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Practical Applications of AI in Your Real Estate Operations

HOA Documents, Technology,
Published: Apr 02, 2024
Updated on: Apr 04, 2024
  by Editorial team
blog


The real estate sector stands on the brink of a technological revolution, with Artificial Intelligence (AI) leading the charge. Drawing from the insights Vishrut Malhotra, Rexera’s CEO and co-founder, shared during our Using AI to Grow Your Real Estate Business webinar, we sat to gather all his tips in this guide. 

We delve into how AI can streamline operations, enhance efficiency, and redefine customer service, setting a new standard in the industry. 

Interested in the behind-the-scenes? 

Let’s lift the curtain. 

The Role of AI in Real Estate

Until recently, AI in real estate was confined to basic tasks like data collection and trend analysis. However, the landscape underwent a seismic shift in 2020 with the advent of foundational models and large language models (LLMs). 

Unlike their predecessors, LLMs are not limited to narrow, specific tasks. Instead, they possess a broad understanding of human language, enabling them to interpret, generate, and contextualize text in previously unimaginable ways.

Large Language Models, such as GPT-3 developed by OpenAI,  can understand and produce human-like text, opening up new avenues. Trained on diverse internet content, they can perform various tasks, from writing and summarizing content to answering questions and even generating code.

Tools like ChatGPT offer an efficiency boost and automation in industries across the board, including real estate.

Here are a few practical applications of AI in real estate. 

Practical Applications of AI in Real Estate

practical applications of ai a banner with robot hand pointing, and small visual elements showcasing ai use in real estate

During the webinar, Vishrut highlighted several practical applications of AI in real estate, such as automated information extraction, review processes, and quality checks. Tasks, which traditionally consumed lots of time and resources. 

By leveraging AI, real estate professionals can efficiently parse through contracts and HOA documents, extracting necessary information with unprecedented speed and accuracy. 

Let’s explore these applications in detail.

Real-Life Examples of  Implementing AI in Real Estate Operations

One application of AI in real estate is document extraction and document review. We are an industry of large document sets. Every transaction has hundreds of pages of documents and within those documents seeking out specific data points is generally quite painful and manual. AI can help automate that process. 

Document Analysis

In this first example, Vishrut used ChatGPT to analyze a sales contract and an HOA CC&R.  

The prompt is as follows: 

practical applications of ai a screenshot banner of chatgpt-like interface, showcasing prompt

The sales contract is 10 pages, and the CC&R is 140 pages. By prompting ChatGPT to analyze the information within them, Vishrut saves at least a day of detailed manual review. 

The result? 

Here’s what ChatGPT came up with 

practical applications of ai a screenshot banner of chatgpt-like interface, showcasing prompt 2

Another example would be to ask ChatGPT to extract the Pet policies from the CC&Rs. Remember, this is a 140-pager, that is, besides everything else, a scanned document.

Prompted: “Can you tell me what are the pet policies from the CC&Rs?”, ChatGPT returns: 

practical applications of ai a screenshot banner of chatgpt-like interface, showcasing prompt 3

Bear in mind that at times ChatGPT may have difficulties coming up with answers, and you may want to try and run the prompts several times with minimal adjustments. Ultimately, AI is a supporting tool and as any tool, you shouldn’t entirely rely on it. 

Quality Checks 

Another way to employ the computing capabilities of AI would be to use it for quality checks. 

Real estate professionals deal with piles of documents on a variety of properties. Mixing them up while working on a closing is completely possible. 

So, going back to the first example, let’s check if the sales contract and the CC&Rs concern the same property. 

Here, Vishrut asked ChatGPT: “ Are the sales contract and CC&Rs for the same HOA?” 

At first, ChatGPT had a bit of a hard time coming up with an answer. 

practical applications of ai a screenshot banner of chatgpt-like interface, showcasing prompt 4

A good analogy here would be to imagine ChatGPT is an intern. Its performance will heavily depend on the type of training you provide. 

Running the prompt again and also editing the prompt helps reiterate the request, so ChatGPT can get to an answer. 

Ultimately we get to: 

practical applications of ai a screenshot banner of chatgpt-like interface, showcasing prompt 5

practical applications of ai- a mid-blog CTA block urging readers to go listent to Rexera's AI webinar

Internal Automation

Instead of navigating back and forth between external applications or production systems, the next natural step in using AI would be to embed it into your internal operations. 

Using AI internally means developing models that are designed to handle very particular tasks, and those tasks only, to ensure accuracy. At Rexera, we’ve implemented AI-powered workflows throughout our systems. 

One practical example is quality checks, where the information generated by one of our propriety AI models is checked by a second AI model to ensure the integrity of the information. 

Not only that but we’ve trained the AI to flag any issues with reading, for example, hand-written information, so our operations team can get involved right away and resolve these types of issues. 

Let’s look at what embedding AI in an internal system looks like. Here we have an Order QA Chatbot we’ve built that helps us catch HOA document-related issues on time.  

practical applications of ai- an example chat between Vishrut and Rexera's internal AI-powered Analytics Chatbot

Within every transaction we handle, we have an AI that analyses it and looks for potential issues. This consequently helps inform the next steps in optimizing the delivery times for that transaction. While these quality checks help speed up the process, they’re not the only line of defense against potential issues, we employ. Our operation team is tasked with double and triple-checking every transaction so that nothing jeopardizes your closings.  

As Vishrut says: “ AI will make your best people vastly more productive. It’ll help people on your team who are struggling. It will help you make fewer mistakes. It’ll help you be faster.”

Takeaways

generative ai in real estate- a human shaking the hand of a blue robot

The transition to AI-enhanced operations is not just a step but a significant leap forward for the real estate industry. By adopting AI, you can ensure that you provide unmatched service to clients, and set new standards in efficiency and accuracy.

 We hope these practical examples, give you the confidence to experiment with AI in your real estate operations and discover its benefits for yourself. 

Tune in to the full webinar, to check all the automation examples Vishrut gave and the few reiterations he had to run to get ChatGPT going.  

Or reach out to our team to get the full picture of how our team automates HOA-related workflows. 

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