AI in Real Estate: Trends from Blueprint 2023

Artificial intelligence (AI) has become a popular buzzword throughout the tech industry, but many are wondering how AI will impact the real estate industry. How will AI in real estate allow enterprise investors and single-family rental (SFR) owners to gain a competitive edge? Can AI really replicate what a human can do?

These were big topics of conversation at the 2023 Blueprint Conference held in Las Vegas earlier this month. Between the exciting panel discussions, networking sessions, and chatter in the halls, the Blueprint conference provided valuable insights from industry experts on the latest trends in AI for real estate. At the conference, attendees learned how AI can help investors scale by automating time-consuming tasks. 

Let’s explore the potential of AI in real estate, taking an in-depth look at how AI can help real estate investors and SFR operators increase efficiency, expand nationally, reduce risks, and streamline their real estate investment process.

Introducing AI in Real Estate 

AI and technology have the potential to greatly enhance workplace operations by streamlining task completion and project efficiency. However, there is a personal aspect to business, and to the real estate industry in particular, one that AI and automation cannot replicate. 

With this in mind, Endpoint has taken a balanced approach to introducing machine learning and automation into its home closing solutions. The Endpoint team is dedicated to harmonizing people, process, and technology to streamline home closings for everyone. By merging these critical elements, we create a hassle-free experience without compromising efficiency or effectiveness. 

Endpoint leverages technology to simplify the closing process by using optical character recognition (OCR) to automatically extract transaction details from documents and having  sophisticated machine learning models synthesize that information to kick off the closing milestones needed to complete a transaction. 

AI in Action

While speaking on a panel at Blueprint, Endpoint CEO Scott Martino provided a purchase contract as a prime example of how automation can improve efficiency. 

“Technology can scan an email and understand that email as an open order. It can see there’s a document attached,” Martino explained. “We then use machine learning to extract the needed information and use a workflow engine that will kick off the process.”

From there, short tasks, which Endpoint calls To-Do’s, such as an earnest money deposit, are automatically sent to the buyer. This can happen at any hour of the day or night because it’s an automated workflow process. 

If at any point in the process, a customer has a question or concern, Endpoint’s expert centralized closing team steps in to address any challenges.

While transactions and state requirements vary to some extent, the closing process can predominantly be automated while leveraging human interaction. This allows for optimal efficiency without compromising the personal touch.  

“We believe in the power of what technology can do, but in the transaction space, you’re dealing with a large moment in people’s lives,” Martino shared. “So we know we need humans there to address the emotional aspect of the transaction. Technology has allowed us to scale more efficiently, without moving away from the human aspect.”

Fueling the Growth of SFR

Moreover, as SFR investments continue to grow, leveraging automation can significantly enhance efficiency for investors seeking national expansion.

For SFR investors, who are often managing multiple deals simultaneously, this is a game-changer for maintaining momentum. By harnessing automated tools, investors can confidently track and address all documents and necessary steps promptly. Real-time updates on transaction statuses provide investors with enhanced visibility into their transactions, offering peace of mind that every aspect of their closing is being expertly handled.

AI takes the guesswork and manual labor out of the equation and helps create efficiencies in closing that would otherwise take longer to complete. Through machine learning, a system can be automated to determine the best course of action for closing a transaction quickly and accurately.

This includes identifying any issues or irregularities that may need to be addressed prior to closing and flagging them in advance. When a concern arises, humans can intervene to tackle these intricacies and guarantee the smooth progression of the transaction. Implementing this approach effectively limits the risks tied to the complete automation of the transaction process with AI. Moreover, it ensures peace of mind for investors who are constantly on the go, granting them peace of mind.

Is the Real Estate Industry in for an AI Revolution?

All in all, it’s unlikely AI will take over the real estate industry entirely, but technology will undoubtedly continue to be a valuable resource to streamline processes, reduce manual labor, and increase accuracy. 

Despite advances in technology, the human touch remains indispensable in the real estate transaction process. Emotional support and invaluable decision-making skills are vital for ensuring the success of these transactions. The combination of AI and human interaction in real estate holds immense potential to shape a future that SFR investors only dream of today.

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