AI For Due Diligence
You’re watching the Real Estate Espresso Podcast, your morning shot of what’s new in the world of real estate investing. I’m your host, Victor Menasce. On today’s show, we’re doing the first in a mini-series on the latest artificial intelligence tools that are specifically tailored for real estate investors. So, we’re going to do a couple of shows back-to-back, highlighting what’s emerging as a new software arms race in property due diligence.
On today’s show, we’re taking a look at Land.ID, formerly called Map Right. Respected highly in the industry for real estate investors and developers, particularly those concentrating on land and large-scale projects across the United States. Its strength lies in its intuitive mapping interface, combined with an extensive dataset that is overlaid on top of the map. As a result, complex due diligence and project visualization become much more accessible.
Here’s a few of the significant features associated with this. Firstly, it beings with a comprehensive database for parcel data and property information. It has nationwide coverage and provides access to detailed parcel data across the entire United States. Essential for developers looking at various locations in markets across the country. Secondly, it goes beyond the basic public records to access extensive private property information, which is a game changer. It enables you to verify accurate property boundaries, as data survey is also included for lots of properties. It aids in understanding buildable areas, setbacks, and potential encroachment issues. It includes extensive ownership details such as owner names, contact information, making outreach and acquisition much easier. Financial history, including sales price, sale dates, mortgage amounts and property taxes are available.
Essentially, anything that’s been recorded on the title is available in this system. You don’t have to hunt five or six different systems to get the information, it’s all consolidated in one place. Plus, it provides information about the building itself, including the number and structural details.
Once you’re in the tool, you have the ability to create dynamic and interactive property maps that go beyond just static images, which is great for visualizing development plans. It includes high-resolution aerial photography, accessible as an overlay to the base maps, including both current and historical views. For example, if you wanted to assess whether a property in Houston might have been flooded during Hurricane Harvey, you could go back through time and look at that satellite imagery to ascertain whether that was a risk for you.
There’s an array of map overlays, in fact over 40 layers nationwide, which include water features, topographic information, elevation contours, infrastructure, property boundaries
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