Generative AI for Real Estate

What are the capabilities of Generative AI?

Perception, speech recognition, decision-making, and problem-solving are human-like capabilities that are now available to computers thanks to Artificial intelligence (AI). AI systems use intelligent algorithms such as heuristic methods, artificial neural networks, and evolutionary (genetic) algorithms. These algorithms can take input data and then output a solution, from text to different types of media.

Large language models (LLMs) are one of the most popular types of generative AI. They are neural networks that can process vast amounts of text data and learn how to generate new text based on that data. At the basis of the most current large language models is the transformer model - a neural network architecture. Transformers are used in many applications such as natural language processing (NLP), speech recognition, and image recognition, and are behind the popular text-to-image and text-to-video AI generators.

What is Generative AI technology for real estate?

The range of uses of generative AI in real estate goes throughout the real estate processes from market analysis to lead generation, property valuations, customer engagement, customer relationships management or deal closing. Generative AI makes it possible to automatically generate texts, communications, media, and other content. This technology is used in the real estate industry, for example, to automatically create property listings or to automatically generate text for marketing campaigns.

Generative AI can be used to enhance photos and videos in real-time and to create virtual tours in a matter of minutes. It can extract information from unstructured email communications, assign scores to leads with machine learning algorithms and automate responses. For all those use cases, wAIpify has already available AI generators and others in our roadmap that solve some of the most important problems in the industry.

Real Estate companies that are able to make use of generative AI with our technology, will have the opportunity to jump ahead of the competition in many aspects with a minimal time-to-market, and without the need for development. Within the next years, Proptech firms will need to embrace generative AI in order to remain competitive. Artificial intelligence breakthroughs will have a huge impact on their business as we provide more tools to address complex real estate problems.

wAIpify is a leader in the field of generative AI for real estate, not only because of the quality of AI generation but also because of the number of AI tools we provide to our customers using different methods and technologies. Our AI generators work for residential real estate, commercial real estate, property management as well as other related real estate markets. Our team has a deep expertise in real estate, e-commerce, and AI and that makes a real difference! You can start using our AI tools for free by signing up here.

How will this kind of artificial intelligence change the way the Real Estate Industry works?

Artificial Intelligence technologies have the potential to fundamentally change the way real estate professionals and property managers work. Generative AI will augment the capabilities of individual real estate professionals. According to Mckinsey's economic potential of generative AI's report current generative AI and other technologies have the potential to automate work activities that absorb 60 to 70 percent of employees’ time today.

For example, generative artificial intelligence can be used to automate processes and increase efficiency. AI systems can be used to analyze data, identify market trends and provide insights to make predictions and data-driven decisions. AI systems can also be used to improve communication between different departments in a company.

In the field of property listings creation, the wAIpify app already offers several AI generation tools and there is a plan for different generation tools (12) to be released in 2023 which will dramatically change the way property descriptions are created and promoted by reducing the time and significant effort for real estate agents and makler teams. Sometimes savings can reach 9/10th of the time previously spent on similar tasks. 

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You can create property listings in real-time just from the notes taken from the property owner. This will reduce not only the time you spend writing real estate property descriptions but also the processing time in days since you can check the text of the property listing with the seller immediately after signing the contract to avoid the back and forth of e-mails and communications.

That property description can then be used in our text-to-video generator specifically made for real estate. You can create a promotional video with pictures of the property, where an AI-generated avatar and AI-generated voice guide the viewer through the property in a professional and welcoming way. The generation now takes a few minutes and not days and you don’t need the involvement of your team or external video editing experts or slides designers.

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With the text of the property description, you can automatically generate a post for any social network where you choose the style and hashtags. The social media post can then be copied and pasted on Facebook, Twitter, Instagram, or Linkedin.

