21 AI In Real Estate Examples In 2024
In 2024, artificial intelligence (AI) continues to reshape the real estate industry, offering innovative solutions to streamline processes, enhance decision-making, and improve customer experiences. Here’s an introduction to 21 compelling AI applications in real estate for 2024, spanning areas such as property valuation, predictive analytics, virtual staging, and property management. These examples highlight the transformative impact of AI on various aspects of the real estate lifecycle, demonstrating the potential for increased efficiency, accuracy, and innovation in the industry.
Realtor.com
Location: California’s Santa Clara
How artificial intelligence is being used in real estate: Realtor.com is a tech app that manages pre-approvals, sales, rents, purchases, and other common real estate procedures via a digital interface. The business searches through listings using AI to provide leads that it then sells to affiliated agents. After that, those agents deal directly with homeowners. Real estate agents can purchase advertising space on the app.
Keyway
The place is New York, New York.
How Keyway uses AI in real estate: Keyway uses its investing platform to quickly and effectively execute data-driven deals in commercial real estate by utilizing technologies like AI and machine learning. The company offers service options such as rent-to-own and transition out to sellers in the healthcare industry, including multifamily property owners and private practice doctors, dentists, and veterinarians.
Silverwork Solutions
Place: Chicago, Illinois
How artificial intelligence is being used in real estate: Silverwork Solutions develops “cognitive technologies” for the mortgage sector. One of its answers is the use of software robots to assist human workers in their work by enabling automations to do monotonous chores. According to Silverwork Solutions, its solutions can assist companies in the mortgage market in enhancing cycle times, prices, and customer satisfaction.
Hyro
The place is New York, New York.
How Hyro is utilizing AI in real estate: Hyro creates conversational AI for the real estate sector. Customers may be able to use its voice and AI chat interfaces in the absence of human advisers. They can assist in matching buyers and homes, setting up showings, obtaining and pursuing leads, and responding to inquiries from clients using regularly updated data.
Entera
The place is New York, New York.
Entera provides its clients with a residential real estate investing platform that leverages artificial intelligence (AI) to provide automations and intelligent analytics for the purpose of locating, purchasing, and managing single-family houses. Over two dozen U.S. marketplaces are served by the company, and over 1,000 transactions take place on its platform each month.
HouseCanary
Location: Completely Seclusion
How AI is being used in real estate: HouseCanary is giving homebuyers access to cutting-edge machine learning-powered goods and technologies that offer never-before-seen clarity. In order to assist clients in making well-informed judgments regarding properties of interest, the company provides a large array of tools, data, and updates. People can navigate the residential real estate market and choose the ideal property for them if they have access to precise home information and customized searches.
Compass
The place is New York, New York.
Compass’s customer relationship management software uses artificial intelligence (AI) to encourage real estate brokers to get in touch with their clients at the moment when they are most eager to make a purchase. When a customer has been particularly active on real estate websites or has displayed other digital indicators of house seeking, agents may be alerted. Additionally, the platform automatically writes emails to clients to expedite the outreach procedure.
Rex
Where: Austin, Texas
How Rex is utilizing AI in real estate: Rex is the owner of several real estate technology brands, such as JobCall, an AI assistant that aids in communication between renters and property maintenance workers. The system has the ability to prioritize maintenance calls by using speech recognition to transcribe the calls and tag them.
Redfin
Where: Seattle, Washington
How Artificial Intelligence is being used in Real Estate: Redfin uses AI to help human agents by taking on some labor-intensive tasks. Redfin has implemented artificial intelligence (AI) matchmaking in the property suggestion process. Based on data, it appears that users have a better understanding of its preferences than it does; they are more likely to click on the matchmaker’s recommendations than on homes that meet their own search parameters.
CoreLogic
Place: Irvine, California
The application of AI in real estate: Artificial intelligence is used by CoreLogic’s OneHome platform to assist real estate agents in finding the ideal houses for potential buyers. AI is also used in its mortgage origination products to automate the process of notifying users when necessary papers are lacking and finding possible new revenue streams. According to the company, it collaborates with over 1.2 million agents across the US and Canada.
