Let's Get Real, AI?

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Yes, we have seen the movies and read up on space-age articles which give us an impression that Artificial Intelligence (AI) is now secretly powering real estate technology like never before. 

Truth is that the closest you can come to AI in real estate today, is when you interact with a chatbot bearing a fancy western name. [Indian proptech folks - please call your chatbots Madhu or Madhav, for example.]

Please note that you your CV may have actually met with a lot more sorting AI, being used by large MNCs to filter out apt candidates from thousands of applications. 

BTW, such AI software are now being re-examined for botched up candidate selections globally. 

Present Day Uses of AI

Real estate is a process heavy industry, made heavier with the sheer amount of documents, checks and verifications to be handled on a daily basis. 

Presently, Artificial Intelligence is thus being developed and deployed to automate tedious data abstraction and verification processes.

Finance/Insurance Intelligence - This will reduce reliance on manual data review processes associated with managing home buyer mortgage/insurance programs by introducing AI-powered data abstraction capabilities. 

As a result, home owners/renters and operators can automate and simplify mortgage/insurance management and create a better experience for renters and property management staff.

Contract Intelligence - Real estate and related contracts can be bulky and cumbersome. The latest proptech modules use AI to automate the data extraction and contract review process. 

This makes it significantly faster and more accurate than traditional methods of assessing property documents such as manual lease abstraction. 

Check Point Recognition - Leverages AI to map ID scans with facial recognition to provide more accurate and secure identity verification at access points, while renting or even during property registration in the future. 

💡 P:S: When you walk into a room and the lights come on, or the aircon adjusts to cooling needs automatically, it's not AI but some electronic sensors doing simple functions.