AI Bot or Your Daring Real Estate Broker?
AI has been a great revenue generation tool recently. Machine learning on Amazon Web Solutions, (AWS) cloud has provided strong revenue for Amazon. Firms can use AI services easier than ever before with the help of AWS. Netflix and Zillow are outstanding examples of utilizing AI real-time data analysis capabilities on cloud.
There are many hard working people in the real estate industry, and AI can help them to do their job more efficiently than ever before. Real estate is a huge business, and it helps people find their dream homes and apartments.
Zenplace, a startup in California has created Tablet carrying robots that can show prospective buyers around the property. If any questions should arise, the real estate broker can FaceTime in through the Tablet immediately.
Skyline Ai is a startup that just received funding for machine learning in the commercial real estate industry. Skyline raised $18 million in its Series A funding round. According to TechCrunch, the round was lead by JLL, a top global real estate investment management firm. Skyline has claimed that they have more than 50 years of market data. The platform contains various property deals, and it can complete processes such as underwriting and deal signing. This is an interesting introduction of the use of AI into the real estate industry. Having the best dataset and receiving accurate suggestions can be the key to become a trustworthy tool for real estate investors.
There are 3 ways that AI can help real estate investors:
First, AI can produce different sets of recommendations based on user needs. Real estate brokers can cross check their own recommendations with that given by AI, and then offer a better recommendation overall.
Second, the AI chatbot is able to track people who have visited your portfolio and then chat with them 24/7. This means that customers can receive the newest real estate deals as often as possible, which can be a great help.
Third, using AI in early stages of interaction can start building user data. After chatting with users, AI is able to collect information from the interaction. The AI can check the rates of default based on the interaction with the user. There are a lot of benefits in collecting users' behavior data early for streamlining the sales process.
The future looks bright for Ai & Machine Learning's role in the real estate business!
Written by Yan Zimo & Edited by Alexander Fleiss & Rachel Weissman