In 2023, AI real estate companies attracted $97.9 billion in investment capital. By 2032, the AI in Real Estate market is expected to reach multi-million USD levels. The benefits of AI in real estate are rapidly expanding too. Virtual tours, split-second property searches, AI chatbots that fully substitute human labor – all these are only a part of the potential that real estate AI solutions bring.
Real estate AI is not limited only to those use cases and continues expanding. New real estate AI solutions for real estate investors, brokers, lending officers, realtors, and other key players are in constant development and improvement.
AI in real estate encompasses advanced algorithms and machine learning models aimed to automate real estate processes and provide users with predictive analytics, chatbots, machine learning, AI-powered underwriting, image generation, and other solutions for data-driven decisions. AI real estate solutions like TRIGIGA, GeoPhy, Enodo, Autohost, and Propic automate buying, selling, and investing along with property management, saving time and adding efficiency to real estate transactions.
Top Use Cases of AI in Real Estate
Tools like Zumper help agents identify clients who aren’t simply window shoppers but potential buyers. AI applications in real estate can help agents and brokers single out clients based on property preferences, which is especially useful if a broker specializes in a particular property type and has to narrow down their client search. Such a solution automatically qualifies leads by tracking their activities and predicting the ‘buying’ possibility based on the data gathered.
Using AI in real estate helps brokers and realtors first and foremost benefit from documenting pre-population. For instance, when they’re creating a brochure, the tool automatically withdraws the property data from the company’s CRM. An AI-powered tool not only extracts the data and systematizes it but can also build an accurate property description. Here, a natural language model rewrites and emphasizes the qualities of the property, limiting it to a particular number of characters creating high-quality property listing descriptions and other marketing materials in a matter of seconds.
Most real estate companies have administrative personnel who have been taught to read leases and summarize them into abstracts. This process is excessively time-consuming, so many companies have shifted their attention to AI lease abstraction.
AI lease abstraction is the process of extracting key information from a commercial lease agreement using AI lease abstraction software and summarizing it into a laconic document. AI lease abstraction tools are based on optical character recognition, text splitting and vectorization, NLP technologies, and similarity algorithms for result validation.
Choosing AI lease abstraction tool, you may consider ChatGPT, but it has privacy concerns, and lacks customization and integration with other systems. Custom AI lease abstracting tools, on the other hand, are built with specific expertise in real estate terminology and document structures and can offer faster and more accurate results, as well as integration with other databases and systems.
AI chatbots can execute searches, book tours, and provide all necessary information about properties – all a user is supposed to do is ask a question in any manner they want (AI chatbot will understand) or use one of the pre-defined prompts. Instead of waiting for real-life brokers, clients can communicate with AI chatbots 24/7 getting instant responses to their inquiries.
AI search, also known as natural language search, is a technology that enables users to enter queries into a search bar in a natural, conversational manner. Unlike traditional keyword search, which relies on precise keywords and filters, AI search uses advanced natural language processing technologies to understand the context and intent behind a user’s query, providing more relevant results.
AI search can understand and transform semantically similar phrases into filters and apply them to the search results. This way, users can easily find properties that meet their requirements, without having to scroll through lengthy lists of criteria manually. Also, it automatically identifies key requirements and keywords in the query to suggest the most relevant search results ranked by relevance.
AI property valuation is based on artificial intelligence and machine learning algorithms that analyze various data points, such as property characteristics, location, market trends, and recent sales data, to provide a precise and accurate property price.
Real estate agents, appraisers, and property owners are the first to benefit from AI property valuation tools. Among the main advantages are a streamlined appraisal process and reduced risk of human error or bias. AI property valuation tools are a more cost-effective alternative to traditional appraisal methods that provide more accurate and reliable results.
Types of AI Real Estate Solutions
Type of Service: Brokerage intelligence software (2014)
LocateAI is a retail brokerage platform assisting retailers, landlords, and brokers in choosing a high performing location for their business based on the data gathered from 200M anonymous mobile devices.
Type of Service: AI listing description generator
By utilizing a natural language processing technique, Listing Copy AI analyzes property data and generates ad copy that helps brokers gain a competitive edge with accurate listings.
Type of Service: 2D/3D floor plans and virtual tours generation
With 2D or 3D floor plans and 360-degree virtual tours brokers can create visually appealing property ads and boost the sales. All a user must do is feed a sketch to the system, and the app will convert it into a sophisticated floor plan that sells.
