Automatic systems will revolutionize the real estate industry. Artificial intelligence will help you to buy an apartment and grant a mortgage

Automation tools are entering the real estate sales and rental market. Algorithms using machine learning technology will help you find a home that meets your individual needs, and intelligent assistants will automate the mortgage granting process. Artificial intelligence in the real estate market can be invaluable and, in a pandemic, will allow you to buy, sell or rent an apartment efficiently.

  • The search for an apartment is a process that takes up to six months and consists of many phases. Our task is to provide the most convenient tool for the client, so we need to know at what point and what he expects from us. Everyone has different preferences, some will prefer to contact us by phone, others will prefer SMS channel, e-mail or chat. We want to know which customer, at what time and how we should contact them. The most interesting area is matching the offers to the customers' needs: we want to know at the beginning of this path which apartment the customer will finally choose in six months' time - says Paweł Gniadkowski, President of the Management Board of obido, Newseria Innowacje news agency.

The activities of obido in the use of artificial intelligence in the real estate industry have been appreciated by experts responsible for granting funds under the Regional Operational Programme of the Małopolska Region. It obtained 1 million PLN for the development of an artificial intelligence laboratory specialized in providing tools for the real estate market. It will allow the use of Big Data resources and machine learning technology to create predictive models for real estate clients. The software will help specialists to better understand the needs of their clients.

  • Artificial intelligence is not a magical entity that takes data from itself, but we had to deliver it. For five years we have collected every piece of information about users who were looking for an apartment. Everything we were able to collect, we have carefully stored, we have even collected data that we didn't know would ever be useful. And now we know that it was a good decision, because thanks to it we are able to use it to power solutions based on artificial intelligence mechanisms," explains the expert.

Predictive models are also used by the Credit Information Bureau, which experiments with artificial intelligence specialized in assessing customers' creditworthiness. The first experiments prove that in the lending market, Big Data's extensive analyses allow us to effectively forecast credit risk. In the future, similar tools may be used to conclude mortgage agreements.

An intelligent system for the real estate market has also been developed by the Wroclaw-based start-up Ada. This intelligent assistant is to make it easier for the tenant and future resident to pair up. Ada filters the rental ads and analyses them in depth, as well as inquiries addressed to tenants. This allows her to show the exact location of the property, show how the cost of renting is compared to other offers in the area and make it easier for the tenant to choose the tenants who best meet their expectations.

In turn, the Warsaw-based start-up SonarHome decided to use artificial intelligence to speed up the process of selling the apartment from several months to several days. His tool works in the iBuying model, i.e. the company buys the property directly from the owners on the basis of its market value and then sells it on its own on the free market or to subsequent investors. Artificial intelligence is used here to estimate the value of the property - the system analyses a broad base of transactions and market offers made over the last few years to offer the seller a fair sale price.

  • We would like the Artificial Intelligence to play a much greater role in the housing industry. The first tests show that we manage to operate much more effectively, but we must remember its limitations. Over the next four to five months we will complete the first phase, which will result in tests on real users. We can expect that during this year's holidays, the first pool of customers will be largely served by mechanisms which will be controlled by intelligent solutions - announces Paweł Gniadkowski.

According to analysts from MarketsandMarkets, the value of the global market of artificial intelligence will increase to over 190 billion dollars by 2025, with an average annual growth rate of 36.6%.

/ Source Newseria

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