3 Ways Artificial Intelligence May Improve Real Estate
Q: I’ve been hearing about AI in the news a lot recently. How do you think artificial intelligence will affect real estate? Zach, Hoboken, NJ
A: Artificial intelligence is already impacting residential real estate. Zillow’s Zestimate method, which unfortunately often provides wildly inaccurate property valuation estimates, is nevertheless built on AI technology. Here are 3 ways artificial intelligence may improve residential real estate moving forward:
- By providing curated recommendations to renters & home buyers. Artificial intelligence can tailor property listings based on buyer and renter preferences
- By automating and streamlining customer care, AI-powered chatbots can handle inquiries about rentals and homes for sale to help both realtors as well as renters and home buyers
- By automating and streamlining the mortgage lending process, which is by definition data-driven. Compiling and analyzing credit reports, income verification and bank statements is time-consuming and tedious. AI may allow mortgage lenders to read data from borrower documents automatically before the documents are passed on to underwriters, saving time for mortgage originators, home buyers and all parties involved in a real estate transaction.
Thanks for your question, Zach.
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