How AI is impacting data processing
How can AI assist in data processing?
We’ve already touched upon how AI chatbots can save time for property professionals by automating repetitive tenant questions, but this job only accounts for a small part of the role of a letting or estate agent.
That’s why you should consider also utilising AI to assist with data processing. There are a number of proptech applications that use machine vision to scan documents then extract information, and showcase it in an easy-to-use format. This technology can be used for handwritten, typed, and pictorial information. With the average person able to read around 200 words per minute, AI word extraction offers substantial time saving. However, data extraction is not the same as data comprehension. That’s where the latest advancements in Machine Learning come in. This technology not only ingests information, but uses it to aid decision making.
How can AI data processing help property professionals?
A lot of the current tech in this area has been created to assist estate agents and letting agents. One application is to use AI to create property listings quickly. This could be through a platform like Restb.ai, which identifies and tags property images, or by using Swiftcomplete’s automatic content creation technology, which uses a combination of mapping and government data to provide local amenities and commuting information.
AI can also be useful to make sense of lengthy paperwork, and ensure it is completed correctly. Kira Systems uses machine learning for contract analysis and to ensure due diligence is taken. The software can even scan third party documents and present them in an easy-to-digest way for the user. Meanwhile companies such as Leverton offers extraction tools to turn unstructured documents into usable data.
One of the most interesting uses of AI is for real estate evaluations. This technology uses Machine Learning to analyse key factors such as area desirability, local amenities and transport links to generate an accurate sales price. Geophy and Houseprice.ai are two companies working in this field. Scottish company The Property Angel takes this a step further with their ‘coming soon’ marketplace, which maps out value projections five years in advance so property owners can choose the best time to buy and sell.
How much will it cost to use AI to process my company’s data?
Many companies working in this field have a price on application policy, with the cost dependent on the size of the business and, where relevant, the number of properties the technology will cover.
Companies offering AI data processing
Geophy –uses the power of machine learning to objectively assess the current price of commercial real estate, to create an instantaneous appraisal.
Houseprice.ai – Creates a value report using data such as distance to schools and square footage, with the projected price on average less than 2.6% for sales price.
Hyperscience – Extracts information from forms and other documents, and learns over time for more accurate data.
Kira Systems – Uses machine learning for contracts analysis, due diligence and lease abstraction.
Leverton – AI-powered data extraction platform, which turns unstructured documents into insightful, structured data.
The Property Angel – Properties can be listed up to five years in advance, so users can choose the right time to buy and sell.
Peak.ai – This tech can take data from databases, social media and IoT devices to name a few to create a unified dataset.
Restb.ai – Tags, detects and classifies images based on real estate keywords. This tech also measures how users interact with images, which provides data to improve future listings.
Swiftcomplete – Uses natural language searching and geotagging to quickly generate property listings.