Use of Technology in Real Estate

Goals

To obtain 2-3 case studies of US real estate companies (for example Zillow, RedFin, Realtor.com, etc) that are using (or plan on using) artificial inteligence (AI) or machine learning technologies.

Early Findings

PropertyNest

  • PropertyNest was founded a year ago by Ruth Shin, a licensed real estate agent in New York City. Using a proprietary algorithm, PropertyNest's site helps New Yorkers to buy or rent a new home based on their credit score and their most desired features.
  • People are matched to properties through a vetting process that includes credit score, savings, and income, among other financial qualifiers.
  • People who wish to find a listing can input their credentials, including income, credit score, extra savings, and information about their guarantor. After finding the desired apartment, the PropertyNest algorithm tells a customer the likelihood of being approved.
  • By focusing on the New York City market, PropertyNest's business is now running successfully.
  • Zillow is another major brand that is using technology in the US real estate market. This company has earned a reputation similar to Xerox or Kleenex amongst real estate consumers. Several technology startups have invested billions of dollars into real estate, thereby creating a new industry known as "Proptech".

Proposed next steps:

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Our background search has provided one case study of a US real estate company that is using artificial intelligence in its operations. We recommend further research to provide 2-3 case studies of US real estate companies (for example Zillow, RedFin, Realtor.com, etc) that are using (or plan on using) artificial intelligence (AI) or machine learning technologies. For each case study, we would describe how the company is using AI or machine learning or smart technology. We would also provide the expected or current outcomes/results that the company hopes to achieve, or has achieved, by using this technology.
Also, we recommend further research to provide a competitive landscape of Zillow, RedFin, and Realtor.com. We would describe each company and provide its strengths, value proposition or competitive advantage in terms of technology, and weaknesses.