AI in real estate smooths paper-based processes
The worlds of physical property and virtual technology are coming together via the use of AI and machine learning to bring enhancements to the real estate industry. While nothing is as tangible as buildings and properties where people live, work, eat and play, AI in real estate is being applied to drive even more value from the ways people experience, interact with, and buy and sell property.
Even in this digital age, most real estate processes are still paper based. With financing and loan applications, floor plans and surveys, tenant applications, and insurance policies, real estate is positively swimming in paperwork and documentation, making AI in real estate a prime opportunity.
Similarly, real estate listing companies such as Zillow are using intelligent process automation tools with AI-enabled capabilities to enter data into various different systems using autonomous bots, replacing tedious, repetitive and error-prone human labor and saving many man-hours.
In addition to keeping information clean, up to date and timely across systems, AI in real estate is streamlining processes and speeding up tasks that have otherwise taken days, weeks or even months.
For example, some real estate property owners are using AI-based systems to locate and communicate with vendors and property management suppliers.