The best AI use cases in real estate
4 May 2021 | 3 min read
In this article about the best artificial intelligence use cases in real estate, we wanted to give you a simple summary of all the AI blogs and use cases we have.
By reading this blog, you can easily navigate and find the best relevant information for you.
Here are some of the topics we are going to cover:
- Real estate similar listings (use case)
- Real estate natural language processing (blog + use case)
- Real estate computer vision (blog)
- Real estate recommendation engines (blog + use case)
Artificial intelligence in real estate
Real estate is going to be a significant part of the AI revolution. As a traditional industry, poor data management and complicated processes are sometimes a big problem. All of this is starting the change these days. Online real estate marketplaces and portals start to generate tons of data, all of which can improve customer experiences and promote sales.
There are several AI possibilities within real estate. Underneath, you will discover examples we use for some of our clients.
Use case 1: Real estate similar listings
In this case study, we improved lead conversion rates and got more listing inquiries using a real estate AI technology called: listing recommenders. We tracked every single user’s behavior such as clicks, viewed images, and viewed pages in this process.
Based on this information, we built an intelligent personal user profile. With this detailed profile, our client (real estate broker) knew what type of listings the user is looking for and how likely they are to buy or rent.
Read the complete case study here and discover how we could increase their lead capture by 466%.
Use case 2: Real estate natural language processing (NLP)
Natural language processing enables computers to understand and process human languages. NLP makes it possible for computers to read a text, hear a speech, interpret it, and determine which parts are essential.
A traditional search on a real estate website will only display results based on the metadata or searchable features (pricing, address, surface, and the number of bedrooms). However, every real estate website has lots of information stored in the text descriptions on a listing.
Those listings often contain real estate related keywords that are not available in the metadata but could be extremely useful. Some examples are: ‘swimming pool’, ‘luxury’, ‘balcony’, ‘renovated’ or ‘home office’.
You can read more about natural language processing for real estate and discover four specific use cases.
Read our client case study here for NLP and discover how we could improve their data by 31%.
Use case 3: Real estate computer vision (image recognition)
Many remarkable technologies have come out of AI for real estate. Image recognition or computer vision is starting to stand out as one of this field’s most popular branches. Why? When utilized correctly, it can boost user experiences and improve data quality on real estate marketplaces and websites.
In real estate, we can already see different applications such as recognizing other rooms or duplicated images. Read the complete article about computer vision here and learn how AI for images is shaping the real estate industry today and into the future.
Use case 4: Real estate listing recommendations
Listing recommendations enable visitors to see real estate listings (houses or apartments) relevant to their tastes and preferences. The result? Better user experience, longer user sessions, and better lead quality.
These days, there are already a lot of e-commerce recommendation engines available. Unfortunately, those don’t work well on real estate websites. Check out this article now and learn why.
Also, check out this specific use case for listing recommendations and learn how they helped real estate agents to generate more leads by surfacing relevant listings to buyers.
Interested in seeing some real-time AI real estate applications? Check out our demo page here.
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