Artificial Intelligence

Real Estate AI (10 Potential Use Cases)

August 4, 2022
6 minutes

The real estate industry is openly embracing artificial intelligence (AI) and machine learning (ML) to enhance an eclectic mix of processes. From lead generation and sales predictions to identifying labor shortages and designing properties, there is no shortage of potential use cases for AI within the real estate industry. In many ways, we are at the tip of the iceberg.

What is real estate AI in a nutshell?

In the broadest sense, real estate AI is the application of artificial intelligence technology in the real estate industry with the goal of enhancing various processes and tasks. This can include anything from automating repetitive tasks to making predictions about future market trends. Fundamentally, AI tools enable real estate professionals to work smarter and more efficiently.

How can a real estate business deploy AI?

1 - Fast-track document processing

Without automation to take care of the heavy lifting, real estate transactions can quickly become bogged down in paperwork. AI-powered document processing can automate the extraction of key data points from documents such as leases and contracts. This not only saves time but also helps to ensure accuracy and reduce the risk of human error.

Indico Data is an example of a real estate AI solution for fast-tracking document processing.

2 - Combat labor shortages with efficient construction

The construction industry is facing a critical labor shortage, which is only expected to worsen in the coming years. This has created a unique opportunity for real estate developers to deploy AI-powered construction management solutions to help address the issue. By automating tasks such as material ordering and site optimization, AI can drive progress with demanding projects.

Skedulo is an example of real estate scheduling software for managing construction projects.

3 - Design more buildings faster

If you’re looking for an edge in the competitive world of real estate development, AI can help you design better buildings faster. By harnessing the power of generative design, AI can produce dozens of potential design solutions for a given building type and help you choose the best one. This is a game-changer for architects pushing the boundaries of what’s possible.

Architonic is an example of an architectural design platform for pushing boundaries.

4 - Identify the best property development locations

Choosing the right location for a real estate development project is critical to its success. But with so many factors to consider, it is often a daunting task. AI can help by analyzing data points such as demographics, foot traffic, and economic trends to identify the best locations for new projects. It's a valuable tool for developers that want to move quickly with projects.

Spacemaker (By Autodesk) is an example of a site planning tool for developers.

5 - Accelerate real estate transactions

A traditional real estate transaction is a slow, cumbersome, paper-based process. With e-signatures powered by AI, it’s now possible to accelerate transactions and close deals faster. This technology allows for the easy creation and signing of digital documents, which makes the process more efficient for all parties involved.

Visual Lease is lease accounting software for streamlining real estate transactions.

6 - Predict property valuations and sales

In a rapidly changing real estate market, staring into a crystal ball and predicting property prices with accuracy is a rare skill. AI can help by analyzing past data points and trends to give you a complete picture of what a property is worth. This information can be used to make well-informed decisions about pricing, marketing, and negotiation strategies.

C3 AI is a property valuation application powered by artificial intelligence.

7 - Fuel real estate lead generation

Lead flow is the lifeblood of any real estate business. AI can help by automatically identifying and qualifying leads from a variety of sources, such as online listings and social media. This allows sales reps to focus their efforts on the most promising leads, which can streamline their sales efforts. Ultimately, it's easier to close deals with a pipeline full of qualified leads.

Zoho CRM is a real estate CRM system for agents and property developers.

8 - Develop virtual property tours

With the rise of augmented and virtual reality, it’s now possible to give potential buyers a realistic preview of a property without them ever setting foot on the site. Real estate businesses can offer virtual property tours that give buyers a true sense of what a space looks and feels like. This scalable approach prevents pre-booked viewings from cluttering a realtor's calendar.

Matterport is a 3D capture platform for agents, brokers, and property managers.

9 - Support smarter property management

From commercial buildings to residential complexes, real estate managers can leverage AI-powered platforms to manage multiple units more efficiently. These solutions offer features such as energy monitoring and predictive maintenance, which can help reduce costs. AI is also being used to develop new ways of managing parking spaces and other shared resources.

AppFolio is a smart property management platform for rental managers.

10 - Create a personalized home-buying experience

Homebuyers are increasingly expecting a more personalized and streamlined home-buying experience. AI can help by powering chatbots and virtual assistants that can provide tailored recommendations and guidance throughout the process. This technology is also being used to develop new home search platforms that allow buyers to find properties that match their needs.

What are the best real estate artificial intelligence solutions?

There are plenty of intriguing real estate AI tools and PropTech startups. PriceHubble is a good example of an AI solution offering data-driven property valuations. Tools like Trulia leverage machine learning to deliver personalized property recommendations, while UiPath offers automated documentation processing to fast-track real estate transactions.

Closing Thoughts

When it comes to real estate automation, we are only just scratching the surface. If you're not already using automation in your real estate business, now is the time to consider how it can accelerate and enhance your workflows.

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