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Resi Companies Deploy New AI Technology

Umito November 18, 2024

After ChatGPT launched in late 2022, residential real estate companies rushed to deploy their own artificial intelligence-based tools, betting on the promise that the new technology would revolutionize the industry.

It turns out that total transformation is a longer road than expected.

Two years after OpenAI introduced its revolutionary chatbot, some of the industry’s highest technological aspirations are coming back to Earth — at least in the short term, said Kael Goodman, co-founder and CEO of the data analytics company. Marketproof data. .

Although Goodman says generative AI is still poised to disrupt the way agents and companies do business, its most advanced capabilities have yet to come to fruition. The technology is still subject to inaccuracies, and while improvements are continually being made, they are incremental.

As the initial hype has died down, residential companies have instead turned to scaling existing tools and expanding on the technology already in place.

“Next year, more advanced tools will be possible,” Goodman said, adding that for now, Marketproof is focused on “leveraging AI for what it’s really good at, which is- that is, absorb the information you already have and synthesize it.”

Last month, Marketproof launched its Marketing Center, a new suite of AI tools backed by its wealth of data on new city developments. The suite allows users to generate market reports, social media posts, newsletters and postcards, including options to add a brand logo and customize the theme. Users can also adjust date ranges, locations such as neighborhoods or borough, and property type.

As the buzz around AI permeated real estate, industry experts like Mike DelPrete predicted that companies like Marketproof and Zillow would have an advantage in the race to develop the technology, thanks to a backend of Robust data that could detect where the limits of AI. Let it go.

“It’s not about the chatbot,” the strategist said in a video posted to his YouTube channel last year. “It’s about the power that the chatbot, or ChatGPT, can have on a very large data set.”

Within the industry, AI has had the biggest impact on media and content creation, particularly for ads, Jeff Allen, president of floor plan creator CubiCasa, said during a panel hosted in May by the National Association of Realtors.

“You can now generate a floor plan from a smartphone, virtually stage photos with AI and create virtual tours with much less effort,” Allen said. “It’s becoming easier, more affordable and more accessible for agents to raise the bar. »

Marketproof’s rollout comes more than a year after the launch of its AI assistant, which generates listing descriptions. At the time, the company announced an upcoming series of AI-based tools that it planned to introduce as the technology evolved.

Marketproof’s latest additions join the AI deployments of some of the largest companies in the residential sector. Earlier this year, Redfin introduced its own AI virtual assistant, called Ask Redfin, the company announced in a press release.

The tool, launched in beta in March, is designed to answer users’ questions about a potential home, such as the neighborhood’s walkability. It also connects potential home buyers with agents if questions go beyond the scope of the tool.

In September, Zillow announced it was expanding its AI-powered search feature, which lets users search for listings by describing attributes of the home they want, instead of adding a series of filters, according to a release press. The feature’s new capabilities include allowing homebuyers to search by commute time, affordability and nearby schools, among other descriptors.