine learning!
Machine learning models also thrive with feedback. Data scientists can tweak and enhance features to boost a model’s accuracy and efficiency. They can experiment with various algorithms to find the best fit for the problem.
When we first launched Forecast, we fed it with a set amount of historical data to train it. Over time, newly added historical data has enhanced the machine learning model's learning capacity, leading to improved accuracy and predictive outcomes. So, at first, Forecast had nine years of residential property market data to learn from, but eight years on, it now has 17.
With eight years of learning under its belt and 17 years of tracking the property market, Forecast is far superior to any other AI models on the market because it’s been running the longest! What’s more, no other PropTech provider tracks as much of the residential property market as we do, so our data is the highest quality and most accurate. Our tools, therefore, are the most reliable at providing predictions of properties coming to market.
Compared to its initial launch, Forecast is now trained with an expanded dataset as it now leverages additional data sources we've acquired since the start. Alongside this, we have better collection methods, software innovations and cleaner processes that have all led to Forecast being more accurate and dependable than ever before. Our data scientists continuously work to define the best techniques to keep Forecast in tip-top condition. All of this helps you win more listings!
Conclusion
By continuously tracking almost 100% of the residential property market, we are constantly fuelling Forecast with the highest quality of data. Forecast has spent the last eight years learning what works and what doesn’t. It predicts properties entering the market, with correct predictions reinforcing its learning and errors helping it to improve.
Does it work? Yes! We’ve generated thousands of leads for our clients. In fact, Forecast generates 60% of valuations for one of our largest clients. We’ve proven to even the most sceptical of agents that Forecast really can predict which properties are most likely to come to market. And when you know this information, you can be the first agent through the door, ahead of your competition. You’ll build up solid leads and enjoy a healthy return on investment. An estate agent’s dream.
TwentyEA provides property data for estate agents and real estate prospecting tools. If you want to find out more about our offering, don't hesitate to get in touch.
