AI Tools for Real Estate

Welcome to 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. This week, we’re doing a miniseries on artificial intelligence tools that are specifically designed for real estate.

Many of the tools we’re talking about on the podcast are ones that we use actually in our own business. In my development company at Wise Tree Capital, these are the same tools that we use in our own projects as well as for those of our consulting clients.

As with anything, it’s not just having access to a tool. It’s knowing how to use it and making great data-driven decisions. If you’re interested in learning more about how you might work together with our consulting division at Wise Tree Capital on your projects, send an email to Victor at VictorJM.com. We’ll be happy to look at your projects and see how they can be brought to highest and best use. Reach out at Victor at VictorJM.com.

On yesterday’s show, we spoke about LAND.id. This is a tool that has a ton of capability for evaluating land. On today’s show, we’re going to start with another tool called PACXiv.AI, that’s spelled P-A-X-I-V.A-I. This tool started with mapping the state of Utah first and is since mapping out the entire United States. It’s now boasting over 155 million properties in its database.

This tool has an AI language model built into it. You can perform searches. For example, you can ask it to find all of the properties in a particular city that are zoned industrial with a minimum size of let’s say 10 acres, but then it’ll give you a long list of properties. You can refine the search to include only those properties that have a minimum building height of 40 feet high.

And once you find the property you’re interested in, you can turn on a whole bunch of layers, including traffic counts on the roads, soil types, building inventories, housing inventory, soil types, presence of fiber optics, water, mineral rights, and even building permits. All kinds of different layers, just like Land.id, that includes a skip tracing function, which enables you to link ownership data to the property. All of these tools are offering unique insights into the property.

There’s another one. This is a company called Predictive AI. It’s a Canadian technology company based in Toronto. The company’s been developing technology, but it’s also been growing through acquisition. The core business model for this company is focused on AI and industrial IoT solutions. IoT is an acronym that stands for internet of things. Their overarching mission is to empower businesses to make smarter decisions using deep machine learning and data science techniques.

The company has been aggressively pursuing an acquisition strategy. One of their companies that they’ve been in discussions with is called Shift Technologies. It’s an AI driven fleet management platform. Then there is another one called House Stack Holdings, which includes real estate intelligence platforms. House Stack is described as having developed several AI driven real estate solutions.

For instance, there is something focused more on the residential real estate side called House Facts Appraiser Pro. It’s designed for appraisers to streamline the appraisal process with automatic report generation and data analysis. It’s still currently in development. There’s another one called House Stack AI Brokerage. It’s an AI driven brokerage combining technology with expert guidance for clients buying, selling and evaluating real estate transactions.

And it’s another one called Propsize AI. It’s a proprietary solution using AI to provide precise property measurements. And it’s got features for residential properties nationwide. Then there’s another one called Lila AI, that’s spelled L I L A. And it provides instant answers on real estate currently having an 11 million nationwide property data set.

Now, Predictive seems to be more focused on enhancing existing real estate operations, specifically in valuation, brokerage services and data analysis for residential properties. There’s another one called Home Selling AI. This is a product that specifically applies AI within the real estate transaction process targeted at both sellers and agents. The primary goal of this tool seems to be to help agents and sellers to get the highest possible offer for homes and to streamline the selling process.

One of the key features is providing agents with real-time intelligence to track, and respond to multiple offers. It includes an AI engine that analyzes the offer terms, the fees, the market conditions to guide both agents and sellers. Then there’s transaction automation tools associated with it. The tool includes some AI algorithms to process very large data sets that encompass economic trends, social media, property data. And they use that to predict market shifts and identify more optimal pricing strategies.

It has a bunch of marketing tools associated with it that enable you to tailor listing descriptions, enhance the visuals, and adjust the ad campaigns in real time to target specific buyer preferences. There are a number of automated valuation models that provide real-time objective property valuations, crunching data on a comparable sale basis, property characteristics and market trends.

So homeselling.ai appears to be primarily a tool for agents enabling them to work more efficiently. These are just a handful of the tools that are coming out these days, focusing specifically on real estate. They truly enable the real estate investor to do a much quicker job of due diligence than ever before. As you think about that. Have an awesome rest of your day. Go make some great things happen. We’ll talk to you again tomorrow.

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