Artificial intelligence is transforming many industries, including real estate. Automation and machine learning algorithms are already being used to increase the speed and efficiency of transactions and help real estate professionals adapt to the changing technological landscape.
From streamlining communications with tenants to predicting construction delays, AI has many fascinating applications in the real estate industry that can’t be ignored. So, to help you stay ahead of the curb, here are a few of the top companies in the space that are currently using artificial intelligence to transform the business.
AI Real Estate Companies
Redfin
Redfin is a residential brokerage based in Seattle that provides real estate brokerage and mortgage origination services. With more than 2,000 lead real estate agents across over 100 different markets, Redfin has been a player in the real estate world for some time. They pride themselves on being a technology-powered real estate company, and they leverage AI in many interesting ways to create a better customer experience.
Redfin has several different tools that make real estate agents’ jobs easier and make the buyer or seller’s journey more approachable. For instance, they have an AI-powered redesign tool that allows buyers to edit listing photos in real-time to show what a home would look like if they did a renovation. Redfin collaborated with the software company Roomvo to create the tool, which allows users to make changes to the walls, flooring, countertops, and other key features. It’s already become the most popular feature on their home details page.
They’re also rolling out another interesting tool called AskRedfin, a generative AI assistant that can answer questions about a home’s details, such as the dates of upcoming open houses, school districts, HOA fees, and more. Redfin has been using cutting-edge technology to help real estate professionals better serve their clients for many years, so it’s no surprise that they’re already finding unique ways to leverage the power of AI.
C3AI
C3AI is a technology company based in Redwood City, California, that specializes in enterprise-scale AI applications. They have an AI-powered property appraisal application that can generate highly accurate residential and commercial real estate valuations. It’s one of the best AI applications for real estate investors who need a comprehensive and reliable way to determine the value of a property and analyze the potential of the investment.
C3 uses advanced machine learning algorithms to analyze large amounts of structured data to generate appraisals and create reports in a unified and easy-to-read view. It offers multiple AI-based valuation methods, including income capitalization, sales comparable, and cost-based valuation, to determine the most accurate figure possible.
The intuitive dashboard lets users see key data about the property being analyzed, including interior features, lot details, condition reports, historical sales data, and more. Plus, it can support a wide range of different property types, including single-family houses, condos, townhomes, office buildings, industrial facilities, and more.
C3AI is an innovative tool that can help real estate investors find and analyze deals in a myriad of ways. It can help analyze the strength of an investment, help craft an offer, and save investors precious time scouring public records and other sources to find key info about a property. Not to mention, it can also be useful for property appraisers who need a cutting-edge tool to help them reduce some of the more tedious aspects of their jobs.
LocalizeOS
LocalizeOS is AI-powered software that allows real estate agents to track, connect, and manage leads all in one place. The innovative app makes it easier for agents to manage their workload and helps buyers find the perfect property. The platform can analyze billions of data points from public databases and social networks to provide insights into property attributes and the broader real estate market.
Their app features a responsive AI-virtual assistant named Hunter. Hunter can engage with prospective buyers, ask questions about their preferences, present property information, and qualify their financial information. Once they’re ready to buy, a human agent will be alerted, so they can provide further assistance.
LocalizeOS seamlessly combines artificial intelligence and human expertise to simplify the home-buying process. It also helps real estate agents reduce tedious communications and manage their workload in a busy market. Rather than wasting time talking to prospects that aren’t even ready to buy, agents can focus on serious buyers and hone in on their zone of expertise.
Not to mention, the app is not only an AI assistant but also powerful CRM software that helps agents manage their leads and store important data all in one place.
Plunk
Plunk is an AI-powered real estate analytics platform that helps homeowners, investors, and real estate professionals make better buying decisions. It uses artificial intelligence, machine learning, computer vision, image analysis, and mobile technology to make assessments about a property in real-time so users get the most accurate and up-to-date figures possible.
The Plunk mobile app can use images of a home’s condition, finish quality, and key features to calculate its current value in the local real estate market. It can also provide insights into which factors influence a home’s value the most and identify specific remodeling projects that will provide the greatest returns.
