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Welcome to the SquareFeet.ai Help Center. We have pulled some of the most frequently asked questions from our users and compiled them all into one place. Perhaps you may have the same question that was on somebody else’s mind - here you will find what you are looking for. Should you have any other questions that we may have missed, do not hesitate to reach out.
HOW DOES A PROMOTER ENSURE HIS COMPETITIVE EDGE IN THE MARKET WHILE USING SQUAREFEET.AI?
A developer that uses the SquareFeet.ai platform will remain competitive because our proprietary algorithm ensures that developers are achieving the highest price possible when the market is trending upwards. The initial price list is determined by analyzing the architectural and mechanical plans of your project. It is the responsibility of the developer and engineers to ensure that the project is designed to its highest potential. SquareFeet.ai’s algorithm simply quantifies the design aspects of your project and prices it comparatively to similar projects in the area. Two clients using our platform in the same neighborhood will be priced efficiently such that building quality, common space and views are considered. After the project is launched, the price list will adjust dynamically depending on real time demand, meaning specific unit models, floors or unit types will adjust depending on experienced sales traffic.
Lastly, if a developer feels that they want to adjust pricing on the downside, our platform allows for easy manipulation of the price list, as well as setting constraints on the algorithm.
HOW DOES SQUAREFEET.AI ENSURE THE SECURITY AND OPACITY OF THE DATA COLLECTED?
SquareFeet.ai ensures maximum data security. We understand the data we are working with is highly classified and valuable for the developer to keep confidential, and SquareFeet.ai does not plan on sharing, selling, or making the data public. SquareFeet.ai does reserve the right to use, analyze and interpret the data to establish market values. SquareFeet.ai may publicize the data on an aggregate basis, keeping specific projects in the database anonymous.
I DO NOT HAVE AN UPCOMING PROJECT, IS THERE A WAY TO WORK WITH SQUAREFEET.AI IN THE MEANTIME?
SquareFeet.ai can analyse your historical pricing scheme and outline exactly how you have been pricing your units. We can provide a document that outlines the following:
What value do you attribute to terraces, window linear footage, ceiling height, etc.
How are the rental rates of your project compared to similar projects in the area?
SQUAREFEET.AI CATERS TO WHICH TYPE OF BUSINESS?
Our typical customers include small-medium sized real estate developers, institutional developers, and real estate brokers. Professionals who oversee setting the initial price list and monitoring it throughout the launch of a project can use the SquareFeet.ai platform to ease their task. Rather than having a team of analysts deciding what the initial price should be and how to change it throughout the launch of the project, you will only require one specialist operating the SquareFeet.ai platform aiding in your decision making.
HOW MUCH TIME DOES IT TAKE TO ONBOARD A NEW PROJECT?
The SquareFeet.ai team will conduct an analysis of your specific project, quantifying various aspects of your building to feed in the algorithm. Afterwards, we conduct a market analysis, utilizing public market data, as well as proprietary research through anonymous shopping to evaluate the market potential around your project. The entire process ranges between 7-14 business days.
WHAT IS THE KEY PROBLEM SQUREFEET.AI IS TRYING TO SOLVE?
Knowing that the revenue of real estate developers and the profitability of their projects is directly linked to unit pricing, SquareFeet.ai is trying to fill in the gap by doing what humans have a very hard time accomplishing. Typically, real estate developers hire a team of experts, brokers, and consultants to determine the initial market price list and monitor the unit pricing from launch to finish. The difficulty comes from the fact that large quantities of data are generated from real estate projects and a human mind cannot process and iterate as much information as a computer algorithm. Squarefeet.ai uses econometrics, machine learning and artificial intelligence to accurately set the initial price list of a new residential development and optimize the pricing in real time. In other words, SquareFeet.ai ensures developers are obtaining the highest revenue from their new development, given the current demand in the market.