Getfloorplan Demo | Getfloorplan
Type of Service: AI video generation modeling
With Centropo, brokers get AI-generated videos for their listings. No need for long fill-in forms – all a user needs is to insert a property link and wait for the AI generation model to do its magic.
Type of Service: AI-powered image analysis (2015)
The company offers a ‘visual insights’ solution for AI-powered property appraisals, inspections, and property marketing. With Restb.ai, brokers can manage property photos, auto-populate image alt tags, detect watermarks, and analyze property’s condition based on its images.
Type of Service: Real estate management platform (2015)
Particle Space offers AI-powered team, task, and asset management platform with its very own Tenant ChatGPT that enables flawless team cooperation and data-driven decisions.
Type of Service: Space and asset management (2016)
Focused on the development of AI applications in real estate, particularly modern facility management, TRIGIGA offers an impressive number of tools that make AI-powered sustainable dynamic space planning possible.
Type of Service: Property management platform
AUtility is an AI-powered property management platform that unifies building data and is used for creating digital twins and streamlined document management. The tool ‘merges’ building management, lighting and access control systems, providing companies with consolidated data and real-time insights.
Type of Service: AI-powered property management tool (2016)
The company offers two products: Propic Concierge, a conversational tool that handles customer enquiries, and Propic Insights, a data analytics solution with dashboards in subscription-style for property and sales management.
Type of Service: AI-powered ethical guest screening tool for property managers in hospitality (2016)
Developed specially for property managers in hospitality, Autohost ethically screens guests, prevents identity theft and payment frauds as well as “bad” reservations with background checks and ID verification.
Type of Service: Construction tracking (2016)
Doxel provides construction specialists with automated construction progress tracking. All a user has to do is walk through the site with a camera and later upload the images to the system – the tool will compare the images with the BIM and analyze them.
Type of Service: Design intelligence software (2023)
One of the latest AI startups in real estate, the company offers a virtual staging product for construction design teams. With the help of Dream Staging AI, users can generate fully furnished interiors in minutes, a feature that definitely helps teams avoid project delays.
Type of Service: Interior design generation software
Like DreamStagingAI, InteriorAI is an image generation software used by designers or landlords considering DIY refurbishments. The only thing required is interior photos taken by users and later fed to the tool that offers a variety of interior styles.
Type of Service: ‘Concrete’ construction company (2018)
One of the most distinctive AI real estate companies, Caidio offers solutions for the cement construction companies that have a goal to reduce gas emissions caused by concrete use. For instance, Caidio Water Content Optimizer ensures that the water-cement ratio is proper. Currently, the company is working on the development of eco cement and binder alternatives.
Type of Service: Construction site data management (2015)
Versatile provides construction site data management hardware and software that once attached to the crane measures data points during the pick cycle and helps users understand the jobsite performance.
Type of Service: Property development and construction site management platform (2015)
Deepblocks helps construction professionals with identifying development sites and conducting feasibility analysis. The tool has the largest zoning database in the US. Users can source both by parcel geometry and zoning data as well as explore the development with the use of 3D models.
Type of Service: Construction site development solution (2016)
Like Deepblocks, CityBldr assists construction specialists with site development management with the search engine, rent insights, and built-in CRM.
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Generative AI in real estate is used to create powerful copilots that help manage tenant requests, answer questions about the property, negotiate with clients, and optimize other interactions. Generative AI chatbots can understand human language, respond to prepared prompts, and take necessary actions like redirecting the complaint or contacting a repairman.
Type of Service: AI chat and voice interfaces (2018)
Hyro is an AI conversational assistant underpinned by NLA and computational linguistics. The tool automates 85% of repetitive tasks, reduces wait times, and fully substitutes support teams.
Hyro AI Analytics UI | Hyro
Type of Service: Concierge texting service (2015)
LocalizeAI (‘Hunter’) handles chats with potential buyers, books home tours for them, qualifies the leads, and connects buyers with agents.
Type of Service: Website virtual assistant (2016)
RoofAI is another virtual assistant that takes full control of customer website communication. The tool automatically qualifies leads, provides self-service support to customers, and personalizes the content for them.
Type of Service: Textbot and chatbot for property managers (2019)
Developed specifically for property managers, STAN answers resident questions 24/7 (maintenance requests, room booking, etc.). The tool is known for smooth third-party integration with other property management platforms and its compatibility with any community type.
Type of Service: AI leasing assistant, acquired by Apartment List in 2022
Diffe.rent has introduced Lea – an omni-channel AI leasing assisstant (email, text, voice, AI chatbots) that integrates with most CRMs, qualifies leads, processes requests, and books tours.
