Is Artificial Intelligence changing the Real Estate game?
Are the days of the ‘Real Estate Agents’ numbered? May be. May be not. But surely data and artificial intelligence is casting their importance in the real estate sector.
SetSchedule, a real estate data analytics and marketing firm, has recently announced its launch of a service called SetValue. SetValue tool is known to be first of its kind to combine data analytics and artificial intelligence and deliver accurate property valuation and real-time connection with qualified real estate professionals. The tool analyses in ancillary data such as school districts, tax records, crime rates and other neighbourhood characteristics as well. The data clusters data from a variety of sources, using a blend of public websites, data connections, direct engagement and proprietary algorithms to learn market trends and consumer behaviour.
Similarly, REX Real Estate Exchange, a brokerage, has launched a service based on artificial intelligence that finds potential home buyers based on individuals clicking on REX ads and also recent purchase decisions individuals have made also with their history of home ownership.
Buyers who use that service are supposed to pay a 2 percent commission which is much lower than the 4 or 5 percent charged by human agents and brokers. The agents charge more for their job security for the foreseeable future as they get minimum buyers compared to AL.