Welcome back to our educational series: Digital Transformation, Simplified!
This week, you will discover how AI is currently being used in Real Estate. If you missed Part One, here it is

Also as promised, you can download our list of the PropTech companies in AI – read on till the end ?

How is AI currently being used in Real Estate?

1) The rise of the Chatbot.
A few benefits of this commonly used AI include :

  • 24/7 customer service. Potential and existing clients can get their common questions answered automatically with the need to phone in or email.
  • Sales. Agents can qualify leads & prospects. Thereby giving them more time to concentrate on the best quality leads.
  • Automation. Requests such as viewings can be booked & managed without the need for an agent,
  • Lead Generation. Sophisticated chatbots are able to start conversations with new, old or cold leads.
  • Social Media. deploy a bot to make posts on social networks as well place and optimise  ads.
  • Documents & Admin. sending, organising or chasing up documents can be simpified.
  • Diary management. Amy.ai does a great job of scheduling important meetings for you.
  • However its important to get a chatbot that is well programmed and does not put off or annoy customers.

Chatbot Companies to Look Out For: (see complete list at the end of this email) 

  • Apartment Ocean
  • Helloalex
  • Skyler360
  • Aiva
  • Automabots
  • Root.ai

PropTech specific startups that are working on AI personal assistants  and messaging solutions include – Signal AI, Hey Landlord and Ask Porter.2) Real Estate Valuations 
AI that leverages big data, machine learning and predictive analytics to accurately forecast the valuation of property assets 12, 18 or 24 months down the line.

Startups To Watch 

3) Lease & Data Extraction 
An example of a very manual, repetitive, time consuming task that can be improved by AI. Not to mention  human errors are minimised thereby saving property companies huge costs.

Startups To Watch 

4) Facilities Management & Maintenance
Connected devices in buildings collect real time data that can be used for allocating resources where they are most needed. Another area that is ripe for huge cost savings.

Startups To Watch 
Open Sensors
Disruptive Technologies
Demand Logic

4) Property Search 
Traditionally, brokers, investors, property buyers, and sellers were often restricted to a handful of search criteria such as the price and location of a property. Now, with AI, searches are more sophisticated with multiple layers of information available thereby allowing users to get useful details like transport links, good neighborhoods, quality of life scores etc..

Startups To Watch 

Click here to access our full list of AI companies in Real Estate

Will AI take my job?

According to a report by RICS & Remit Consulting, almost 90% of surveyors core roles can be replaced by AI within the next 10 years.On a wider scale, according to AI Chatbot company HelloAlex :

“85% of customer interactions will be managed without a human by 2020. That means that automation could jeopardize between 40-75 million jobs worldwide by 2025.”

However this is not necessarily a bad thing for the companies that anticipate, understand and leverage AI to its potential. It will simply mean that their staff can be free to concentrate on more high value and  strategic roles.

As well as good old relationship building and closing deals (something which thankfully, AI wont be able to replicate for a long time).

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