Type of Service: Software robots and cobots for mortgage-related operations (2017)
The company specializes in the development of software robots and cobots for mortgage-related operations. By providing cognitive technology, Silverwork Solutions helps lenders reduce business-related costs and increase the quality of the loans.
Type of Service: Automated valuation model (2014)
With two products, Evra and Apprise, the company helps real estate specialists with multifamily commercial real estate processes like deal origination, underwriting, property screening, and appraisals.
Type of Service: Automated valuation model (2014)
Quantarium offers a range of products like TerraIndex HPI (Home Price Index), TerraLook, and TerraPlot.
TerraIndex HPI is an automated valuation model built on the top of AI that helps users get market insights at different geography levels.
With TerraLook, users can identify the most sought-after property features, conduct property evaluations based on the property photos, and detect image violation.
Meanwhile, TerraPlot is a location intelligence tool that makes live market explorations possible.
Type of Service: Financing and risk assessment platform (2022)
The unprecedented AI-powered risk assessment platform supported by Blockchain algorithms simplifies the entire property financing process with automated risk and property valuation reporting and automated KPI-driven matching.
CREX Capital Interface | CREX Capital
Type of Service: Title management (2017)
Doma leverages machine learning algorithms by utilizing both public and private data and helping both real estate professionals close deals faster with a particular focus on title and Escrow management.
Type of Service: Underwriting intelligence platform (2016)
Enodo is a place where AI and real estate underwriting meet. As an AI-powered underwriting platform for multifamily commercial real estate platform, it helps underwriting professionals define the property performance in a matter of minutes by leveraging the rent and expense analysis and providing comparables insights.
Type of Service: Appraisal intelligence software (2018)
FoxyAI offers products focusing on automated property valuations. FoxyAI 360 Property Valuations and Model Library are visual property intelligence tools that allow users to score the property quality based on its visuals (detects property damage, determines architectural design style, etc.).
Type of Service: Residential real estate investment platform (2018)
Entera is a residential real estate investment platform that helps investors to make data-driven decisions when it comes to looking for an income-generating single-home property, buying, and operating it later.
Type of Service: Investment platform, partially acquired by JLL( 2017)
SkylineAI is a platform where investors can analyze property potential and optimize portfolio strategies with predictive analytics and AI, all developed by Skyline’s engineering and data science teams.
Type of Service: Investment management tool (2013)
Canoe helps users with the alternative investment data management, turning documents into actionable intelligence with automated data collection, extraction, and validation.
Type of Service: Investment management and predictive analytics (2015)
Kavout successfully combines AI and machine learning in real estate investment. The company offers products that assist investors and financial professionals in portfolio building and assessment.
Kavout is currently working on the development of machine learning solutions for institutions, asset firms, and partnerships.
Type of Service: Full home control (2018)
The company develops home automation solutions for home security, crime prevention, smart lighting, and climate control. AI Home Solutions makes sure your home control devices function as one whole, helping users ensure efficient resource management and save costs.
Type of Service: Full home control (2015)
As a home automation ‘Siri,’ Josh is a virtual assistant that powered by natural language processing technology (NLP) helps you control the house and assure comfortable surroundings with technologies like circadian lighting control and air quality sensors.
Type of Service: Smart security system (2021)
Frigate allows users to control their security cameras with real-time AI object detection. Unlike traditional network video recorders, Frigate identifies what or who the motion is caused by. Another perk is the ability to integrate with home automation systems for smooth surroundings management.
Type of Service: Home management platform
IoBroker is a smart IoT open-source home management platform that integrates and manages all IoT devices. It runs on different operating systems on premises and is constantly updated as an open-source product.
Type of Service: Smart building system (2019)
Homebase AI offers a diverse array of real estate artificial intelligence solutions for smart home management, including smart security systems, energy management solutions, and tenant management tools, all seamlessly integrated and managed on one platform.
Type of Service: Energy saving software (2011)
Gridium specializes in smart building analytics and provides ‘efficiency-as-as-service’ for property and facility managers and owners that collects and analyzes the data from sources like utility meters. If your business can’t afford to install a smart building system, Gridium can install it for you with no upfront cost required as a part of the deferred payment model.
Type of Service:
(2007)
In the intersection of artificial intelligence and real estate, Dexma offers products that help real estate professionals benchmark their sites, detect anomalies with AI algorithms, and generate sustainability reports. In the nutshell, the tool compares the results of the site performance with the ones in its database and suggests energy optimization measures.