Plunk offers countless services that can help in the home buying and real estate development process, from real-time valuations to market forecasting to remodel analysis. What makes Plunk unique is its focus on using images and available property data to create a dynamic valuation based on all the actual factors that influence a home’s value. It also considers variables such as buyer sentiment, interest rates, inventory trends, and employment data to create a comprehensive picture of what is truly happening in the market.
Plunk’s easy-to-use mobile app also makes it accessible for those who are not the most tech-savvy but still want cutting-edge insights. It can benefit a wide range of users, from buyers looking for a new home to real estate investors who need a fast and accurate way to analyze an investment. Plunk is one of the leading solutions for AI-powered real estate analytics and strives to revolutionize the way people buy and sell homes.
Zuma
Zuma is a software company that has developed a generative AI solution for property management. It seeks to automate all the menial tasks landlords deal with on a daily basis, freeing up their schedules to focus on client engagement. Their main proprietary product is Kelsey, an AI virtual assistant that can analyze and respond to tenants and prospects through various modes of communication, including text, email, and chatbot.
Kelsey can arrange property tours, follow up with leads, and provide answers to commonly asked questions. It helps reduce friction in the rental process to ensure a smooth leasing experience for both landlords and tenants. In addition, Kelsey can screen tenants, accept online payments, and respond to urgent communications. It can also help with marketing efforts by managing and compiling data on leads that visit the company’s website or social media.
Zuma strives to be a comprehensive solution that helps landlords streamline communications with their tenants and follow up with more leads. It can seamlessly integrate with most leasing software and makes property management easier for all parties involved.
Entera
Entera is a SaaS platform and real estate marketplace that helps real estate investors find, buy, and manage single-family homes. Its AI-powered database contains hundreds of thousands of on-and-off-market properties with real-time market data that enables investors to make smarter buying decisions. Users also have access to Entera’s massive network of centralized and local real estate agents who can assist in the buying process, as well as a team of real estate experts who can provide guidance on acquiring properties and scaling a rental-property business.
Entera is backed by major venture capital firms, including Goldman Sachs, Bullpen, and Craft, and works with some of the largest single-family rental firms in the country. They currently do over $3 billion in annual business and list over 350,000 properties daily across 32 different markets. They strive to not only be an AI-based analytics and listing platform but also a one-stop-shop for serious investors who need reliable technology to grow their portfolios.
CoreLogic
CoreLogic is an enterprise-level provider of financial, property, and consumer information, analytics, and business intelligence. It’s one of the biggest firms in the real estate analytics space and offers a comprehensive range of solutions for real estate brokers and investors looking to get more out of their data.
They offer a suite of innovative tools that use AI to aid in common real estate transactions. Their OneHome product offers AI-enabled property recommendations and comparisons based on real-time user data and preferences. It also has a mortgage origination platform that uses AI to alert applicants about missing documents and identify income streams.
Its restoration job management software has an AI-powered image analytics feature that can identify and tag key structures in property photos. CoreLogic is a powerhouse in the real estate data services industry and has a range of unique tools that alleviate common pain points in the home buying and investment process. Their goal is to promote health, stability, and opportunity in the housing market using advanced analytics and innovative AI and machine-learning-based technologies.
Doxel
Doxel is an AI-software that aids in the real estate development process by automating progress and schedule tracking for construction projects. The software can track over 80 stages of a construction project and capture any minor details that could potentially cause delays. Construction specialists can simply walk through the site with a 360° camera strapped to their head to record footage, then upload it to the system. The software will compare the images to the BIM and provide insights on mitigating and solving potential problems.
The software is accessible and easy to use. It helps project managers speed up construction timelines and increase revenue by avoiding potential delays. It works for residential and commercial real estate projects and has the potential to transform the construction industry by reducing friction and aiding in collaboration between team members.
Final Thoughts - Should You Be Using an AI Real Estate Company?
Simply put, AI isn’t going anywhere, and the technology offers many exciting ways to use ai for real estate investing. It not only has the power to change the way business is conducted but also reduces some of the existing burdens put on real estate professionals by automating routine, mundane tasks that distract from bigger picture concerns.
So, working with an AI real estate company is certainly worth looking into if you find yourself searching for high-quality data or a way to eliminate the tedious tasks that often make life difficult. However, whether you use one of the AI tools ultimately depends on your real estate goals and whether a particular company offers an AI-powered service that can help you reach them more efficiently.