Industry leaders argue artificial intelligence could eventually be used to address B.C.’s affordable-housing shortage
The real estate industry, which has historically been reticent to adopt new technologies, is embracing artificial intelligence in several forms, ranging from enhancing visuals and engaging clients to summarizing strata documentation and improving realtor workflow.
“If we are actually able to use this technology to solve some of the smaller problems that we have in the industry, what is then the role of it to be able to solve some of these bigger challenges when we think about development and the infrastructure that goes around it?” said James Innis, president and COO of Sutton Group.
He also said the technology allows his team to explore different angles, times of day and “concepts around how we want to tell the story of the image, before our artists even get started.” “Especially in Vancouver, it’s quite a hot market for real estate from time to time,” said principal and co-founder Andrew Armstrong. “If you’re looking at a place on Sunday and you need to have your offer in by Tuesday, this document package in some instances is 1,800 pages long. That doesn’t really give you the time to look through it all yourself and give yourself a good understanding.”
Another local startup is Saige, which aims to increase a realtor’s listings through AI. The company has a proprietary algorithm that identifies homes that are likely to be listed, whose owners can then be targeted through direct mail and other outreach. “Everyone wants to be compliant, so how do we make that easier?” said Innis. “You’ve created a data set of individuals and transactions. You can then start to use AI models directly on top, scanning for particular transactions, asking questions, analyzing things from a managing-broker standpoint, all with a view to mitigate your risk.”“It can go through paperwork and say, ‘This hasn’t been done correctly, here’s what you need to do.
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