DEXMA UI | DEXMA
Type of Service: AI-powered renewable source management (2016)
Clir is a renewable wind and solar energy management platform for operators and investors who want to track KPI, analyze the source performance and optimize it to the fullest.
Type of Service: Wind energy management (2016)
One of the wind industry pioneers, ONYX Insight monitors more than 14 thousand wind turbines globally in real time, combining unprecedented engineering while using AI in real estate, analyzing the tourbine performance and identifying potential tech hazards.
Type of Service: Climate management system (2017)
ClimateAI is an enterprise climate resilience platform that underpinned by AI, machine learning, and multiple data points helps businesses manage weather-dependent supply chains and operations based on the historical data for each location.
AscendixTech Real Estate AI Consulting Company
AscendixTech is a top real estate AI consulting company with over 20 years of experience in the industry. A big team of experts in machine learning, computer vision, natural language processing, generative AI, and predictive analytics will help you find the right path in the maze of the AI world, create a strategic roadmap, and assess your AI readiness.
Also, Ascendix Tech excels at data management, integrating AI technologies into existing systems, and custom AI development. If you want to develop customized data governance frameworks, conduct infrastructure assessments, or determine your overall AI readiness, contact an AI expert to get answers to your questions.
Deeper Insights Real Estate AI Consulting Company
Operating globally with headquarters in London, DeeperInsights is an expert in data-driven AI strategies for real estate and other industries, such as education, healthcare, government, environmental, and others. They offer services such as AI consulting, custom AI development, and data scraping. Their forte is data management, processing, and usage for forecasting and decision-making.
AI Superior Real Estate AI Consulting Company
AI Superior is a German company that is striving to help real estate, construction, insurance, government, nonprofit, and even space companies and organizations with AI adoption. They specialize in AI consulting, AI component development, and AI research. The former is undoubtedly the most considerable expertise of AI Superior.
Remit Consulting Real Estate AI Consulting Company
Straight from its home page, Remit Consulting emphasizes the transformative potential of AI in the real estate sector. They have substantial experience in real estate consulting and continue to expand their expertise to AI. Their approach includes predictive analytics and data-driven decision-making, aiming to enhance property valuation, management, and overall operational efficiency. Also, Remit Consulting organizes AI workshops and forums to spread awareness in the real estate sector.
Atlas Global Advisors Real Estate AI Consulting Company
Atlas Global Advisors specializes in AI strategy consulting for real estate companies. They assist clients in creating strategic roadmaps and preparing their data and processes for AI integration. Atlas Global Advisors helps HOAs, Condos and Co-ops, CRE, and Multifamily industries adopt artificial intelligence when fully informed and prepared.
The company has recently launched Dream Home Builder – the state-of-the-art feature developed in cooperation with Addition Technologies Inc. The real estate artificial intelligence helps users find their perfect house according to the property description they feed into the system.
Due to image recognition technology, the system generates a perfect property prototype and later matches the original property description with houses that resemble it the most.
Zillow has simplified the house-hunting process by introducing ‘natural language search feature’ (currently for iOS users). Due to the model, users can enter their queries right into the search bar with no need for additional filtering.
Another feature is Neural Zestimate. Launched 2 years ago and powered by machine learning, the valuation model accurately predicts home value based on multiple data points.
Currently, the company is heavily investing in AI in real estate industry and plans to develop a single digital ecosystem that simplifies real estate experiences.
Built in partnership with OpenAI, Redfin ChatGPT plugin is available to all ChatGPT users who are looking for a property. After installing and enabling Redfin ChatGPT, users can feed quick text inquiries to the plugin, get accurate property suggestions in a matter of seconds, and later book on-demand tours if needed.
Through deep learning algorithms, the company has been revolutionizing the selling-and-buying process for years. Opendoor uses real estate artificial intelligence to analyze the property quality, its location, identify property comparables and in the end, determine the current house price based on the hard data and how it might change in the future.
Two years ago, Compass announced the launch of Video Studio, an AI-powered tool that allows real estate agents to create virtual property tours. All a user has to do is go to the Compass platform, choose a video template and add their listing. Due to the image recognition mechanism, the tool identifies the key property attributes, matches them with the pictures and generates a video.
Rex is known as home to a variety of real estate technology brands. Recently, it has launched JobCall – a conversational AI in real estate for property management. JobCall assistant streamlines the communication between tenants and maintenance teams by transcribing calls, escalates tasks to the teams and integrates with other property management systems.
