How AI Is Reaching Further into Real Estate
The expansion of artificial intelligence options includes helping to virtually stage a home, speeding up mortgage approvals and fueling smarter property searches.
NEW YORK — Real estate agents and businesses know that chatbots using artificial intelligence (AI) can speed up interactions with potential clients and provide answers to the most frequently asked questions, but AI can be leveraged in so many other ways that can improve sales.
Using AI to virtually stage a house can declutter homes by deleting images of objects in a house or sprucing up the exterior of a house that needs a little renovation.
Other options can analyze a home's photos and provide a detailed outline of renovation costs and offer an estimate of the profit potential for each project. Some tools can also provide an automatic valuation of the property based on the condition it analyzes from the pictures. Insurance companies like CAPE Analytics use AI to assess property risks by analyzing photos, weather data, and aerial images.
AI also helps real estate platforms like Zillow and Redfin by making property searches smarter, using natural language and predictive tools to find homes based on specific features, even if they're not listed.
Additionally, AI helps with compliance by spotting potential violations in property listings. In the mortgage process, companies like Rocket Mortgage use AI to scan documents and extract relevant information, speeding up approvals.
AI also helps combat mortgage fraud, as seen with the Commonwealth Bank of Australia, which saw a 30% reduction in fraud after using AI to flag suspicious transactions.
AI's future in real estate includes advanced features like personalized home searches based on specific preferences, such as the ideal amount of sunlight on a porch and making the entire home-buying process faster and easier.
Source: Forbes (02/07/25) Dobson, Amy Rose
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