It's not immediately obvious how artificial intelligence will impact the way that real estate is bought, sold, and maintained. But AI is making its mark on certain real estate outfits already, and despite some challenges, we know that AI could deliver great benefits to those who use it wisely. These industry insiders did their best to pinpoint what AI's future in real estate will look like. Here's what they said:
1. Jasjeet Thind, Vice President, AI and Analytics at Zillow
“Today the real estate transaction is stressful and often duplicative. By leveraging AI we can create a more personalized, end-to-end experience for our customers, eliminate many of the pain points associated with buying and selling a home, and help our customers close on their home faster.”
2. Attila Toth, founder and CEO of Zesty.ai
“In the longer term, Internet of Things-enabled devices will not only provide comfort and security to residents but also invaluable data to property owners, operators and service providers, such as insurers. Data will unlock new service offerings, such as parametric insurance.”
3. Mark Choey, co-founder of Climb Real Estate and founder of Climb Labs
“Imagine predicting with perfect accuracy when a buyer or a seller lead is ready to buy and based on their preferences, being able to predict the home they can and want to purchase. Additional benefits of AI include:
-Using AI to spot red flags and make recommendations in a contract
-Automatically advise you of inspections needed based on the features and history of the home
-Being able to approve you of a loan using intelligent algorithms to accurately predict your credit risk profile
-Having the home value accurately appraised by advanced AI-based valuation algorithms
-Predicting the perfect closing gift you would like based on your Amazon shopping preferences and history.”
4. Saurabh Saxena, founder of Houzen
“Depends on the use case and which part of the industry e.g. retail, residential, commercial, hotels? In the UK and wider Europe it'll take a bit of time (say 10+years in ) to be deployed and adopted. In markets such as North America and Asia, it is already being deployed as we speak.
Also, there is at least 8-10x more capital available for property tech ventures in those markets, as compared to Europe to try and fail and then try again. Faster deployment means quicker results on what worked and what didn't and eventually leads to quicker adoption.”
5. Daniel Cozza, Chief Product Officer of Building Engines
“Thanks to the amount of new technology and rise of smart buildings, AI has a ton of potential in real estate with the amount of data being created on properties.
Imagine predicting that a tenant won’t renew, knowing which equipment will break down in the next two months or understanding which amenities truly matter in each of your properties.
AI can see patterns and trends providing insight to CRE professionals they’d not otherwise see, helping management teams avoid unnecessary spend and invest wisely, put their resources where it matters most, run their businesses better and improve life at work.”
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