One of the top names in the industry, CoreLogic has developed an image analytics feature as a part of its restoration job management platform – DASH. The AI-powered feature analyzes property photos and generates descriptions of the structures in them in the form of photo tags, alleviating the pain of dealing with loss documentation for restoration teams.
Back in 2018, Trulia launched a new feature called ‘Trulia Neighborhoods.’ Thanks to the novelty, powered by AI-informed scoring system and 16 million data points, users can review potential locations (drone footage, photos, etc.) and make informed decisions.
Another feature is the company’s use of Apache Kafka. Trulia has built a real-time messaging layer on top of Kafka – a development that allows Trulia to provide its customers with real-time personalized experience.
In 2021, Zumper introduced PowerLeads AI, a feature that analyzes renter’s behavior and predicts one’s readiness to sign a lease. The AI real estate solution provides better lead qualification by identifying renters who are more likely to rent immediately, hence helping agents close more deals and faster.
The company has also embraced the ‘GPT’ buzzword and introduced their very own Zumper ChatGPT plugin that connects users with Zumper listings based on the property research criteria.
Check out the overview of the proptech consulting and software development projects we delivered to our clients.
Impediments to Embracing AI in Real Estate
Adopting AI comes with indispensable endeavors like heavy investment in digital infrastructure, third-party integration, and staff training, especially for smaller businesses. There is no direct information on the average costs associated with AI adoption in real estate, since each case depends on the company’s specifics and the scale of the processes to be AI-powered. However, the Delloitte research suggests that 68% of companies (around 3000 companies paricipated in the research) that have invested in AI adoption have spent $20 million during the last year in total.
The good news is that companies that have baked AI into the already existing products only ask for add-on fees – which means that businesses with limited budgets can opt for off-the-shelf AI-powered products rather than custom development. Meanwhile, other AI enterprises (for instance, we’ve mentioned Gridium) have developed deferred payment models. And because artificial intelligence and real estate will keep merging, we can expect such a model to become more common in the AI real estate market.
Most digital products were created before AI in real estate industry became a sensation. Having been developed with no AI convergence in mind, such products might not integrate well with AI technologies. And while automation providers are ensuring the new software is powered by AI or compatible with other AI tools, companies can solve their current integration problems by reaching out to real estate software developers that’ve already accumulated a wealth of experience.
And we are proud to be one of those companies. At Ascendix, we can audit and customize your web and mobile applications, integrate AI into the company’s legacy systems, train your staff on how to use it and ensure post-development tech support.
AI heavily relies on data, and the higher the quality of the data points is, the faster the AI model learns to make accurate and reliable predictions. But the biggest chunk of data utilized by AI is personal data (everyone remembers the latest ChatGPT scandal when the bug occurred in the system and caused the data breach of 100 million users).
Hence, the ethical question is which data protection regulations should be introduced so the sensitive information doesn’t easily fall into the hands of hackers and is only accessed with the owner’s permission.
Meanwhile, there are already security precautions like data anonymization, encryption, and secure data storage, and we believe that the number and potential of digital security tools in real estate and AI will only grow in the future.
During the last two decades in real estate, we have encountered and learnt from our own mistakes, so we can guide you through the software development process and help you avoid the same pitfalls.
So, why Ascendix?
And how can we help you?
Contact Ascendix and unlock your full automation potential today to stay ahead of everyone tomorrow.
AI is widely used in the real estate industry for property management, virtual staging, underwriting, property valuation and other processes. Top real estate AI solutions are EliseAI, C3 AI, REimaginehome, Listing Copy AI, Restb.ai, Foxy AI, AUtility, IoBroker and others.
To use AI in real estate, define your business needs first. Since AI in real estate encompasses a variety of solutions like virtual tours, chatbots, AI-powered underwriting, and many more, you might need business automation consulting to ensure that the solution you choose fully matches your business workflows.
Machine Learning and Natural Language Processing are the most commonly used AI technologies in the real estate industry. They are a basis for AI chatbots, AI listing description generation tools, AI document processing, etc.
The top 5 AI companies are Microsoft, Alphabet, NVIDIA, Meta Platforms, and Tesla. Also, Skyline AI (owned by JLL), EliseAI, Keyway, CityBldr, and Buildout are the biggest real estate AI companies that provide powerful solutions for real estate professionals.
The benefits of AI in real estate include streamlined property search and valuation, accurate document management and loan origination, enhanced lead generation, and efficient resources management.
Tania is a fan of technologies and an expert in writing about them. In her content, she shares insights into new trends and proptech solutions in real estate that can help your business thrive while keeping your customers content (pun intended).
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