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A common perception of artificial intelligence is often different from real life. One imagines an intelligent robot which is making its own decisions, finds problems, and eventually takes over the humans. In reality, AI may be practically invisible in a software system. However, it does make a huge difference.
Imagine you are a realtor spending your typical workday at the office. You get overloaded with chunks of data about your clients. So once a new customer turns to you, you show him a generic company presentation and promise to call back once a matching property appears.
Thankfully, those days are gone. Up until 2021, the PropTech industry has evolved a lot.Â
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Using AI-based software, you can dramatically transform the way you serve the same customer. By putting in dozens of search criteria, you get instant results about available houses in real-time. Furthermore, you can offer personalized listings before the customer even turns to you. Learning about life events such as customer marriage, you can send the automated message sequence. You don’t need to spend hours on manual research and analysis since AI will do the job for you.Â
Let us compare the brightest ideas of AI real estate apps and how they simplify the real estate business.
Launched by IBM, the TRIRIGA application uses AI in real estate to efficiently manage office space. The system learns how people are actually using space, collecting this data from various sources such as Wi-Fi and connected sensors. Then this info is presented in an easy-to-digest format.
The goal of the application is to manage workspaces wisely and cut on room wastage. This practice, in turn, can lead to significant cost savings for organizations. 30 to 40% of workspaces are currently underused according to the JLL report. In terms of cost-efficiency, this can result in thousands of dollars.
A smart AI assistant can then anticipate staff needs and reorganize building layouts accordingly. The cherry on top, you can engage with the system by only using your voice.
This is the case when artificial intelligence actually looks like robots. Doxel startup serves teams and projects still under construction. Autonomous machines track installed items and automatically measure the earned value for each item. You can see the construction site in 3D, view an updated progress report, and see the completion stats.Â
What is most important, you can instantly see the installation errors thanks to the AI engine. The system claims to save around 11% of overall budgets and grow team productivity by 38%.Â
Houzen is a must-have tool for homeowners who need to find the agent fast. It filters realtors by success rates, local expertise, and accreditations, selecting them within 24 hours. This tool is quite simple to use & efficient, speeding up the whole workflow. Analyzing the user's will to pay the application closes every deal much faster than traditional methods.Â
A global mission: to help everyone find their perfect home
More than 14 000 realtors across 100 US cities are using this application to find and sell houses. Meanwhile, the app story with artificial algorithms is quite curious. The great AI transition happened in 2019 when the company hired 200+ engineers and AI professionals to power up the solution. Now the AI team counts 320+ people in New York, Washington, and Seattle. The AI engine works in several different ways.
First, it offers personalized recommendations to every user based on its previous searches and interests. Second, a CRM-integrated AI shows realtors once a customer was particularly active on their platform, or other house search websites. Thus, it keeps realtors informed about customer behavior.
“ The process of buying or selling a home is often thought of as daunting and difficult, and Compass is changing that, Robert Reffkin, CEO at Compass
A common thing people expect about a future apartment is sufficient sunlight in each room. However, the only way to check it is by visiting a place, isn’t it? Localize.city proves to be an excellent alternative method by analyzing how much light each apartment receives during the year. More so, it analyses the sunniest hours during the day and the amount of time when sunlight penetrates the room.
The startup created a list of 10 darkest buildings in each district. Sunlight also affects the price of the apartment, as homeowners value natural light incredibly high. Therefore, once a user indicates their preferences, they get the info about park proximity, broken items, and even previous tenant complaints. We believe it is a sound example of how to use AI in commercial real estate to get unique data.
Mission: take the stress and confusion out of buying and selling houses
Unlike many real estate agencies, this one does not use MLS (Multiple Property Listings). And it charges only 2% from realtors and homebuyers instead of typical 5 or 6%. Moreover, it pays the agent salaries, instead of working with them as contractors.Â
So how does it use AI?
