How the Real Estate Industry is Leveraging Artificial Intelligence

Data is what fuels our era of incredible technology. Behind the slick and sleek platforms on pocket-sized devices, computers are processing reams of it faster than was ever thought possible. Usually, the platforms help people in ways that feel so natural and effortless that the whole process feels magical.

That’s what it’s like when vast amounts of vital data power Artificial Intelligence, usually known as AI. Let’s take a few looks at how digital disruptors in the real estate sector are leveraging AI to change how people buy and sell homes.

1. Analyzing Transactions

How can a homebuyer know a home’s actual value? Perhaps no question is more pressing since buying a home is usually the single largest purchase a person will make in their lifetime. Homebuyers and sellers need a lot of reliable information, which is why real estate is utilizing AI to gather and report on data.

Innovator Regan McGee, for one, leveraged AI to build Nobul – a digital platform that analyzes millions of real estate transactions.

You can crunch the numbers manually yourself if you have the skills of an actuary and lots of time on your hands, or you can let the AI do it for you. No wonder millennials and other young homebuyers who embrace technology are rushing to use real estate technology.

2. Agents Find You

If there’s any purchase you want to save money on, it’s buying a home in Toronto and the GTA. Interest rates may change over time, but homes are commonly over one million dollars. These shockingly high rates are likely here to stay.

It’s great when data works in your favour, but it may be even better when data pushes the right real estate expert into your lap. Nobul, in particular, uses data to make it easy for you to connect with the realtor who best suits your needs.

All you need to do is enter your budget and describe what kind of home you’re looking for. Once the platform has this info, it churns through the data in its system to find the representative you didn’t know you needed.

In this arrangement, buyers are elevated as realtors compete for their business. You’ll get things like cash back or free additional services.

3. Curated Listings

When looking for a home, do you want to spend hours poring over every available option? Or would you rather have listings sent automatically to your phone that meet your needs so perfectly that it feels like they were curated specifically for you?

Don’t waste time looking at places you’d never want to buy. If you want the second option, you’ll need to rely on proptech that works through the most data in the smartest way. Leverage the data so it finds exactly what you need in less time.

You wouldn’t make a necessary purchase like buying a home without all the knowledge available. As homes get more expensive, the value of real estate knowledge only increases. Work smart, not hard, by getting the AI found in leading proptech platforms to work for you today.