As real estate agents, you understand that the sector is constantly evolving and that success requires staying ahead of the curve. Staying one step ahead of the competition can mean incorporating cutting edge artificial intelligence (AI) into your business practices. AI is making significant strides in the real estate industry by enabling a host of new capabilities. How is AI transforming real estate? We’ve put together the top four ways in which AI is revolutionizing the real estate industry, as well as the companies leading the charge.
Improving content generation
By automating the development of property listings and advertisements, AI can free realtors of time spent writing content to focus on engaging with prospects and clients. Systems that utilize natural language processing (NLP) and natural language generation (NLG), which are AI technologies, create ad copies that are on par with and sometime outperform copy written by humans, but in a much shorter amount of time and on a larger scale. The use of AI in content creation can also help real estate companies stand out in a competitive market by producing SEO-friendly, high converting ads that are tailored to their audience’s interests and needs.
Company spotlight: Allready.ai
Allready.ai is an artificial intelligence platform that uses proprietary Natural Language Generation (NLG) technology to quickly transform data into high-quality real estate content. The technology has been trained on over 100,000 real estate listings and incorporates best practices to fully automate the content writing process. The AI platform creates detailed diverse content by incorporating data variables entered by the user. For instance, to create property listings in seconds, the user is asked to enter relevant selling points of the property and in a few clicks the copy is ready. The result is error free and unique content, produced in a timely manner. Sign up to try the SaaS platform for free.
Optimizing property searches
Another application of AI is the generation of tailor-made listings of properties for user searches. The machine learning model finds matching properties based on customers’ specific criteria, such as location, price range, and desired features, by sifting through large volumes of data. With this capability, realtors with extensive property listings can use AI to effortlessly improve the speed and relevancy of their listings to prospective buyers and renters, and consequently increase the number of offers received. Even more remarkably, AI can use profiling methods to present first-time customers with relevant listings based on demographic characteristics shared with clients in the past with whom these listings have proven successful.
Company spotlight: Redfin
Redfin is a real estate company founded by software developers that utilizes technology to streamline the process of buying and selling homes.
Redfin has automated the property recommendation process, for instance with an AI matchmaking tool. The recommendations feature generates a list of suggested homes to customers on the website, and sends personalized emails and push notifications to notify customers when a home that may be of interest becomes available. Data shows that the algorithm outperforms self-identified saved searches in predicting which homes people are interested in, meaning it knows the users’ tastes better than they do. They click on the matchmaker’s recommendations more than on properties that meet their search requirements.
Improving property valuation
A further example of how AI can be employed is in the usage by real estate professionals to precisely assess the value of properties. By analyzing data on historical sales, market trends, and other factors, AI has the ability to forecast future rent and sale prices more accurately than traditional methods. Given the significant role that timing plays in the real estate market, this technology can help lower the risk of selling or buying properties and maximize return on investment.
Company spotlight: HouseCanary
HouseCanary is a valuation platform that aims to drive smarter decisions across the real estate ecosystem through its state of the art technology and analytical tools.
HouseCanary provides a wealth of resources, data, and updates to help individuals make informed decisions when finding and choosing the right home. Price is a key factor for customers when deciding whether to make an offer, and so HouseCanary assists with the evaluation by providing data points about the value of properties. It equips its customers with a 3-year valuation forecast, sales history, and insights on properties that are comparable or even better in the area. HouseCanary’s valuation models behind their reliably accurate valuation products are trained with decades of in-depth data from verified sources.
Streamlining paperwork and contracts
AI can be used to optimize document management processes, reducing the amount of time and resources required for organizing, searching for, and analyzing documents. AI can shorten the process of completing paperwork and contracts by using historical data to automatically populate fields for the customer. Using preset rules and templates to generate documents saves time and reduces the risk of error. AI can assist in the review of real estate documents by flagging errors or inconsistencies and suggesting changes. Overall, AI helps real estate professionals by automating manual tasks and ensuring that documents are error-free and complete.
Company spotlight: ADEx
ADEx is a platform that powers document automation and searchability to boost business growth and improve profitability. It utilizes an AI tool that helps extract and analyze useful information from legal and financial documents, including real estate documents. With the ADEx Box Skill, users can quickly access critical data from documents and view the extracted information in the Box user interface. The information is also indexed for search in Box. With ADEx, the process of reviewing complex language, clauses, and tables in documents becomes more efficient as the tool automatically creates summaries of them in the Box file’s sidebar.
By analyzing large volumes of data and using advanced analytics, AI is able to assist real estate professionals and clients in making better informed decisions and streamlining various processes. Companies such as Allready.ai, Redfin, HouseCanary, and ADEx are leading the charge in using AI to revolutionize the real estate industry, and it is likely that we will continue to see more widespread adoption of this technology in the future. Overall, AI has the potential to help people achieve real estate goals better than before, as well as help real estate companies maintain a competitive edge when the technology is integrated into their business practices.