AI in real estate is getting more and more important nowadays. With automated processes, it’s easier than ever to buy and sell properties on the market.
The future of real estate is now in the hands of artificial intelligence. AI is being used to automate every aspect of buying and selling properties, including home financing. The use of AI in real estate has led to more efficiency, smooth transactions and better customer service.
You may wonder how real estate and ai work together… Well, algorithms go over millions of documents in seconds collecting valuable information such as property values, debt levels, home makeovers and even some details about the homeowner’s personal information.
If you thought traditional real estate was left behind in today’s virtual world, you were wrong. Artificial Intelligence has changed the way in which real estate agents buy and sell properties. Time ago, they would go home by home knocking door by door. Today, AI in real estate helps agents find homes that will probably be sold in the following 12 months.
Companies like LoanSnap, Compass or Zillow are using AI to help buyers find the perfect home and a perfect mortgage as well. For real estate agents, AI is becoming a real game-changer.
Even though the great majority of real estate information -such as land records, title documents, and purchase price- is public, going to local offices and obtain that information was an arduous process.
LoanSnap, a mortgage lender company, uses AI to find the perfect loan type for a borrower and also to find the appropriate investor for the loan. The process is quite simple: First, they put in the borrower’s financial information and immediately after the system offers plenty of options related to loan types and ways of paying off debt.
In just a matter of seconds, AI helps companies to build financial models for their clients to show them how much money they could potentially save for the future bearing in mind how much money they lose monthly or even yearly.
AI has become a solution for real estate agents that hunt for listings in the competitive housing market world. Since the start of the pandemic, there has been a shortage of homes for sale but the buyer demand keeps on rising. AI helps real estate agents to obtain home listings.
In an effort to make the home buying process more straightforward, AI has been incorporated into the real estate industry to predict which homes are likely to come up for sale. This will allow agents to have the opportunity of getting in contact with homeowners and offer their services in a more effective way!
It is said that agents that use AI have almost a 100% higher chance of winning target listings compared with the ones that don’t use that kind of technology. AI is revolutionizing the way people search for homes too, as it helps them find the house that best suits them without touring house after house.
Will AI replace real estate agents?
Absolutely not. AI technology offers quite the same results as traditional research results, but the difference lays in the time spent –which is a fundamental aspect in the fast-moving and competitive real estate market-. Real estate agents will still be needed to make transactions and close deals.
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