From artificial intelligence to Mtavers: the technologies that are changing the world of real estate

If in the past luck and acquaintance were enough in the real estate field, today you need more. Familiarity with the technologies that are changing this world will give you a huge advantage. Here are some of them

Ziv Shor, Guest Column

16/01/2022

Sunday, 16 January 2022, 09:18 Updated: 09:19

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If in the past luck and personal acquaintance were enough in the entrepreneurial world, today, with endless progress, the situation has changed, and as you can see for being at the top, relying on traditional ways will leave you behind when you can see many technological developments entering the real estate industry. Artificiality when it comes to finding opportunities, accurate pricing and value creation is just part of it.

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To the full article

Part of the introduction.

Skyline platform (Photo: PR)

An example of such a system is Skyline AI, a platform that uses artificial intelligence (AI) and machine learning (ML) -based models to process information from more than 300 different multi-family property sources.

The system tracks about 10,000 different parameters (such as property owner information, property characteristics, demographics, historical transactions and debt) of 400,000 properties across the U.S. over time, and identifies discrepancies between different data sources and determines which one is most accurate to help Investors maximize their investment and rental opportunities.Using such systems becomes necessary in the current reality.

Is innovation a significant basis for industry progress?

In terms of engineering, design and execution management, the field that has already made a leap forward through the use of 3D continues to advance the use of integrated databases in design. Even the State of Israel currently requires the use of advanced planning technologies such as BIM (Building Information Modeling) as a condition for access to the tender. Execution technologies such as the use of smart building materials, the use of robots, skimmers, remote-controlled cranes, augmented reality scans, etc. will allow construction to be performed faster, safer, more reliably and more environmentally friendly which will ultimately preserve or increase profitability in its field. Profitability is slowly eroding due to the multiplicity of competitors.

In the days when the discourse on the Meteors is up and running it is not surprising that the industry is changing its face and progress is a significant part of that.

When it comes to selling, buying and renting properties, technologies are changing the field, using algorithms for pricing and purchasing properties, virtual tours, digitizing transactions and more. Of course, when it comes to property management and user experience, technology is changing the way buildings are managed Smart when dedicated apps allow us to save parking in advance, book the elevator, reserve a desk (after we get approval that it is cleaned and ready for us), order lunch, open maintenance calls, perform navigation inside the building, control building systems and more.

What was once considered a luxury is now becoming a necessity in an age where competition for quality tenants is becoming more difficult.

What does the future hold?

Ziv Shor (Photo: JLL)

Financial investment in real estate-related technologies continues to grow but is still low compared to other areas (aviation, communications, cyber, fintech, etc.) and the penetration of real estate technologies is lagging behind communications, cyber, fintech, etc. which only intensifies the scope of opportunities in technologies Real estate. Some of the initiatives in the field are less successful (Zillow, for example, whose algorithm for buying houses almost led to the company collapsing), but almost every significant player in the market (abroad and in Israel) now has an innovation department that locates, invests and implements technologies. For their continued existence, high liquidity, low interest rates and uncertainty are pushing more and more real estate investors. Schur emphasizes that as competition grows, technology becomes more significant in real estate and so do opportunities. JLL's investment fund, Spark, established in 2017, has already invested in dozens of real estate technology companies such as IoT.Digital investment platforms and more.

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