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The real estate industry is experiencing a technological revolution, with AI being at the forefront of it. Among the variety of AI technologies and applications, generative AI in real estate stands out for its ability to create new content from existing data, generating descriptions, listings, images, and many more.
Summary of the use of genAI in real estate:
In this article, we will explore the top use cases of Gen AI in real estate that are driving this transformation. Discover how generative AI is reshaping the industry and gain a competitive advantage with Ascendix.
Generative AI in real estate refers to the use of AI algorithms to create new content—such as property images, real estate descriptions, and virtual tours—from existing data received from the company records automatically or manually inserted by a person, like a real estate agent.
According to a report by Precedence Research, generative AI in real estate is primarily used by real estate agents to generate property descriptions, draft contracts, analyze their documents, and generate marketing materials.
However, GenAI in real estate can benefit a much broader audience – from investors to landlords and tenants. Here’s a quick overview of the subsectors and operations in real estate that can benefit from generative AI.
JLL calls generative AI one of the three technologies expected to have the biggest impact on real estate.
This can be attributed to the following key benefits:
Text GenAI in real estate is transforming the industry by automating the creation of written content. From property descriptions to marketing materials, it ensures high-quality and consistency in the written content and is a game-changer in streamlining creative tasks for real estate players.
How It Works: Generative AI in real estate can automatically generate detailed and compelling property descriptions from basic input data such as property type, location, size, and features.
Real-life Examples: Companies like Opendoor and Zillow use AI to automate the creation of property listings, making the descriptions not only engaging but also SEO-optimized and error-free.
How It Works: Vast amounts of real estate market data are analyzed by generative AI in real estate to produce concise, insightful market analysis reports. These can include summaries of market trends, pricing predictions, and comparative market analysis.
Real-life Examples: Real estate investment companies may utilize AI-generated market analysis to provide clients with up-to-date and accurate market insights without the intensive manual effort required.
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How It Works: GenAI real estate can create personalized email content tailored to certain categories of clients based on their preferences, search history, and behavior. This enhances engagement and conversion rates.
Real-life Examples: CRM platforms like Salesforce Clouds are using AI in real estate to personalize email marketing campaigns, increasing their effectiveness and client satisfaction.
How It Works: AI tools can generate engaging social media posts that highlight property features, market trends, or promotional events, helping agencies maintain a consistent and active online presence.
Real-life Examples: Companies like Compass use GenAI in real estate to create and schedule social media content, freeing up valuable time for real estate agents.
How It Works: Generative AI in real estate can be used to draft lease agreements by pulling relevant clauses from an existing real estate company database and customizing them to fit specific property transactions.
Real-life Examples: Legal tech companies such as LegalZoom have AI solutions that assist in drafting real estate lease agreements, reducing the time and effort required by the teams.
How It Works: Generative AI chatbots can handle routine client queries and provide information about listings, processes, and market conditions, mimicking human-like interactions.
Real-life Examples: Real estate websites like Realtor.com employ AI chatbots to provide instant responses to client queries, significantly improving customer service with such use of generative AI in commercial real estate.
How It Works: GenAI in real estate can generate blog posts and articles on topics relevant to real estate, offering insights, tips, and market analysis to establish a brand as a thought leader.
Real-life Examples: Automated content creation tools like Jasper are used by real estate companies to maintain active blogs with minimal human intervention, ensuring ongoing content production.
How It Works: AI tools can digitally furnish empty properties, creating appealing, fully furnished rooms in photographs to help potential buyers visualize living in a certain space.
Real-life Examples: Companies like Virtual Staging AI App, SofaBrain, and InteriorAI use real estate AI virtual staging to transform unfurnished properties into beautifully staged homes, therefore showing how the house can possibly look like and significantly boosting buyer interest.
How It Works: GenAI for real estate enhances property images by improving lighting, color balance, and resolution, turning average photos into high-quality visuals that stand out.
Real-life Examples: Property platforms such as Zillow use real estate genAI tools to automatically enhance property photos, ensuring listings look professional and attractive to potential buyers.
How It Works: AI can upscale low-resolution images or restore old photographs, maintaining clarity and quality, which is particularly useful for historical properties or low-quality original images. AI generated real estate images are of high quality and are more appealing to be presented in listings or on the real estate agency’s website.
Real-life Examples: Companies like Topaz Labs and Let’s Enhance use GenAI to upscale and restore images, making every listing look its best regardless of the original photo quality.
How It Works: Generative AI in real estate can analyze aerial and drone footage of properties and improve their quality to create high-resolution visuals that showcase properties from unique perspectives, providing potential buyers with comprehensive views.
Real-life Examples: Global real estate firms can use AI-driven aerial image processing to enhance drone footage, giving buyers a better understanding of property layouts and surroundings.
