In our latest real estate tech entrepreneur interview, we’re speaking with Vin Vomero from Foxy AI.
Who are you, and what do you do?
Vin Vomero, founder and CEO of Foxy AI. I am a former real estate developer turned tech entrepreneur.
When an appraisal came in lower than expected, I began to research other ways of valuing property. That’s when I came across Automated Valuation Models (AVM), think Zillows Zestimate. I learned that one of the main drawbacks to an AVM, which leads to inaccuracies in value, is they don’t take into account the condition of the property. I had an “Aha” moment. I could use neural networks to turn property photos into data on the condition of a property and improve the accuracy of an AVM.
Ultimately this idea grew into a grand vision to fill a gap in missing information for the real estate market. They say “A picture is worth a thousand words,” and yet until now, we didn’t have a way to extract this data from the picture. Foxy AI builds Visual Property Intelligence tools to unlock the hidden value of real estate photos.
What problem does your product/service solve?
Real estate professionals have been making critical decisions missing essential visual property information. Using Foxy AI’s Visual Property Intelligence tools, you can increase efficiency, generate new insights, and sharpen the accuracy of Automated Valuation Models (AVM).
We have made our tools available to everyone, and as a result, many problems are being solved by a wide variety of companies. From valuation modelers and appraisers to listing aggregators, data aggregators, investors, and mortgage field service providers, they each have their own exciting and unique use cases for our tools.
The most popular tool is our condition scoring application. Countless hours are wasted, and untold amounts of money are left on the table because we could not accurately and consistently determine the condition of the property. Now, using artificial intelligence, we have the ability to assess the condition of the property automatically, at scale, using property photos.
What are you most excited about right now?
As we make new partnerships to set ourselves up for growth in 2020, what excites me most is working with our customers to collaborate on new tools and features. We are heavily focused on relationship building for the long term.
Recently, our intern put together a fun Chrome extension that allows users of Redfin to score the condition of a property they are viewing. This helps the average consumer objectively compare properties while browsing Redfin. You can even compare the condition of your own house to those of your neighbors!
This tool is available for free on the Chrome store.
What’s next for you?
As the summer winds down, I will begin to shift my focus to 2020. We have big plans to grow our team, revenue, and product. During this time it’s important to remember the basics: Delivering on your promises, remaining flexible, being prompt, and providing the best service possible. This is what keeps customers on board.
Additionally, our product pipeline for 2020 is strong. We have several new products in the works that will provide insights into real estate that were never before possible.
What’s a cause you’re passionate about and why?
I have been volunteering with The Marty Lyons Foundation with my family since before I can remember. The Marty Lyons Foundation fulfills the special wishes of children who have been diagnosed as having a terminal or life-threatening illness by providing and arranging wish requests. The MLF is an outstanding organization to be a part of, and Marty is a great man and a true friend. This dedication to service is an integral part of the culture at Foxy AI, where we continue to volunteer today.
Thanks to Vin for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).