Cherre
The place is New York, New York.
How AI is being used in real estate: CoreConnect, Cherre’s data management platform, gathers and indexes real estate data from thousands of sources in a clever manner. The business also provides CoreExplore, a platform for real estate analytics and insights that enables workflow automation using connected data within an enterprise. Cherre’s application of AI in its real estate offerings has earned it numerous accolades.
Zillow
Where: Seattle, Washington
AI is being used in real estate at Zillow, where digital images are used to generate free “Zestimates,” or assessments of a property’s value. The system primarily uses a neural network to “read” photographs in fresh listings for pertinent information. The neural network has been trained on millions of photos and home valuations. The resulting estimations, which are also based on criteria like square footage, predict home worth with a national median inaccuracy rate of 2.4 percent, according to Zillow.
Localize
The place is New York, New York.
How Localize’s Hunter app applies artificial and human intelligence to real estate: It is a concierge texting service that regularly engages leads from real estate agents, creating a profile with pertinent details like budget and pre-approval status. When the buyer is prepared to begin viewing properties, Hunter notifies the users and provides them with updates on the status of their leads.
Divvy Homes
Location: Completely Seclusion
How artificial intelligence is being used in real estate: Divvy Homes uses AI to customize applications for their rent-to-own mortgages. The application form adapts dynamically to the client’s financial condition, adding pertinent questions when needed and removing unnecessary ones. Similarly, underwriting computations, which take hours with traditional lenders and minutes at Divvy, are expedited by artificial intelligence.
Main Street Renewal
Where: Austin, Texas
The application of AI in real estate: Thousands of residences are owned and rented by Main Street Renewal. Thanks in part to AI, the company’s portfolio grows by roughly 1,000 residences each month. Executives can bid on houses that are unlikely to require major refurbishment or cause bidding battles because to its astuteness.
Trulia
Where: San Francisco, California
How AI is being used in real estate: AI personalizes the user experience on Trulia’s online real estate marketplace. The more a person explores the website, the more the platform “learns” about their preferences and favorite search phrases. Based on pages that previous users with similar taste profiles frequently frequented, this informs the recommendations made by the website.
GeoPhy
The place is New York, New York.
How AI is being used in real estate: Walker & Dunlop business GeoPhy estimates the values of commercial properties, such as office buildings and shopping centers, using an enterprise-scale AVM that is based on AI. Its sophisticated algorithms are fed by an infinite amount of data, from digital property records from all over the world to hyperlocal data on crime and park vicinity.
Quantarium
Location: Washington’s Bellevue
The application of AI in real estate: Quantarium’s AVM, which is based on scalable cloud architecture, has deep learning algorithms that have processed data on over 153 million US property parcels. Its assessments of residential and commercial properties are trusted by mortgage lenders, builders, and other real estate experts.
Deepblocks
Where: Miami, Florida
How Deepblocks uses AI in real estate: Deepblocks uses AI to optimize real estate development through its subscription service. The company’s sophisticated algorithms monitor zoning laws, local infrastructure, and migration and market patterns. When a developer queries Deepblocks, it helps them determine the best locations for construction inside a neighborhood and assists in creating the best building schedule.
Skyline AI
The place is New York, New York.
How AI is being used in real estate: JLL business Skyline AI provides investors in commercial real estate with a platform that combines human real estate knowledge with AI’s capacity to sift through a vast amount of data. This covers online, location, and even AI-generated data. The end product is an innovative method that helps investors decide which real estate to acquire and when to sell.
CityBldr
Location: Washington’s Bellevue
How artificial intelligence is being used in real estate: CityBldr uses AI to find the discounted real estate and multi-property lots that appeal to developers. With the help of the professional knowledge of engineers, architects, appraisers, and other real estate experts, Citybldr has successfully carved out a space for itself in the multibillion dollar property research and analytics sector.
Conclusion
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