Is Artificial Intelligence (AI) and Machine Learning (ML) in relation to Real Estate over hyped or are there real contributions out there?
Artificial Intelligence is a task that a computer performs that would normally require human intelligence. The issue is that the definition of human intelligence is constantly moving outwards, making the goal difficult to achieve.
General Intelligence refers to a computer that can accomplish a wide variety of human tasks.
Systems that use historical data to predict. Computers can find relationships between variables that a human would never have imagined. They are very useful at understanding very complex datasets.
Reinforced Learning is where the computer is provided a goal with no instructions on how to reach it. Google’s AlphaGo software utilized reinforced learning.
Sources of Funding for AI/ML Real Estate Firms
Valuation: Determining highest and best use, and supporting data driven decision making.
Construction Management: Optimizing construction processes and minimizing costs.
Geospatial Analytics: Using location specific data to predict real estate value or assist in decision making.
Natural Language Processing: Processing, abstracting and recommending responses to complex contracts.
Notable Companies Utilizing AI/ML in Real Estate
SquareFeet.ai operates under the valuation and data analytics segment, along with other notable firms. Real estate professionals want to see an increase in ROI or NPV in order to invest time and money into implementing a tech product.
SquareFeet.ai’s proprietary revenue optimization algorithm provides value to developers and brokers on the first project. Book a demo to learn more!