Metsätilat

Valuing forest properties is normally done with an expert visit to the property. For those looking for a faster approach, an accurate online pricing tool would be a big benefit. However, there are challenges in creating a reliable online tool to estimate the value of forest properties. Factors such as past sale prices, tree species composition, age, density, soil quality, and accessibility all influence value. 

Machine learning offers a way to analyze large datasets of existing forest sales to identify patterns and relationships that influence property value. By continuously learning from new data, such a model can generate accurate, data-driven value estimates. 

Metsätilat has a unique advantage in that they have a lot of existing data about forest property sales that could be used to create a tool for valuing properties.

Vincit started with a discovery project to fully understand what was possible to do and how to proceed in the best way. We did user interviews to determine their needs and worked with Metsätilat to identify the key variables that influence property value. 

The next step was to ensure access to high-quality datasets, such as historical sales records and forest inventory data. We trained machine learning models to recognize the patterns between property characteristics and market prices. We then built an easy-to-use interface that allows users to quickly understand the value of their rural and forest properties. 

One important point about this project is that Metsätilat already had good-quality data available about forest pricing, which is key to making a reliable AI tool. The final product is called Hintakompassi ("price compass”) and is available online on the Metsätilat website. 

Reliable information based on actual prices

The calculation made by Hintakompassi is based on the purchase price information of the properties Metsätilat deals with, which the tool combines with public forest resource information of an owner's forest estate.

Taking advantage of Metsätilat’s information to offer a unique service

Metsätilat wanted to create a new product to better serve their customers based on the unique information they have about forest property sales.

Fast response times for consumers

With the online tool, there is no need for waiting up to several weeks for an evaluation: they receive a price estimate by email immediately after they have completed the online process.

More sales for Metsätilat 

The tool helps to increase sales by making it fast, easy, and convenient for customers to get pricing data on their properties