Artificial Intelligence (AI)/machine learning has been one of the hottest topics among the tech community in recent years. Unlike natural intelligence utilized by humans, artificial intelligence is applied when a machine mimics cognitive functions, such as problem-solving.
But how is AI helping consumers with their real estate investment goals, especially as prices rise, inventory dwindles and competition intensifies? “We are constantly utilizing AI/machine learning to give investors a competitive edge and to improve the home buying, selling and renting experience,” explains Ramin Vatanparast, VP of Product and Data for HomeUnion.
Recommendation Engine Customizes Your Properties
“To help our users, we developed a recommendation engine that determines the best investment portfolio based on their customized preferences. This ‘decision engine’ uses machine learning to recommend property portfolios that achieve their specific, personalized investment goals,” he says.
Machine learning applies an investor’s past buying criteria data to learn from their online behavior throughout the sales cycle. This data will then be passed on to the sales team to help improve their efficiency, and enables them to provide superior customer service.
“Our intention is to empower every investor with actionable steps to achieve their future real estate investment goals using automation,” says Vatanparast. “The data we collect allows our Solutions (sales) team and analysis-driven marketing team to dive into each user’s journey and data to make assumptions about the user’s expectations. We then use our market data to predict the average time to close a home sale based on seasonality or market cycles,” he shares.
All of this data and intelligence allows us to provide better and more personalized service to our clients, including knowing when to contact them, how to contact them – whether via email, phone, text – and how to move forward with a real estate transaction.
AI/Machine Learning Automates Investing, Property Management
Machine learning/AI has streamlined and automated the entire real estate transaction experience. Among other things, machine learning has eliminated geography as a barrier to real estate investing and management. A landlord can now monitor the whole process online, even if they’re located in a different market than their property. For instance, someone who would like to invest in real estate outside of the high-priced San Francisco market can easily acquire properties in other metros like Dallas, Charlotte or Atlanta with much lower entry prices and higher rental returns.
Once our technology and on-the-ground market experts have found the right tenants for an investor’s property, advanced machine learning helps us reduce management costs, and allow tenants, vendors, and property managers to communicate more effectively throughout their lease period.
Gain a Competitive Edge into the Real Estate Market
“Perhaps most exciting for HomeUnion is how AI and machine learning will improve the user experience, and provide our clients with real-time insight on the real estate market they’ve never had before,” shares Vatanparast. HomeUnion brings a wealth of big data to the fingertips of each user at a crucial time in the real estate cycle: There’s a shortage of investment properties nationwide, and competition remains fierce for quality assets located in A, B and C neighborhoods.
“Our technology, which is driven by AI and machine learning, gives investors a clear advantage by finding properties that meet their investment goals instantly – and from remote locations. We are democratizing the real estate investing process for everyone by capitalizing on this technology,” concludes Vatanparast.
HomeUnion recommends consulting with a real estate expert who is equipped with a wealth of big data and local market insight to help you find a property that’s right for your investment needs. Contact us today at solutionsspecialist.com for more information.