We are a foreign wealth management company and have experienced some technical advances in real estate advisory/financing in our home country. For instance, some systems help assess risks and monitor incomes; some can predict loan defaults. We are considering entering the U.S. market in the second half of 2018 and would like to know more about the status quo of artificial intelligence in the real estate investment sector. How is artificial intelligence transforming real estate investment in the U.S.?
A.I. is just starting to be used in the U.S. A.I., based on real estate and tenant information, can help speed up the review of real estate analysis. On the other hand, there are companies like JinList.com that is a Chinese company based in Shanghai and New York that has built its listing system and ratings based on A.I. and "big data."
I am aware of a lot of work being done to harness A.I., but the U.S. is behind China in harnessing it practically. The newest technology that I see on a daily basis is use of blockchain technology by title companies (it is still limited). Crowdfunding investments twisted into web-based funding for an investment in process. Better Mortgage is a web-based system to provide the amount a borrower qualifies for within three minutes. There are platforms that provide insurance, bridge funding companies. I am not aware of broad public usage of A.I., but it is under way.
The main thing I have seen involving artificial intelligence in real estate involves a combination of capturing a lot of data (“big data”) that provides a lot of information about real estate transactions in various markets, and combines that with assessing overall demographic and economic trends to predict future rents, real estate values and the like. These tools are new and very interesting, but hard to assess their value, ability to predict the future trends and how widespread the access or use will be. Most of the other things I have seen involve much more in the way of collection and use of data, rather than A.I. I would also say that in general, the real estate industry is a slow adapter to any new trends for technology, though this is likely to change given the growing importance of technology in every other industry.
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