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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