The COVID-19 business transformation has been sadly quite deadly for certain industries, however it also sped up the unavoidable digital transition for many old school practices. Amid the crisis, companies scrambled to create new services for remote workers and students, beef up online shopping and dining options, make customer call centers more efficient and speed development of important new drugs.
The AI industry even broke records during the global uncertainty of the COVID-19 pandemic, with artificial intelligence startups raising $33 billion in 2020, according to CB Insights.
The change has also touched the ever-slow real estate industry. With a sudden spike in interest in virtual property viewings, better CRMs and online property management services, we have noticed a couple of UK players boldly offering new services based on Artificial Intelligence.
Simply said, AI and Big Data solutions bring an added data-based certainty to investors, buyers and tenants. Instead of relying on manual research on Rightmove and Zoopla, these solutions combine data from multiple sources and customise the output to who the user is. The result? Much simpler and faster rentals and property investments. The real estate sector, like many others, is slowly but surely adapting to the “data-focused” world and making some progress in defining use cases for artificial intelligence utilization. Quietly, tech-savvy CEOs and development managers are educating themselves on the application of data analytics to gain a competitive edge.
halo.rent automates operations and communications with AI and makes the entire process stress-free and transparent. The company just launched its tenant engagement platform to make renting faster and easier. Now, the platform is open for all after field testing with leading UK property managers. Also, it bagged £1.25 million pre-seed funding from angel investors and the European Commission.The app aggregates all the individual service providers, including existing property management systems, smart deposit services, utility switching companies, credit checks, and referencing into one engaging and intuitive platform. As a result, agents benefit from a whopping 90% reduction in administrative tasks.
Launched in 2018, Orbital Witness aims to modernise and accelerate the legal due diligence process with a platform to access and organise property information from HM Land Registry and local authorities, facilitate quick document review and flag risks automatically to lawyers and underwriters. Will Pearce, Co-founder and COO at Orbital Witness, explained: “We’ve built a system for clients to access documents from numerous important sources and provide an easy way to provide risk assessment and insights quickly. Now, we’re using that expertise and technology to reimagine property and land risk for today, to make transacting real estate less time-consuming, arduous and inefficient.”
Avasa AI was formed from the slow, tortuous and frustrating rental search experience of its founders in 2016. The company aims to revolutionise the rental experience for tenants, putting tenants’ needs at the heart of the process and bringing it into the 21st century.
It does so by combining smart technology, deep industry know-how and thoughtfulhuman interaction. Avasa’s Artificial Intelligence (AI) enabled search engine and Natural Language Processing (NLP) chatbot, built with the assistance of hundreds of tenants, deliver a uniquely seamless, efficient and transparent experience for tenants. Avasa’s AI and NLP technology, combined with an end-to-end ‘search and finalise’ platform, significantly cuts down time spent on finding the home that fits tenants’ lifestyle needs.
Keen to see AI in action? Visit houzen’s real estate deals portal and see how AI analyses a property for you in just 5 seconds.