To replace agents. The company tracks users who clicked the ads and their behavior on the website. Then, it shows the ads according to their interests. Smart algorithms also analyze the data about homeowner history to find out their buying capabilities. Computers are better at processing big loads of data, but REX still hires 22 people to guide users through the sales process.
Unlike the previous one, this tool uses AI in real estate to help realtors in their jobs, not replace them. It simplifies customer search and requires only a 1% commission for each sale. Artificial intelligence Matchmaking Tool analyzes data to recommend a home to potential buyers. Users are 4 times more likely to click on RedFin recommendation than on the one fitting their own saved search.
Besides, the company also uses AI to calculate the house value and advise home sellers on their marketing.
Apartment Ocean helps realtors to convert potential customers and cut on acquisition expenses. It is the artificial intelligence chatbot that serves as a communication tool on a website.
The problem with first-time contacts is that most of them do not turn to sales. However, thanks to this convenient application, you can generate instant replies without spending effort & time on this. The AI real estate application answers even the trickiest questions, sounding like a human. Besides, it is easy to customize and install on your website, a perfect solution for busy realtors.
One of the logical applications of AI in real estate is price estimation. HouseCanary does just that, evaluating the house price at the current moment and in the nearest future. The AI software program analyses data during the past 40 years and generates forecasts with a 2.5 margin error, which is dramatically low.
Thanks to this data, you can anticipate the upcoming peaks or valleys, and allow for wise buying decisions. Lending organizations, financial, and real estate agencies use this software to build trust with their customers and convert them.
HouseCanary's success story proves that cost estimations & predictive analytics are in high demand in the real estate market. It received $64 million of funding in total.
It is another AI real estate app estimating value based on thousands of data sources. Set the price for commercial properties, shopping centers, and other buildings with ease. Thanks to this tool, you can make accurate predictions about upcoming price changes and automate analysis of multiple aspects affecting the final price.
Major enterprises, investors, and lenders use GeoPhy to create their strategies and improve results. Launched by two architects, the startup got $33 million of funding to make the global property market transparent.Â
Outcomes: GeoPhy managed to reduce the gap between an average CRE appraisal and actual property price from 5-6% to nearly 0% in the UK and US. It was founded in 2014 and has grown to 100+ employees since then.
Mission: to help customers explore their perfect living place through unique browsing experiences.
So far, we have seen that AI and real estate make a great match. Trulia, in turn, shows how this ensemble can learn from the online behavior of every user. Using smart AI algorithms, the app memorizes preferred items and browsing criteria of a customer. For example, the app remembers the color of walls, floor plans, and construction materials from the liked photos. Based on this data and the data about similar customers, the system recommends some house options.
Thanks to more than 35 filtering parameters and keywords taken into account, a customer gets a highly personalized experience like with no other app.
Veros is another AI real estate application helping to evaluate the properties accurately. However, unlike the other solutions, it is centered around AVM, an automated valuation model. This method uses math and databases to calculate property values.
Moreover, in 2019 the agency added the info about natural disasters, analyzing how different properties get affected. For instance, would you like to know how the Covid19 outbreak affected the properties’ value? Veros makes forecasts and analyses value change caused by natural phenomena. Overall, Veros raises the AVM accuracy rate from 65% to 75% nationwide. It simplifies the work for lenders and investors, reducing the error margin and risk.Â
But what it takes to create a real estate app? Learn about the main aspects affecting property app development cost.
Are you looking for an innovative collaboration tool and advanced property search? Nobbas is there to help. It gathers 1.4 million of property listings in the U.S., showcasing the best-match listings based on your preferences.
Besides, it has a convenient built-in collaboration tool. So it’s useful for those looking for a home with their roommates or families. Once you invite someone to cooperate, you can add, comment, or see the preferred items of each other. No need to send each house to your friends in Messenger, as Nobbas lets you share it all instantly. It is a significant accelerator for the house search.
The company reunites software engineers, AI, and real estate experts to offer a next-generation investment calculator. It received $22 million in Series A funding.
