Incorporating AI into the real estate sector can enable better data manipulation and stronger transactions
Real estate is one of the largest, most important asset classes there is and yet, it has been one of the last industries to adopt significant changes powered by technology. With the current development of artificial intelligence (AI) technologies and how they can be applied to virtually any activity, the future of real estate companies might evolve dramatically in the following years. Recently, there are a few startups out there working in the creation of AI tools for the real estate industry that can bring a major impact to the business.
A good example is the company Skyline AI and its AI software that takes the guesswork out of the picture when it comes to making an investment decision. This tool can mine data from more than 130 sources and analyze more than 10,000 data points for each property for the last 50 years. Then, it can estimate the asset value, predict the future performance of the property and explore any investment opportunities.
But AI can help in many more aspects of the business, including development time and cost. Spacemaker AI, a Nordic startup, is working on a tool that can maximize the potential of building sites. The professionals involved in the construction of properties can use this tool to generate and analyze millions of possible solutions to one particular issue in just a matter of hours. Things like exposure, noise pollution and apartment size are parameters than can be easily analyzed by this software. Spacemaker AI has helped developers to not only reduce critical planning time but also to increase the sellable space, doubling up their digits.
