HOUSINGNEWS REPORT
CLIENT CORNER
BRYAN COPLEY CEO and Co-founder, CityBldr
What is your elevator pitch for CityBldr?
The problem with existing property valuation methodologies is that before you understand what a property is worth you need to evaluate not only what it is today but what it could be. This is how developers look at land, and how our algorithm does as well. “That’s exactly the problem we’re solving with CityBldr. Is a property more valuable as its current use, or as another permitted use? Then we create a marketplace for buyers and sellers who want info on development sites. “Good use case is a valuable redevelopment property in Capitol Hill, a hot Seattle neighborhood. The owner would realize an additional $1 million in value that they would never know about by going to Zillow. CityBldr tells the owner their property is most valuable to a developer – much more valuable. That’s life changing information that property owners should have before making the decision to sell.
What’s really exciting is how much the algorithm has improved since we released the beta early this year. Due to the nature of machine learning, each time ATTOM feed us a new batch of data at midnight, that course-corrects our algorithm and changes the weighting of our arbitrage index. How is the marketplace responding to your products/services? “We launched a premium product in May for developers. We now have 300 signed up. In June we launched the property online site and 3,500 have signed up. This is all just in King County, Washington. “Last year we launched a consumer oriented product called Everyhome. We thought, ‘we’ll just put every property in the country up for sale.’ What we discovered is that it wasn’t consumer buyers that were nuts about the capability to bid on every property – it was developers, builders, investors, etc.
“We’re a marketplace for development sites. The backbone of our marketplace is artificial intelligence which determines the best use of every parcel of land. How do you and your customers utilize ATTOM Data? “If you are a builder or developer we show you the best development sites in any search area, whether or not they’re listed for sale, and give you access to thousands of exclusive owner-registered properties. If you’re a property owner, you type in your address and we tell you if your property is more valuable in its current use or marketed on our platform as a development site to hundreds of developers. We use machine learning to analyze big property data (ATTOM Data is our largest data set, along and 16 other data sources) that funnel into an algorithm to determine best use.
ATTOM Data Solutions • P12
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