It analyses deals made during the last 50 years and compares info from 100+ resources to predict market trends and, better yet, return on investment. AI algorithms allow us to predict future rental costs and make buyers more confident about their investment. Investors use this powerful AI real estate app to find high-reward opportunities, distresses, and predict market anomalies.
The award of the most innovative AI startup of 2019 proves that this AI app has something to offer.
The AI startup gathers and learns from many data sources to make wise & data-based decisions. As the market is increasingly migrating towards enriched data systems, the company is leveraging the power of AI to provide the maximum benefit.
The SaaS system includes several key elements: CoreAugment, CoreExplore, CoreConnect, and CorePredict. Some of the cool features we should mention are analysis & prevention of risks, ROI modeling, and forecasting. All of them are possible thanks to artificial intelligence algorithms integrated into a system.
Even though Cherre did not appear first in a highly competitive market, it has partnered with several Fortune 500 companies so far. No wonder, since it possesses data about 177 million real estate items and provides crucial data insights.
This Miami-based agency combines AI in commercial real estate in its unusual way. It uses 3D modeling to present real estate projects under development. You can set your parameters and get a 3-dimensional image followed by an in-depth financial analysis of your project. DeepBlocks automates the calculations and simplifies communication between many stakeholders.
The pricing is $180 / month or $900 / year.
Do you wonder where the best property fitting your criteria is? CityBldr will help you to find out. It searches for the available sites and connects you with stakeholders to speed up the deal-making. Afterward, the AI real estate app predicts whether one will pay more for an item and sets the potential for redevelopment.
Understanding the property market is vital to make informed and data-based decisions. CityBldr provides you with instant access to the necessary contacts, powering up your deals.
One thing you need to know about Jointer is that it brings blockchain to real estate. Cutting investment risk to a minimum, the startup offers a better alternative to commercial, one-time investments. It replaces them with tokens offering diversification to investors and augmenting the ROI to the owner.
An embedded artificial intelligence engine analyzes thousands of real estate items before they appear on the platform. It finds the best opportunities and the most secure investments. Thus, some name it a game-changer in real estate. The application received the best startup in the world award in 2018, competing with 4000 other startups.
You can use this AI real estate app to get the accurate valuations of properties. Brokers, banks, insurers, and lenders all use Quantarium to get rich data on 153+ million property parcels.Â
This application is based on the cloud infrastructure, using machine learning real estate algorithms to offer a unique kind of experience to users. You get predictive analytics about potential risks that could affect the owner's portfolio. The service produces a 360-wide properties’ view, and it definitely deserves your attention.
Blok is a Finnish agency established in 2017. The goal of this online platform is to help sell Helsinki apartments and cut on unnecessary paperwork. Based on the age of the listing, its location, and amenities, the AI app estimates the price at the exact moment. In return, the application charges 0.95% of the cost, saving on average €6000 to each customer.
You can automate photography, marketing, and document processing with this platform. So far, more than 2000 items were sold by owners via this platform.
Gridium focuses on analyzing energy data to save on resource consumption. It processes the info from smart energy meters, rate variations, and weather changes, showing the top demand charge and energy wastage moments. You can get a unified picture of their energy spendings via email or on the web. You can then share this data with your colleagues via an integrated workflow management tool. Overall, Gridium allows users to make informed decisions and see the real picture of their expenses.
Average savings range between 2 and 4% for 100m.Â
This AI business was founded in London in 2016 and got $1.7 million of funding. The app’s mission is to make the home purchase affordable for most London citizens. It does this by cutting down the lending payments by 15%. Users can get a Proportunity Loan for eligible houses and apply for financing.
Its core AI trick is in predicting what houses will change in value during a specific time. The AI system does this by processing info about 50 different aspects like school location, transportation, criminality, and more. Based on this, the application finds cost-influencing factors and makes forecasts about further price changes.
Roof.ai is a Canadian AI chatbot that answers tricky questions customers ask. This application turns out to be highly helpful for realtors, engaging their customers, and growing conversions. Machine learning algorithms analyze the behavioral patterns & past interactions to nurture prospects with individualized content.
