Will there be a day when robots, or computers alone, process a major real estate transaction, or even a minor one? Time will tell, and there will certainly be hurdles to producing market-ready AI solutions in the real estate sector. These real estate professionals tried to predict what role AI will play within the future of real estate. Here's what they said:
1. Jasjeet Thind, Vice President, AI and Analytics at Zillow
“Scalability. With AI we can accurately value the 110M homes in our database every night, respond to more than 760 requests for a Zillow Offer each day, and show our 195M unique monthly users the homes that are most relevant to their search.”
2. Daniel Cozza, Chief Product Officer of Building Engines
“AI helps to complete cumbersome, manual or tedious tasks prone to human error in a more efficient and accurate way, e.g. understanding building energy consumption, handling repetitive tenant requests or managing intricate lease details.
Doing so frees up the property management team from mundane tasks and allows them to focus on providing great customer service. With AI, real estate firms can scale their service capabilities to every single tenant. The bandwidth and ability to do that at a personal, individual level has never been possible before. With AI-powered chatbots, it’s as if each tenant has their own personal concierge.”
3. Grant Cardone, Real Estate Investor and CEO of Cardone Capital
“AI should show us how to maximize operations, investment trends and more accurately who predict the movements of buyers, sellers, and renters. Let's face it, human intelligence alone has greatly underestimated rental residential real estate as an investment vehicle. Almost every broker, investor, seller, buyer and lender I know incorrectly predicted the trend for America to embrace renting.”
4. Dr. Michael Yuan, co-founder of CyberMiles
“Imagine a real estate deal that automatically concludes once your bank electronically uploads proper documentation of your loan. So-called “smart contract”-based applications that immutably, transparently perform routine tasks (like closing on a property) not only may render title companies obsolete, but also could represent a significant cost- and time-savings for accounting and finance depts.”
5. Mark Choey, co-founder of Climb Real Estate and founder of Climb Labs
“The process of purchasing a home is a very time consuming, labor-intensive job requiring many human beings in coordination to successfully complete the purchase of a single home.
Everything from finding the home, drafting contracts, negotiations, appraisals, inspections, mortgage applications, title, and escrow, to delivering you your keys, a human is needed every step of the way. Automation and simplification of the process is the holy grail for anyone and everyone in the industry. AI has the potential to vastly simplify many steps in this process and perhaps in ways we have not yet thought of.”
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