Where is the Housing Market in the US heading?
Accurate indoor 3D mapping and subsequent 3D visualization is now possible using Commercially-Of-The Shelves (COTS) LiDAR sensors in Apple’s iOS pro devices. The miniaturization of accurate GPS units in 2007, and the subsequent incorporation of GPS into smartphones, led to amazing new navigation apps and capabilities that spawned entire new industries such as UBER. Similarly, the miniaturization of COTS LiDAR units in the last two years is poised to revolutionize several industries, including: real estate, construction, appraising, insurance assessment, remodelling, interior design, robotics, automated cleaning/disinfection, hospitality, etc.
OPAL AI estimates a growing market of $3 Billion on the real estate market only for floorplan reconstruction of existing residential buildings in the US. The existing home upgrades will grow 4.5% CAGR by 2026. A significant portion of this is facilitated by Real Estate Technology. OPAL AI is addressing an unmet demand by its tech offering to recreate measured drawings for residential buildings.
The ScanTo3D app developed by OPAL AI for modern smartphones and tablets provides the only autonomous technological solution that leverages multi-purpose COTS hardware, used by users and homeowners themselves to gather data and upload it to the cloud. The Proprietary AI algorithms then process the data generated using machine vision with minimal human interaction to provide the diversity of outputs needed by multiple market segments in the floorplan generation market within a few hours. No tape measures, no notepads, and no moving of any furniture. The ScanTo3D app, with intuitive user interface, declutters a furnished house and provides a complete 2D floorplan, with an accuracy of one inch in 20 feet.
The ScanTo3D application enables users to inexpensively generate 3D views and floorplans without specialized expensive hardware or any personal training. On average each floorplan costs the real estate professionals $1.5 per square feet that costs $3000 for a 2000 sq ft house. The economic value to customers (EVC) is 10-25% of the entire project fee in architectural and structural works. It has applicability for appraisers, inspectors, insurers, real estate agents, and gamers. This solution substantially reduces the soft cost in home remodeling, allowing small firms to minimize their variable costs and therefore be competitive with much larger firms, leaving the competitive playing field.
Customers and homeowners being able to create their own planning documents such as floorplan has a significant advantage especially during pandemic. Removing the necessity of 3rd parties to enter a property reduces the risk of exposure both to essential workers and customers. In addition to safety, it has less threats to both parties considering the liability in case anyone gets injured. Being able to create floorplan without moving any single furniture or requiring any advance hardware is a task which can be done by anyone anytime. Architects, real estate professionals, insurers, appraisers and more can get the floorplan without even entering the property.
ScanTo3D has been developed by taking advantage of having LiDAR accessibility on iOS Pro smartphones and tablets, and from the very beginning OPAL AI created this application on a strong AI core. This is the reason ScanTo3D is the strongest available application in the market with the most accurate floorplan reconstruction. The results of the app have been compared to the actual laser measurements and the accuracy has been validated that the errors in most cases are within 1-2% of the lengths measured by individuals. Subject Matter Experts from real estate professional industries have provided continuous feedback and quality assurance to make ScanTo3D application the best solution possible to create a 3D virtual visits and floorplan of buildings in different editable CAD formats.
This is why in OPAL AI we consider the golden time to benefit from the best of two worlds of technology advancement and the technical expertise of our team in both AI and Architecture to put together innovation and differentiate our ScanTo3D application in the market.