Industry giants like HomeServices of Nebraska, Berkshire Hathaway, and The Keyes Company use this service. No wonder, as it serves a handy little assistant in your customer relationship.
Ojo Labs is another conversational AI system that helps real estate teams to serve their customers better. It learns from its past conversations, advising and guiding every prospect in their journey. It’s also a smart AI assistant for realtors, reminding them to follow up and sending data-based referrals. Ojo Labs got $62,5 million of investment in a Series D stage. The chat is seamlessly integrated into the Movoto search portal, personalizing the client’s search experience. Â
A specialty of this solution is that it captures any little details about house listings, such as bathroom location, backyard characteristics, and even fence color. Once the customer is ready to buy, the AI system connects you with a relevant seller for seamless direct communication.
Reonomy uses AI algorithms to discover new insights about real estate properties, impacting the probability of a future sale. It is an enhanced search engine that shows the data about owners, previous deals, and debt information to make more informed decisions. The founder found a market gap, as all available platforms had some information, but none of them collected it all in one place. Besides assembling various types of data, Reonomy uses predictive analytics to show if the house ceiling needs repair, or what house one will sell next.Â
The startup received $60 million in Series D funding in 2019. Real estate agents use this tool to connect with owners fast and get nuanced property settings. It claims to bring out the data that you won’t find anywhere else.
You have probably heard about this application, but did you know it helps to generate qualified leads? Zillow processes multiple data points to differentiate hot leads with serious intentions from curious people. The AI real estate app finds the listing type that a client is searching for, matching them with relevant offers. The system tracks the data from previously clicked advertisements, browsing activity on REX portals, and online searches.
Saved time for realtors, personalized recommendations, 3D walking tours, and proper resource planning are the main benefits you can get from this solution.
The data is oxygen for investors. Without detailed and accurate insights, you can not make smart investment decisions. Enodo aims to solve this problem with its intelligent AI algorithms. It analyzes rental data and calculates the value specific amenities could bring if installed in your building.
Therefore, Enodo teaches investors about what actions could bring genuine value and get it from market data. Comparing similar market rentals, realtors can see how competitive a target property is and maximize their potential.
Meet the core provider of housing data, analysis, and the largest risk management platform in New Zealand and Australia.
Besides real estate insights, this online platform tracks fraud, credit, and capital trends for 50+ years. In 2020, the company announced the launch of AI software called OneHome. As the real estate deals are moving from face-to-face meetings to online alternatives, the platform hopes that the AI engine will simplify this transition. The platform is enhancing buying & selling experience for home seekers and strengthens the relationships with clients. Â
PropertyNest is a time-saver for New York citizens. The application analyzes the financial metrics of each user, such as savings, income volume, and credit score, searching for a best-match property. It covers both rentals and sales, calculating each user's chances for approval.
Busy New Yorkers find this mobile application easy-to-use and convenient thanks to its seamless user interface.
This AI real estate app uses smart algorithms to find the properties based on your favorite design patterns. You can view videos and photos of the house interior, adding preferred items to your collection. Based on this, the app will generate various house offerings to meet your needs. The application reunites recently constructed properties and enables sharing them with other stakeholders. Â
Being a Pinterest for homeowners, the application filters the options by cost, number of rooms, and other features. Most importantly, it offers you relevant homebuilders that match your design and budget preferences.Â
“When we presented people nine homebuilders, they clicked on all of them, and went through the home, looked, hearted it or ignored it,” Law said.Â
The product brought success, as it answered the needs of target users and became convenient to use. It aggregates 1000 builders in one database.
Artificial intelligence brings the following core benefits to the market:
These points and the examples above mean that AI and real estate make a great match. Due to large volumes of industry data, both companies and users can cut costs and risks by building smart software systems.
Whenever you need to reengineer or integrate your application with other software, ByteAnt is eager to help. We apply our 14+years with real estate development to deliver the right application to your business.
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