MAS and URA have already tapped on the startup’s tech.
Singapore startup Urban Zoom has opened API access to its proprietary auto valuation tool, Zoom Value, to enable businesses to tap onto the platform’s AI insights.
Zoom Value leverages on AI to predict HDB and condominium valuations with a median error of less than 3%, according to a media release.
“We get feedback from users who commented that they wish they had UrbanZoom when they bought/sold their homes, and quite a number of them are older folks. This really motivates us to do what we do, so the end consumers can make the most informed choice when they're about to make possibly the biggest financial decision in their lives,” Urban Zoom founder Michael Cho told Singapore Business Review.
Government agencies like the Monetary Authority of Singapore and Urban Redevelopment Authority have already on boarded the platform along with other real estate startups SoReal Prop and Ohmyhome who have incorporated the API into their existing product and service offerings.
“UrbanZoom is fast, convenient and has the lowest margin of error, providing a much more efficient way for valuation,” Rhonda Wong, CEO of Ohmyhome said in a statement.
The tool currently stores information like email and password although Urban Zoom plans to expands the tech’s coverage to allow users to claim homes and verify physical addresses.
Since its launch in March, UrbanZoom has handled about $100b worth of Zoom Value searches. The API access comes on the heels of an earlier voice app release on Google Home (“OK Google, Talk To UrbanZoom”) and launched a phone hotline, 31388416, where users can now dial in to check on their home's Zoom Value.
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