These Companies Are Using AI To Change The Real Estate Game – Wire Real Estate

These Companies Are Using AI To Change The Real Estate Game




Jul 31, 2019

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It seems like every industry is betting on artificial intelligence to help revolutionize how things are done. It is no different in real estate, where new technology companies are looking to help buyers and renters in their searches.

Here are a few companies doing just that.

Nobbas

Headquartered in Montreal, this company is looking to help target what renters and buyers are looking for in a property and allow roommates or partners to collaborate better in a search.

“There are a lot of problems with going to websites and seeing the same property over again,” says Sean Muir, the company’s product designer. “AI offers you more of what you’re looking for.”

The website has 1.4 million listings across the U.S. to buy or rent and provides a Tinder-like interface, allowing users to swipe left on properties they don’t like and right on properties they like.

The company also created an interactive collaboration tool.

“Everyone that’s invited to collaborate will see what you like and vice versa,” Muir says.

Nobbas launched in the beginning of June in Apple’s App Store and the Google Play Store The company has an agent platform in the works that will allow them to share properties with clients.

PropertyNest

Licensed New York City real estate agent Ruth Shin founded PropertyNest a year ago. Based on a proprietary algorithm, the site helps New Yorkers rent or buy a new home based on their credit score and the features they most want. Matches are based on a vetting process for each property, which includes income, credit score and savings, among other financial qualifiers.

 

To find a listing, you can put in your credentials, including credit score, income and information about a guarantor and extra savings. If you find an apartment you like, the algorithm tells you your likelihood of getting approved.

The site also provides articles with tips on how to improve your credit, how the rental or sales process works, how to apply for a mortgage and how to apply for a property as a freelancer, as well as neighborhood guides with information on how much apartments of different sizes go for rent, and other expertise from real estate professionals.

“People are completely unprepared, even when they’re looking for a property to rent,” says Shin, who has worked as an agent at EXR and Compass, and was an editor at the personal finance site MyBankTracker.com. “My goal was to actually have that conversation and eliminate that education period so consumers are right away prepared.”

There are three plans that agents and management companies and landlords can sign up for and Shin is working on growing the site’s listings and traffic.

HomLuv

This site, launched last summer, has marketed itself as “Pinterest Meets Houzz,” and uses AI to help people find newly-built homes around the country based on their preferred design features.

Shoppers are able view photos, videos and floor plans of new homes and can add what they like to their collection. Co-buyers can also collaborate with each other and find out where their opinions overlap.

Once shoppers choose their favorite features, HomLuv creates a profile and then matches shoppers with a growing network of home builders.

“With 67% of buyers considering new construction, there is a huge addressable market whose needs aren’t being fully met,” said Tim Costello, chief executive officer of HomLuv.com’s parent company, Builders Digital Experience (BDX), in a statement before the launch. “Research shows that home buyers are frustrated with real estate websites that don’t effectively cater to new home buyers. HomLuv’s visual, design-forward approach gives buyers and builders a shared language, eliminating confusion, streamlining the process and creating a great experience for both.”

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