Amy is a real estate agent. Those who know Amy consider her to be smart, reliable, friendly, and very good at her job. To say that she is without peer in her industry would be an understatement.
Amy is a robot created and launched by themove.com and its parent company, Real Word Tech Ltd.
Sophisticated artificial intelligence has come to the real estate market, which is a $500 billion industry in the U.S. Amy’s creator sees the e-agent as an innovation. Others see the discovery as more of a disruption, if not a wholesale change to the entire real estate market structure, with agents becoming more reliant on technology in making decisions about investments.
Initial efforts are generating positive reports. While Amy possesses characteristics usually reserved for humans, Amy has an AI advantage. Unlike her human counterparts, she can directly enter a database to analyze home searches. From there, she responds to potential client inquiries and makes targeted referrals to local agents based on their needs and objectives.
Real World Tech Ltd. is not alone. ATTOM’s Data-Enhancing AVM strives to make life easier for buyers, investors, and their real estate agents, who currently evaluate property values manually. Using regression analysis, the AI’s can accurately estimate the market value of similar, recently sold properties. The technology culls from nearly 80 million homes that represent almost the entire U.S. population.
Other innovations include streamlined and customized marketing campaigns, “Try Before You Buy” in-home test runs and Kayak-style portals to help purchasers make sound decisions on where to live.
Many companies believe that AI-powered real estate agents and tools are the future of the industry. Investors are also intrigued to the tune of several million dollars to fund start-up companies and their research and development efforts.
Amy and her fellow technological trailblazers could be the logical next step for real estate businesses and companies in other industries.However, legal help is vital to ensure the proper handling of any real estate transaction.