How It Works: Gen AI in real estate generates realistic renderings of new developments or renovations, allowing potential buyers to view detailed visualizations before construction or refurbishment is complete. This allows for better visualization of possible renovations and increases the chance of the property being bought.
Real-life Examples: Companies such as Archilogic and Styldod use Gen AI for real estate in creating highly realistic architectural visualizations, helping developers and agents to market projects more effectively.
How It Works: After the real estate agent inserts relevant and suitable photos of the property, generative AI for real estate stitches together high-quality photos to create immersive 360-degree virtual tours, allowing buyers to “walk through” properties remotely.
Real-life Examples: Zillow 3D Home employs AI to generate virtual tours, providing buyers with a realistic view of properties from the comfort of their own homes.
How It Works: GenAI in real estate can create floor plans from simple sketches or blueprints, enhancing the visual representation of property layouts.
Real-life Examples: Tools like SketchUp use the capabilities of generative AI in real estate to generate polished, professional-quality floor plans that help buyers understand property dimensions and layouts more clearly. Sketchup enhances the design process by allowing users to get AI generated real estate images quickly from their 3D models and receive the floor plan of the property.
How It Works: With Gen AI in real estate potential buyers to customize visuals in real-time, such as changing wall colors, flooring, or furnishings in virtual tours and images.
Real-life Examples: Zillow’s AI-powered 3D Home Tour includes features where users can experiment with different design elements, making it easier for buyers to personalize their future properties according to their own tastes.
How It Works: AI tools can provide automated voice narration for virtual property tours, along with detailed descriptions of property features as users move through rooms.
Real-life Examples: Zillow 3D Home integrated AI-generated voiceovers to their virtual tours to make the experience for future renters and buyers more informative and engaging.
How It Works: Generative AI in real estate converts text-based property descriptions into audio format, making it easier for users to consume information while multitasking.
Real-life Examples: Real estate apps and websites may incorporate AI-generated audio descriptions to allow potential buyers to listen to property details while on the go.
How It Works: AI-powered IVR systems guide callers through various options, providing property details, addressing inquiries, and facilitating connections with agents.
Real-life Examples: Companies like EliseAI and HERO provide real estate agencies with AI-powered IVR systems, which can handle high call volumes from the customers, improving overall efficiency.
How It Works: Generative AI tools create high-quality video tours of properties by stitching together images and footage, adding transitions, and generating narrations or text overlays.
Real-life Examples: Platforms like REimagine use AI to produce automated property video tours that showcase various features, making listings more dynamic and engaging for potential buyers.
How It Works: AI generates simulations of potential renovations, letting buyers visualize changes such as new layouts, decor, and upgrades even before they are implemented.
Real-life Examples: Companies like Visual Stager use GenAI real estate tools to provide virtual renovation previews, helping buyers imagine the full potential of properties.
How It Works: AI generates professional-looking promotional videos that can be shared on social media, websites, and emails to attract and inform potential clients.
Real-life Examples: Real estate agencies use AI tools like Synthesia to create engaging promotional videos that highlight new listings, market trends, and company updates.
How It Works: Based on the information in the real estate company’s CRM or knowledge base, generative AI in real estate can create instructional and FAQ videos that address common client questions, provide how-tos, and guide users through processes like property buying or leasing.
Real-life Examples: Websites like Realtor.com employ AI to create FAQs and tutorial videos, offering valuable information for the users even before they have some questions.
See how AscendixTech can help you close more deals and streamline your real estate operations with the help of AI.
Gen AI in real estate uses advanced algorithms to produce new content based on pre-entered data. At its core, this technology utilizes machine learning models and natural language processing algorithms to analyze and learn from large datasets which may include structured and unstructured data, images, and conversational language.
Initially, large volumes of data, such as property images, descriptions, floor plans, and property sales data, are collected. This dataset serves as the foundation for training the AI model. During training, the model learns patterns and features from the data, enabling it to generate new, realistic content.
Once trained, GenAI in real estate can create new content that mirrors the original data. For example, it can generate high-quality property images, devise detailed property descriptions, and simulate virtual tours for the property the AI has enough information about. This process involves predicting and filling in details based on the learned patterns, resulting in content that is both accurate and compelling.
Generative AI in commercial real estate can be integrated into various real estate platforms, marketplaces, real estate CRMs, and real estate business systems. GenAI in real estate can automatically create appealing property listings by combining images, descriptions, and relevant property details with only minimal human intervention – a relevant prompt and inserted relevant data. This way, GenAI for real estate enhances efficiency, ensures consistency across listings, and reduces the amount of manual effort required.
Generative AI models can be designed to continually learn and improve. As more data is fed into the system, the generative AI in real estate can refine its algorithms and improve its output quality. This adaptability ensures that the AI remains relevant and effective, even as market conditions and real estate trends evolve.
The adoption of generative AI in real estate is skyrocketing, and leading real estate companies have already made sure they integrated AI into their operations. Let’s discover in more detail how it is possible to accomplish this.
