Just in time for Edwin Powell Hubble’s birthday on 20 November, we want to take a look behind the scenes and shed some light on the naming of PriceHubble. Finding a name is always tricky. Ideally, it should not only sound good, but also be memorable and reflect the importance of the idea, today and, indeed, in the future. When Markus Stadler and Dr Stefan Heitmann founded the Swiss start-up PriceHubble, they wrote down various names on a piece of paper. They came up with, and discarded, many ideas before the name PriceHubble was born.
How much is my real estate worth?
Determining the value, i.e. the price of real estate, used to be tedious, not precise enough and no longer in keeping with the times. This is mainly due to the fact that the real estate market is generally non-transparent and often not easy to understand. In the spirit of making the real estate market more transparent and accessible, MoneyPark founder Stefan Heitmann and Markus Stadler came up with the idea for PriceHubble after a joint venture in Switzerland. They wanted to collect as much real-estate-relevant data as possible, structure it and evaluate it using state-of-the-art technologies in order to create solutions for the real estate industry.
The project was to be implemented by developing an automated valuation model (AVM), which, through the use of big data analytics, machine learning and artificial intelligence (AI), was able to recognise complex correlations and patterns that had not yet been taken into account in the valuation process before. In other words, the aim was to gain an overview of the residential real estate market as a whole in order to recognise the connections between individual factors and the dynamics of the market for a 360-degree view of the property. Based on this concept of foresight and a change of perspective, the two came up with the idea of creating new solutions and, thus, becoming a kind of telescope for real estate prices. Since they did not just want to improve the real estate market, but revolutionise it, there was no better inspiration for the name than the famous Hubble Space Telescope.