From Pixels to Prices with ViTMAE: Integrating Real Estate Images through Masked Autoencoder Vision Transformers (ViTMAE) with Conventional Real Estate Data for Enhanced Automated Valuation
Ekblad Voltaire, Fanny
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Abstract
The integration of Vision Transformers (ViTs) using Masked Autoencoder pre-training (ViTMAE) into real estate valuation is investigated in this Master’s thesis, addressing the challenge of effectively analyzing visual information from real estate images. This integration aims to enhance the accuracy and efficiency of valuation, a task traditionally dependent on realtor expertise. The research involved developing a model that combines ViTMAE-extracted visual features from real estate images with traditional property data. Focusing on residential properties in Sweden, the study utilized a dataset of images and metadata from online real estate listings. An adapted ViTMAE model, accessed via the Hugging Face library, was trained on the dataset for feature extraction, which was then integrated with metadata to create a comprehensive multimodal valuation model. Results indicate that including ViTMAE-extracted image features improves prediction accuracy in real estate valuation models. The multimodal approach, merging visual and traditional metadata, improved accuracy over metadata-only models. This thesis contributes to real estate valuation by showcasing the potential of advanced image processing techniques in enhancing valuation models. It lays the groundwork for future research in more refined holistic valuation models, incorporating a wider range of factors beyond visual data.