Don’t fall into the allure of an artificial intelligence company to later find out, they’re “AI” isn’t actually intelligent.
Artificial intelligence is all the hype right now. There are a lot of service providers out there who know this, and use the allure of A.I. to their advantage when pitching new customers. Being that AI is such a new technology, still in its infancy, we wanted to take the time to help educate you so you can distinguish the “have” from the “have nots” when considering a service provider who’s pitching you their latest wiz-bang AI tool.
This guide is geared to remain unbiased as to help introduce the real estate industry to the world of AI. Our team at Structurely has 10+ combined years in the fields of AI and machine learning (ML). With a team that has won multiple international data mining cups, specialize in Natural Language Processing (NLP), deep learning and other fields that make up AI in their respective Ph.D. Statistics and Mathematics programs, we feel positioned to help welcome you to the world we live and breath in, the world of AI.
Below are 6 questions we asked our AI team to think of if they were the ones evaluating an AI tool for the real estate industry.
Can the tool use MLS data to respond to both buyer and seller leads?
- It’s no coincidence that 70% of leads choose their agent based on which agent is the first to provide them the information they’re looking for. That information is generally found on the MLS, so can an AI tool really solve real world real estate problems without MLS data at its core?
Can the tool use Public Record data to respond to agents and their leads?
- It’s common knowledge that most homebuyers want to know the taxes they can expect to pay. Make sure your AI provider has access to public record data.
Is the tool’s entity extraction built specifically for real estate?
- Real estate is full of jargon – “ll w/o bsmt” means “lower level walk-out basement” – “ss apps” means “stainless steel appliances”. Your AI vendor needs to be accommodate the jargon found in the real world of real estate.
Is the tool’s intent classification built specifically for real estate?
- Leads ask all sorts of wonky questions. “Hows the market?”, “If I re-finish my bathroom how much would that increase my property value?” or “Does this home have a covered deck?”. Your AI vendor’s product should understand every question a lead may throw its way when asking about their move.
Does the tool fallback to humans (you the agent) at the right time?
- Certain questions can’t nor should they be answered by AI. Does your vendor’s AI recognize those questions and alert you?
Does the tool have a guiding framework the AI follows?
- AI is not magic. Have you ever met the Twitter AI, Tay? Well it became one terrible member of society because Twitter let it learn on it’s own, without a framework in place to handle it’s understandings and responses. Make sure your AI provider has a framework in place to keep its AI on the rails.
A company that is actually using AI and that has a high standard of quality should be able to answer these questions without hesitation.
With AI being such an early field, many vendors will take advantage of the lack of knowledge in the marketplace. Don’t be taken advantage of. Ask these 6 questions to any vendor pitching you the latest in AI and you’ll be able to rest assured you’re truly buying into the technology of the future.
At Structurely, we strive ourselves on building the most sophisticated yet simple to use AI in real estate. If you’re looking for a company that can answer these 6 questions you need not look further. Structurely’s Holmes has your answers. If you want to get setup with Holmes yourself drop us a line at email@example.com, sign up on our site or give us a jingle on our live chat!
Without further adieu, the guide you were promised is below 🙂
Until next time,
The Structurely Team 🙂