Real estate companies are increasingly using artificial intelligence in every aspect of buying, selling and home financing.
and LoanSnap, are now employing AI to help find buyers the perfect mortgage and the perfect home. And for real estate agents, it may already be a game-changer.
First the borrower's financial information is put in. Then the system "takes all that information, forecasts it out into the future and looks at thousands and thousands and thousands of options," said Karl Jacob, CEO of LoanSnap. "That's different ways of paying off debt, different loan options, and this is one of the first times AI has been turned into something that helps consumers versus harms consumers.
"Ninety-five percent of it is rhetoric, right? It's a popular term. People glom on to things like that and say, 'Oh yeah, we use AI too.' AI is actually machines thinking and/or looking at possibilities that would not have been looked at before," he added. AI "triangulates all of that information to predict which home is likely to come for sale, so the agent can now approach that homeowner, offer his or her services, and have a much higher probability."
Using Compass' AI, they can evaluate the price of their property in comparison with other properties in the market, search for specific types of homes in ultra-specific locations, input desired square footage of indoor and outdoor spaces and then get immediate alerts when something hits the market.Zestimate," claiming it now uses neural networks, or machine learning comparable to how the brain works.
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