JLL, a leader in the commercial real estate market, introduced their first GPT model specifically for CRE businesses. This AI model utilized JLL in-house data as well as public CRE data to provide users with the most relevant and important insights into the market.
With their new technology, JLL’s facility managers can transform standard space utilization and portfolio optimization dashboards into actionable conversations. By combining qualitative information with AI insights, JLL consulting experts can offer comprehensive workplace planning advice faster.
Already, JLL’s AI technology has improved building efficiencies, generated 3D leasing visualizations, calculated sustainability risks, and powered investment leads, which is an incredible improvement of the company’s competitive advantage in the CRE market.
Zillow, a leading online platform for property search, has harnessed AI to enhance its customer experience and provide users with a more intuitive and personalized platform interface.
Zillow has implemented its dedicated Zestimate tool, which provides the platform users with accurate home valuation by analyzing recent real estate sales in the area, property features, and local real estate market trends.
Except for this, Zillow employs AI to optimize property recommendations, helping users find homes that better match their preferences and needs.
Moreover, Zillow’s integral part is now online 3D property tours, which allow buyers and tenants to identify whether the house would suit them perfectly.
Keyway, a forward-thinking real estate technology company, leverages artificial intelligence in the commercial real estate market.
Keyway used AI to streamline the processes of property evaluation, investment analysis, and tenant management. Their AI-powered platform analyzes market trends, property characteristics, and financial metrics, to generate actionable insights for real estate investors and agents.
This allows the company to offer more precise property valuations, optimize investment opportunities, and enhance decision-making for their clients. Through AI innovation, Keyway enables clients to achieve superior outcomes in their CRE operations.
Implementing generative AI in real estate can provide your business with a significant competitive advantage. However, successful implementation requires careful strategy to avoid potential pitfalls and maximize benefits.
Here are some key factors to consider:
Considering these factors not only prepares your real estate venture for successful GenAI implementation but also helps to mitigate risks and optimize resources. More importantly, to navigate the challenges of AI implementation, collaborating with an experienced partner with deep real estate expertise is essential.
AI real estate partners like Ascendix provide the top-notch support and specialized knowledge required to integrate AI specifically into your business workflows. From initial planning and data management to integration and optimization, Ascendix’s expertise ensures that your AI initiatives are executed successfully.
Secure your real estate business’s future by partnering with industry experts to leverage the full potential of generative AI.
With expertise in real estate and technology, we deliver AI software, tailored to your business needs.
Ascendix, a pioneer in real estate technology, brings unique expertise and innovative solutions to the real estate industry. With extensive practical experience in real estate and proptech, as well as a proven track record in implementing AI technologies specifically for real estate, Ascendix is your ideal partner for driving transformative change through generative AI.
Extensive AI Expertise of Ascendix
Ascendix excels in creating AI tools tailored for the real estate sector.
Our existing expertise includes:
Significant Real Estate Experience
With over two decades of experience in delivering tailored real estate solutions, Ascendix has a deep understanding of the industry’s unique needs. Our experience spans from large enterprises to startups, ensuring high-quality, customized service.
Collaboration with Industry Leaders
Ascendix is trusted by major real estate players like JLL for developing custom real estate technology solutions. Our portfolio of over 300 clients worldwide showcases our diverse expertise and adaptability in meeting various business needs.
International Presence
With five offices around the world, Ascendix offers continuous connectivity and diverse skill sets. Our engagement in both European and US markets gives us invaluable insights into international trends and demands, helping us deliver solutions that align with global standards.
How Ascendix Can Implement Generative AI in Real Estate
By choosing Ascendix, you gain a partner with unparalleled expertise and a commitment to driving innovation through generative AI.
Let us help you harness the power of AI to transform your real estate operations and achieve a new level of success.
Generative AI in real estate uses advanced algorithms of AI and ML to generate new content like property descriptions, enhanced images, virtual tours, and personalized marketing materials from existing data. This technology streamlines operations, enhances customer engagement, and optimizes marketing.
Generative AI in real estate is used to streamline the generation of new content by using existing data and user’s prompt. The common uses of generative AI in real estate are automating property descriptions, generating or enhancing images, creating virtual tours, and personalizing marketing communications.
GenAI in real estate automates tasks such as creating property descriptions, enhancing images, generating virtual tours, and personalizing marketing materials. It uses data analysis to produce realistic content, improving efficiency and customer engagement.
The most commonly used form of AI in real estate is machine learning, which includes tools for predictive analytics, generative AI in real estate, and chatbots that enhance client interactions, increase personalization, and boost operational efficiency.
Yana is a proptech enthusiast and a technology fan. In her articles, she explores the world of real estate software, including proptech news, useful resources, and real estate technology insights, assisting everyone involved in the industry to modernize and optimize their business.
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