The general understanding of artificial intelligence is usually different from real life. People imagine an intelligent robot that can make decisions on its own, discover problems, and eventually take over humans.
Suppose you are a real estate agent and you usually spend a typical working day in the office. You will get a lot of prospects data. Therefore, once a new customer asks you for infor, you show him company introduction and promise to call back as soon as the matching property appears.
Fortunately, those days are gone forever.
Using AI-based software, you can greatly change the way you provide services to the same customer. By entering dozens of search criteria, you can get instant results about available houses in real time. In addition, you can even provide a personalized list before customers turn to you. To understand life events such as a client’s marriage, you can send automatic message sequences. You don’t need to spend a lot of time on manual research and analysis, because AI will do the work for you.
Let’s compare the smartest ideas in AI real estate applications and how they simplify the real estate business
10 top AI real estate applications and startups that are worth learning.
The TRIRIGA application is empowered by IBM and uses AI in real estate to effectively manage office space. The system understands how people actually use the space and collects data from various sources such as Wi-Fi and connected sensors. This information is then displayed in an easy-to-understand format.
The goal of the application is to manage the workspace wisely and reduce space waste. In turn, it can save the organization a lot of costs. According to Jones Lang LaSalle’s report, 30% to 40% of the work space is currently underutilized. In terms of cost efficiency, this could result millions of dollars in losses.
The AI assistant can predict the needs of employees and reorganize of the layout accordingly. Most importantly, you only need to use voice to interact with the system.
This is the case when artificial intelligence actually looks like a robot. The Doxel startup company provides services for teams and projects that are still under construction. The autonomous machine tracks the installed items and automatically measures the earned value of each item. You can view the construction site in 3D, view updated progress reports, and view completion statistics.
Most importantly, with the help of the AI engine, you can immediately see installation errors. The system claims to save about 11% of the overall budget and increase the team’s productivity by 38%.
For landlord who need to find an agent quickly, Houzen is a must-have tool. It screens real estate agents based on success rates, local expertise and certifications within 24 hours. The tool is very easy to use and efficient, speeding up the entire workflow. Analyze the willingness of users to pay for applications to complete each transaction faster than traditional methods.
Global mission: to help everyone find their ideal home
More than 14,000 real estate agents in 100 cities in the United States are using this application to find and sell houses. At the same time, the application story with artificial algorithms is very curious. The great AI transition happened in 2019, and the company hired more than 200 engineers and AI professionals to enhance the solution. Currently, the AI team has more than 320 people in New York, Washington, and Seattle. The AI engine works in several different ways.
First, it provides personalized recommendations to each user based on previous searches and interests. Second, once customers are particularly active on their platform or other housing search sites, the CRM-integrated AI will be displayed to real estate agents. Therefore, it can enable real estate agents to understand customer behavior.
“People usually think that the process of buying and selling houses is arduous. Compass is changing this situation. Compass CEO Robert Reffkin
People’s expectation for future apartments is that every room has plenty of sunlight. But the only way to check it is to visit the site, right? By analyzing how much light each apartment receives in a year, it proves that Localize.city is an excellent alternative. More importantly, it can analyze the sunniest time of the day and the time the sunlight penetrates the room.
This startup created a list of the 10 darkest buildings in each area. Daylight also affects the price of apartments, because homeowners attach great importance to natural light. Therefore, once users indicate their preferences, they will get information about the distance to the park, damaged items and even complaints from previous tenants. We believe this is a good example of how to use AI to obtain unique data in commercial real estate.
Mission: Relieve the pressure and confusion of buyers
Unlike many real estate brokerage companies, this brokerage company does not use MLS (National Listing Database). And it only charges real estate agents and buyers a 2% fee instead of the usual 5 or 6%. Moreover, it pays the agents’ salaries instead of working with them as contractors.
So how does it use AI?
You can change the intermediary at any time. The company tracks users who click on ads and their behavior on the site. Then, it displays them based on the interest of the advertisement. The smart algorithm also analyzes data about the homeowner’s history to understand their purchasing power. Computers are good at processing large amounts of data, but REX still employs 22 people to guide users through the sales process.
Unlike the previous one, this tool uses AI in real estate to help real estate agents complete their work, rather than replacing them. It simplifies customer search and only charges 1% commission for each sale. The artificial intelligence docking tool analyzes the data and recommends houses to potential buyers. Users are 4 times more likely to click on RedFin recommendations than searches suitable for their own save.
In addition, the company also uses AI to calculate the value of houses and provide marketing advice to sellers
Apartment Ocean helps real estate agents convert potential customers and reduce purchase costs. It is an artificial intelligence chatbot that can be used as a communication tool on the website.
The problem with the first contact is that most people don’t turn to sales. However, thanks to this convenient application, you can generate a reply immediately without expending effort and time. AI real estate applications can answer even the toughest questions, and they sound like humans. In addition, it is easy to customize and install on your website, which is an ideal solution for busy real estate agents
One of the logical applications of artificial intelligence in real estate is house valuation. HouseCanary does just that. It evaluates housing prices at the current moment and the nearest future. The AI software program analyzes data from the past 40 years and generates a forecast of 2.5 marginal errors, which is very low.
With the help of this data, you can predict upcoming peaks or troughs and make smart buying decisions. Loan organizations, financial and real estate agents use this software to establish trust relationships with customers and perform conversions.
The successful case of HouseCanary proves that the real estate market has a high demand for cost estimation and predictive analysis. It received a total of $64 million in funding.
This is another AI real estate application that estimates value based on thousands of data sources. Easily set prices for commercial properties, shopping centers and other buildings. Using this tool, you can make accurate predictions about upcoming price changes and automatically analyze multiple aspects that affect the final price.
Large corporations, investors and lenders use GeoPhy to develop strategies and improve results. The start-up company founded by two architects received $33 million in funding to make the global real estate market transparent.
Results: In the United Kingdom and the United States, GeoPhy managed to reduce the gap between average CRE assessments and actual real estate prices from 5-6% to nearly 0%. It was established in 2014 and has grown to have more than 100 employees since then.
Artificial Intelligence brings the following core advantages to the market:
In-depth market analysis
Save energy, expenses and conference costs (once, artificial intelligence saved a large company 1 million euros in 6 months)
High conversion rate
These points and the example above mean that AI and real estate are a good match. Due to a large amount of industry data, both companies and users can reduce costs and risks by building intelligent software systems.
Whenever you need to redesign an application or integrate it with other software, 56Tech is eager to help. Our team also has experienced technicians who have developed many real estate apps and believe that they can provide the right apps for your company. Welcome to contact us at any time. Call us for consultation:(China)400 186 0061, send an email to: firstname.lastname@example.org
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