There’s no technology trend getting as much attention as generative AI, so let’s take some time to preview how it will impact real estate this year.
AI is a trend you cannot ignore
Every real estate professional should be thinking about how ChatGPT — which boasts nearly 200 million users — and similar tools will change the way they work.
- But remember: The technology’s glitz is only as good as the substance that underpins it.
Data is the key to quality
ChatGPT is built on a massive trove of publicly available information; ChatGPT would be nowhere if not for the data it was built on.
- So what? Real estate-focused AI tools will also only be as good as their underlying data.
- It’s still early for RE-focused generative AI and there are just a few RE-focused generative AI companies built on large reams of real estate data.
The winners may have already been chosen
Impactful generative AI companies for real estate aren’t likely to be built by technologists moving into the industry. Instead, existing real estate tech companies with massive amounts of data will be playing the biggest role.
Here is what our portfolio companies are doing, leveraging their data collections and generative AI to provide value to clients.
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- Travtus reviews and analyzes troves of information (emails, service requests) to understand a property. Its digital employee — “Adam” — then uses that information to address resident concerns, train employees and reduce costs.
- Markerr launched its generative AI dashboard for market analysis in the summer to help real estate professionals identify emerging market opportunities, predict future growth, and assess risk factors with precision.
- Lula, a smart property y maintenance platform, uses generative AI to converse with the system and residents regarding maintenance requests.
- Picket, a tech-enabled property management platform is leveraging generative AI to simplify massive HOA CC&Rs into structured resident rules; and automating the responsive capabilities of the system for resident questions.
We also have other portfolio companies using AI in similar ways, using large troves of proprietary data to develop powerful insights.
- Funnel Leasing, a multifamily CRM and automation platform, is leveraging generative AI to transcribe and summarize prospect and resident calls, saving leasing teams valuable time.
- It’s also using AI to engage, answer, and convert prospects via email, SMS, chatbot, and voice in a quick and human-like manner.
- OnsiteIQ, a construction intelligence platform, analyzes visual data from under-construction projects and leverages AI to track progress across 18 major milestones, identifying patterns of inactivity and predicting potential delays across an entire portfolio.
- PassiveLogic, the first platform for generalized building autonomy, is creating an ecosystem of solutions that enables anyone to design, deploy, operate, and maintain their own autonomous building systems.
- PredictAP, is a machine-learning invoice ingestion and coding product for real estate accounts payable (AP). The tech ingests a historical record of a company’s AP coding data to build an automated, self-learning ingestion and coding protocol that can flag instances of fraud and identify spending inefficiencies across the business.