In our generative AI platform, you can decide which members of your team use each of the different AI tools, you have control over your AI internal use to boost your company's productivity. This is not about the use of new tech for the sake of it. It drives a significant improvement of the real estate experience for your users, and customers, from property owners to tenants, to potential buyers, and even for your main suppliers. Some of those generators are already available in the wAIpify app and can be used right away by the teams. 

Challenges and advantages of using Generative AI in the Real Estate companies 

1. Increasing efficiency through process automation

AI can help accelerate, automate, and optimize business processes, helping real estate agents weigh the opportunities and risks of a real estate transaction by reading data automatically.

Thanks to access to large amounts of data and highly complex learning algorithms, it is possible to improve existing products and services. Identifying the potential property demand for a seller is easy just with the property's main characteristics. This also includes defining the right property value and prioritizing leads based on their property and intention to sell or on their intention and financial capacity to buy. These and many other tasks can already be done with AI. 

One of the advantages of using wAIpify is that our company not only provides you with artificial intelligence solutions based on the use of language models that generate automated text. We can also use computer vision and media mixed transformers. Our technology is also ready to use the top machine learning technologies to provide you with scoring and predictive capabilities.

Artificial intelligence can offer many benefits to real estate professionals. According to a study by PwC, the use of artificial intelligence will not only improve the efficiency of operational tasks but also change decision-making processes. By recognizing correlations and patterns in large data sets, implications of possible future scenarios can be proposed and examined allowing companies make informed decisions.

2. Optimizing real estate service and communication

One of the use cases that wAIpify is working on is the use of generative AI in the optimization of service, communication with customers, and providing an interactive experience. 

Real estate agents and agencies have very specific customer journeys with sellers, potential buyers, and suppliers. They follow processes where some communications are very unique and other communications very repetitive. Our technology together with our industry experts learns from the industry's main processes and communication formats. Our goal is to automate most of the daily communications while ensuring the maximum level of quality and satisfaction for the customers. Communications such as email responses can be auto-generated and fine-tuned by the real estate agents so they get back valuable time to spend face-to-face with customers on other tasks such as open houses, private visits, and emotional engagement.

Property managers and rentals in residential real estate are especially heavy on communications with tenants. Every time a tenant has a problem related to the rented home it will communicate with the property manager. In order to solve that problem property managers need in many cases to communicate with a third-party service provider, and in order to solve the problem they need to manage a back-and-forth of communications that will in many cases turn cumbersome. We envision that this kind of three-way communication will be in the near future automated or semi-automated with our tools.

How can artificial intelligence-generated texts, photos, and videos be used to improve the real estate experience?

There are many use cases for generative AI in the real estate industry. Some of them include:

• Chatbots can be used to answer customer queries and help them find properties.
• As mentioned before, generative models can be used to generate real estate-related text such as descriptions of property listings, emails, or contracts.
• AI systems can be used to analyze and enhance real estate images and videos.
• AI systems can also be used to perform real estate appraisals.

There are many other use cases for generative AI in the real estate industry. If you want to learn more about them, we recommend you check out the following articles:

Beyond ChatGPT: The Future of Generative AI for Enterprises | Gartner.

The economic potential of generative AI: The next productivity frontier | Mckinsey

Fueling the AI transformation | Deloitte

Here is also a list of some of our current and future AI generation tools:

• Real Estate Property Descriptions
• Property Description Text-to-Video
• Location Description
• Create a New Builds Project with AI
• Create a Prefab House Product Description
• Parking Space Garage for Sale or Rent Description
• Create an Office Space Listing
• Create a Moving Service Description

You can start using some of these tools for free now. We offer a 14-days free trial.

ChatGPT: An example of generative AI

ChatGPT is everywhere in the news. And it’s true! It’s a great AI generation tool! But is not for everyone! Most of the professionals in many different industries will never spend their time writing prompts and their level of technical aptness is not good enough to make the most of it. On the other hand, without proper adjustments, the results that chatGPT provides can be very generic and not suitable to be used right away. They require editing time. They are much better than doing everything without AI but are prone to hallucination mixed with the generated results. When those hallucinations permeate your publications the image of your company can get seriously damaged.

