Instructor: Aleksi Aaltonen, Section 002

Automation is Humanizing Property Management Experience

Related image The Real Estate industry is not the first thought of when it comes to technological advancements. However, that has changed over the last years. Real Estate tech investments have ballooned from $33M to $5B since 2010, mainly focusing in the property management. Perhaps this has been the topic for many Real Estate agents as they are fearing that it would replace high-value and negatively impact face-to-face interaction, technology and automation, when used thoughtfully, humanize the customer experience.

There are different ways we could look at the benefits of this market-industry integration. For example, real estate tech investments may provide solutions that systematize how properties and tenants are managed, while others contribute to the data insights that is being provided to landlords and tenants. From a data visualization perspective, the amount of information retrieved can be overwhelming, but it also led firms to focus on how to best visualize all kinds of constant streams of information. Leverton, in one hand, applies AI / Deep Learning technology to extract data from real estate firms and create data visualizations and analytics from unstructured data and converted into meaningful insights. Another emerging product that promises help visualize data is called Matterport, which allows people to virtually walk around the interior of an existing space using 3-D renderings.

5 Responses to Automation is Humanizing Property Management Experience

  • I think it’s very interesting how much the investments have grown in such a small amount of time. There always seems to be a fear of technology negatively impacting face-to-face interaction, but I think that it will improve the data tracking and show different ways to interact that just a f2f interaction cannot do. It’s also interesting how certain real estate companies will use this type of technology, since it is still very new to the industry. Like we mentioned in class, it could either end up being worthwhile, or the technology could all be there but it can still fail, if people in the Real Estate sector choose to keep doing things the old fashioned way, which seems unlikely.

    • I think there are many situations in which you specifically want to avoid F2F interaction. It is simply often unnecessary, inefficient and require you to travel – e.g. I have properties in the UK and Finland but take care of letting them etc. through digital tools. Also, a house or a flat is often the most valuable asset people have so it makes a lot of sense that the management of this type of asset is becoming more digital. There is a lot of business interest in this space but somehow the industry is developing slower than it was expected, e.g. innovative companies like Nest have not yet become such a big hits it looked like some years ago.

  • This topic is really interesting, especially when it is unexpected that this technology is being utilized in real-estate business. Artificial intelligence is currently still a fairly new technology in the market. It is true that AI can convert the unorganized data into insightful information. Today, it is fairly to say that the majority of the businesses in the market is still not fully implement this technology to automate some of the business processes. I believe due to several successful use cases of this technology more and more companies will start to think about the benefits of AI the benefit of the technology.

  • Hmmmmm this is very interesting. Seeing as a certain class project pertains to this, it is most certainly an expanding industry. I agree with you that technical programs or solutions should focus on providing landlords and tenants with facilitation. Websites like zillow and apartments.com have owned this section of the market for years, but new entrants are coming in the form of applications. Chung-Han says that he looks forward to the benefit that AI will bring. Personally, I do not see AI having much of an impact, other than providing users with suggestions.

    • AI is not a silver bullet for everything – I agree. But in real-estate it could help, for instance, finding a good price when you let your property out. I am currently doing this and found that I had no choice than to follow our agent’s suggestion, which I feel is bit low. This is convenient for the agent as they can then easily find tenants but I may be leaving money on the table. AI could help me argue against their suggestion better.

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