There are many ways in which AI technology has transformed our business activities. Automated chatbots, virtual tours, and targeted advertising are just a few examples.
AI has an enormous benefit for the real estate market, one that we have only scratched the surface of in the last decade. It simplifies the process for all parties involved – brokers, agents, buyers, and sellers. Self-refining algorithms can learn everything about a property by analyzing pictures, and understand customer needs before agents reach out to them.
Here’s a look at five companies that revolutionized real estate using artificial technology and innovative ideas.
Divvy Home uses artificial intelligence to power their rent-to-own opportunities. It creates a personalized application form that helps the algorithm understand the client’s financial situation and clarify relevant questions. Once that’s done, their technology filters out homes that fit in that specific budget so clients can begin negotiation.
RestB is an AI-powered software that automatically reads real estate photos. It understands the content of any picture and can determine what type of room it is, what’s the floor plan, among other relevant information that can be used tagging. RestB also identifies property highlights like hardwood floors or sunlight incidence, making it easier for agents to match clients with their ideal home.
RestB uses technology to improve user experience. Even users without tech knowledge or real estate experience can easily interpret in-depth reports about property quality and find the best prices.
Specifically for NYC properties, Localize specializes in fact-checking homes. Their technology can provide even the most nitty-gritty details, like how much sunlight the space gets. Traditional agents usually highlight the positive aspects of a property. On the other hand, Localize’s AI provides customers with realistic reports of what they can expect. Including seasonal light variation, elevator functionality, and even if there are any constructions nearby that could cause disturbance.
Localize creates reports on a property’s pros and cons to increase transparency. Their system also allows users to filter out priorities when looking for their future home, like being near well-rated high schools, supermarkets, or including on-site laundry.
REX Homes is a real estate broker that uses artificial intelligence to help clients find the perfect property. Their smart algorithm understands preferences, purchase history, what ads clients click on (or don’t), and then use that data to recommend properties. Their technology makes for a smoother house buying/selling process. It cuts down costs significantly by reducing the value of a traditional agent.
REX uses AI to help their human agents as well. Staff hosts open house events with an Ipad that contains all relevant information about the property, ready to clarify questions even for the most detail-oriented prospects.
Apartment Ocean is an AI-powered real estate assistant. Independent from agent availability, their smart chatbot engages with customers in a conversational style. It’s programmed to answer commonly asked questions – for example, “Do you have a three-bedroom apartment in Queens?”. Once the first enquiries are resolved, and the bot has built a client profile, human agents can take over and schedule a meeting.
AO is an intuitive platform for both customers and agents. It doesn’t require previous tech knowledge or complicated setups, and installation is fast and straightforward. AO stands out for being customizable for specific business needs.
Deepfinity is a market leader in artificial intelligence and Proptech. Parcel Tracker, their main product, aims to reduce the amount of time spent in managing packages. Using AI-powered technology, Parcel Tracker reads the label with a smartphone camera and sends them a notification to collect the parcel. They also offer an e-signature feature for proof of pick-up and allow clients to customize messages according to their brand identity.
Deepfinity’s internal parcel tracking software optimizes package management for any building. They leverage mailroom management technology to save time, increase efficiency, and guarantee a smoother process for both staff and tenants.
The real estate market has historically been slow to accept innovation – however, implementing tech advancements is key for commercial competitiveness. Many companies are adapting to new ways of achieving results, and the ones who don’t do the same are likely to stay behind.