AI Revolutionizes Real Estate: Transforming Appraisers, Mortgage Lenders, and Developers

Artificial intelligence (AI) has ushered in a new era for the real estate industry, revolutionizing the work of appraisers, mortgage lenders, and developers, and impacting homeowners in myriad ways. The applications of AI in real estate are diverse, encompassing data analytics for investment decisions, automations for an enhanced customer experience, and much more.

AI Enhances Appraisals and Underwriting

Appraisers now face competition from Automated Valuation Models (AVMs) that utilize AI to determine property values based on data and digital imagery. Mortgage lenders rely on AI’s risk calculations to make underwriting decisions, while developers leverage AI platforms specializing in hyperlocal zoning regulations to choose optimal construction sites.

Realtors Benefit from AI Efficiency

Realtors have also seen their efficiency increase due to AI-powered platforms. These platforms generate property recommendations tailored to each client’s preferences, allowing realtors to provide personalized service. Additionally, AI-driven bots sift through leads, helping realtors identify potential opportunities.

To provide a comprehensive overview of the industry, we’ve compiled a list of 20 companies utilizing AI in real estate to disrupt the market. These examples showcase how technology is shaping the future of the industry.

Introducing 20 AI in Real Estate Companies

1. Keyway

Location: New York, New York
Keyway leverages AI and machine learning to facilitate data-informed deals in commercial real estate. The investment platform caters to healthcare professionals and multifamily property owners, offering service models like rent-to-own and transition out.

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2. Silverwork Solutions

Location: Chicago, Illinois
Silverwork Solutions develops “cognitive technologies” powered by AI for the mortgage industry. Their software robots work alongside human employees, automating repetitive tasks and improving cost-efficiency and customer experience.

3. Hyro

Location: New York, New York
Hyro specializes in conversational AI for the real estate industry, providing AI chat and voice interfaces that assist customers in matching with properties, scheduling viewings, capturing leads, and answering queries.

4. Entera

Location: New York, New York
Entera’s residential real estate investing platform uses AI to automate and provide intelligent analytics for finding, buying, and operating single-family homes. Their platform facilitates over 1,000 transactions monthly in more than two dozen U.S. markets.

5. HouseCanary

Location: Fully Remote
HouseCanary offers advanced machine learning-powered technology and resources to homeseekers. Through accurate home information and tailored searches, customers gain clarity to make informed decisions in the residential real estate market.

6. Compass

Location: New York, New York
The AI-powered customer relationship management platform by Compass prompts real estate agents to contact their clients at key moments. By monitoring client activity on real estate websites, agents receive notifications when clients are active and auto-drafted emails help streamline the outreach process.

7. Rex

Location: Austin, Texas
Rex, among its real estate technology brands, includes JobCall, an AI assistant facilitating communication between property maintenance teams and renters. It transcribes maintenance calls using speech recognition and assigns priorities.

8. Redfin

Location: Seattle, Washington
Redfin augments human agents with AI capabilities, automating property recommendations using an AI matchmaking tool. The data suggests that Redfin’s AI understands users’ preferences better than they do themselves.

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9. CoreLogic

Location: Irvine, California
CoreLogic’s OneHome platform utilizes AI to help real estate agents match prospective buyers with suitable homes. Its mortgage origination solutions automate alerts for missing documents and identify potential new income sources. With over 1.2 million agents across the United States and Canada, CoreLogic provides extensive support.

10. Cherre

Location: New York, New York
Cherre’s data management platform, CoreConnect, collects and indexes real estate data from various sources. With CoreExplore, organizations can automate workflows using connected data. Cherre has received awards for its innovative use of AI in real estate products.

11. Zillow

Location: Seattle, Washington
At Zillow, AI analyzes digital photos to generate free property value estimates called “Zestimates.” Leveraging a neural network trained on millions of photos and home values, Zillow can accurately predict property values with a low median error rate.

12. Localize

Location: New York, New York
Localize’s Hunter app serves as a concierge texting service, engaging real estate agents’ leads with artificial and human intelligence. The app updates users on lead progress and alerts them when the buyer is ready to visit properties.

13. Divvy Homes

Location: Fully Remote
Divvy Homes personalizes applications for rent-to-own mortgages using AI. The application dynamically responds to clients’ financial situations, ensuring a smooth and relevant experience. Divvy’s AI also expedites underwriting calculations, saving time compared to traditional lenders.

14. Main Street Renewal

Location: Austin, Texas
Main Street Renewal relies on AI to identify and bid on properties that require minimal remodeling or won’t trigger bidding wars. Thanks to AI, the company adds around 1,000 homes to its portfolio each month.

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15. Trulia

Location: San Francisco, California
Trulia’s online real estate marketplace customizes the user experience using AI. By learning users’ preferences and favored search terms, the platform provides tailored recommendations based on similar user profiles.

16. GeoPhy

Location: New York, New York
A Walker & Dunlop company, GeoPhy estimates commercial property values with its enterprise-scale AVM powered by AI. The platform analyzes a range of data points, from hyperlocal crime rates to digitized property records worldwide.

17. Quantarium

Location: Bellevue, Washington
Quantarium’s AVM utilizes deep learning algorithms that have processed data on over 153 million property parcels in the United States. Real estate professionals rely on Quantarium’s valuations for commercial and residential properties.

18. Deepblocks

Location: Miami, Florida
Deepblocks’ subscription service optimizes real estate development using AI. Their smart algorithms consider migration trends, market data, local infrastructure, and zoning regulations to pinpoint optimal construction sites and help developers plan efficiently.

19. Skyline AI

Location: New York, New York
As a JLL company, Skyline AI combines human expertise with AI capabilities to provide commercial real estate investors with valuable insights. The platform analyzes vast amounts of data, including location, web data, and AI-generated data, guiding investment decisions with precision.

20. CityBldr

Location: Bellevue, Washington
CityBldr employs AI to identify undervalued properties and multi-property parcels that attract developers. Backed by professional expertise from engineers, architects, and appraisers, CityBldr has established itself as a prominent player in property research and analytics.

These companies are paving the way for AI in real estate, offering innovative solutions that reshape the industry.

To learn more about the rapidly evolving field of proptech and its impact on real estate, visit Garrity Traina.