In the last few weeks, Bing Chat from Microsoft and Bard from Google have been released and they have different strengths to chatGPT. And within the next years, more models are expected. New players within the AI generation space will appear. It won’t be easy to catch up. wAIpify uses the most advanced models in the world such as GPT, InstantNGP from NVIDIA, Bing Chat, and others. Our AI generators are supported by them and allow you to switch from one model to another to provide you with the best generation functionality and flexibility to adapt to new coming models.

There are many ways that ChatGPT can be used to improve communication in the real estate industry. ChatGPT is a model based on the groundbreaking Generative Pre trained Transformer (GPT) technology that has been widely used in AI research in recent years. ChatGPT allows users to communicate in a variety of ways, more natural language interactions including text input, voice input, or even the use of images. ChatGPT can also be used to generate and edit text.

We make it easy for you to use AI so you don't have to use chatGPT. Our results train GPT with data from your industry, and as a result, the generation result is much more accurate than just using GPT which reduces or eliminates results with hallucinations in texts. This means high-quality results for your business

In terms of the real estate industry and home's market, ChatGPT can be used to improve communication between customers and businesses. For example, we can use ChatGPT to answer customer queries automatically or to help customers search for properties. Our AI generators can also use such technologies to create text for marketing materials such as brochures and websites.

What impact will generative AI have on society?

AI is said to have enormous disruptive potential for many fields. But how do generative AI applications impact the economy, jobs, and society?

AI impacts society in many ways. Some of them are:

• The rise of AI systems like ChatGPT could cost millions of people their jobs, the big questions that will get an answer in the near future are: will the new jobs that undoubtedly arise from generative AI be as many as to cover the number of lost jobs? Will companies make the most of the opportunity of allocating the time of their employees to other customer-centric tasks for a big gain or will they stay on the surface of the easy gains of job cutting?
• The lines between truth and lies will become thinner. The quality of generated outcomes will make it very difficult to differentiate between fact-based outcomes and those which are supported by “hallucination” generated data
• Social inequalities may increase. The differences between countries with access to these technologies and those that don’t have such access will inevitably increase. 
  

Generative Artificial Intelligence, Data Privacy, and Compliance

Compliance plays an important role in the use of AI technologies in the real estate industry. The European Commission recently proposed a regulation on generative AI that aims to regulate the use of AI systems in the EU and ensure that they are safe and trustworthy. Compliance is also an important factor in the development of AI models. It is important that AI models are transparent and explainable and that they do not discriminate. Compliance is also important when using AI technologies in the real estate industry. It is important to ensure that AI systems meet privacy and data security requirements.

Conclusion

In conclusion, the capabilities of generative AI have the potential to revolutionize the real estate industry. By leveraging large language models and neural network architectures like transformers, generative AI enables automation, efficiency, and enhanced communication. Companies like wAIpify are leading the way in providing AI tools specifically designed for the real estate industry, offering automated property listings, text-to-video generation, and optimized customer communication.

Generative AI empowers real estate professionals to automate processes such as market analysis, lead generation, and property valuations. It can generate high-quality texts, photos, and videos, reducing the time and effort required for content creation. Moreover, by analyzing vast amounts of data, AI systems can provide valuable insights for data-driven decision-making and improve communication within real estate companies. However, challenges such as ensuring compliance with regulations and addressing the potential impact on jobs and social inequalities must be carefully navigated to achieve a balanced integration of generative AI in the industry. Nonetheless, embracing generative AI presents an opportunity for real estate companies to gain a competitive edge, optimize their services, and enhance the overall real estate experience for customers.

wAIpify focuses on developing patented AI solutions and AI as a Service (AIaaS) for e-commerce businesses, including real estate. Our real estate AI generators utilize the best models to meet specific needs of the property management and real estate industries. You can try AI generators for free for 14 day by signing up for a free trial.

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