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Artificial Intelligence Applications in the Real Estate Industry

AI in Real Estate!

Looking at AI Applications in Real Estate Abroad

Artificial Intelligence is slowly but surely infiltrating various industries across the globe. With the scenes from the 2002 film Minority Report becoming a reality, police in China are using AI to help determine who is at risk of committing a crime before it has even happened. In the Real Estate Industry, such uses are not as extreme, but are certainly starting to become more prominent.

AI is starting to change the way real estate agencies do business. Despite the uses such as above, AI is now becoming a normal part of everyday business, as opposed to applications only found on the big screen and starring Tom Cruise.

So how is it applied in the real estate industry and what does it mean for tenants, landlords and agencies?

Let’s look at some examples that are in place in overseas markets, and not too far off from your shores.

Zenplace Property Management (US)

Zenplaceis a full service leasing and property management tool. It aims to lease properties three times faster than traditional methods and provides an online property management tool 24/7. It streamlines processes for both tenants, landlords and property managers with:

  • On demand tenant showings, 7 days a week
  • Tenant prescreening
  • 24/7 leasing process
  • Online rental payments
  • Maintenance recommendations

Stepping it up even further, Zenplace is implementing robotic property tours. Potential tenants use a code to access properties and are then greeted by a moveable robot that relays real-time video back to the agent – who is safely tucked away in their office. The implementation of robot property tours is working to decrease vacancy rates with properties being viewed and rented quicker.

There are arguments that this cuts down the person-to-person contact in the leasing process. With the Zenplace model, there is still that level of human contact with the agent controlling the robot and talking to prospective tenants.

Opendoor (US)

Opendoor is changing the way you buy and sell a home in the US. If looking to sell you home, simply enter your property details and Opendoor will give you an automatic offer to buy your house, there and then. They take care of any maintenance and the next steps in finding a buyer. As a seller, that means:

  • An immediate offer on your home
  • No open homes or inspections
  • No stress with mortgage overlaps

As a buyer, Opendoor offers hundreds of listings on the Opendoor platform, available for you to tour from 6am-9pm daily, with no appointment. Simply use the app to access properties, view pictures, prices and then download the access code and tour the home at your leisure.

3D Printed Houses

3D print technology is amazingly making its way into the housing industry. The automotive and aviation industries have been utilising 3D printing technology for years, but now, the printers are growing in size to tackle far larger-scale projects.  A Chinese company has used four 3D printers to build 10 houses in a single day.How you say? These huge printer stand at 10m x 6.6m and use recycled construction material and quick drying concrete as ink. They use pre-programmed patterns to make structurally sound houses that can stand up to their own weight. This is just the beginning.

The use of Artificial intelligence will only become more prevalent in our everyday lives. From suggesting movies and TV series to us on Netflix to building our own homes – the only limit is our imagination (and the power of the bots).