A new AI development platform has found its way to the market, described as a mix between a computer programmer and an architect, and it’s allowing agents to win more listings and significantly increase their earnings.
ArchiStar uses big data and artificial intelligence to write programming code to generate thousands of building designs on one block of land.
Co-founder Robert Coorey said that the main users of the system are real estate agents, but it also has application for property managers, developers and government.
“For agents, it’s all about helping them win new listings for development sites. That is the main way to use the technology,” he said.
“They do this through the tool in a number of different ways. What they are able to do is be quite proactive in their approach. They are able to see an entire suburb and see where the development hotspots are in that suburb. The building that has development potential but that is underdeveloped currently.
“For example, a building may be zoned to go 25 metres high, but there is only an individual home on there now. That comes up in red, and allows you to approach that home owner and say, ‘I know you are just living in your current place, but it would be great if we can give you an appraisal because actually you could fit 10 town houses on it’.”
Mr Coorey said that one application is to look at the suburb in its entirety and determine where the opportunities exist.
“Another way is to use their existing CRM contacts and running them as a batch job through the system, to see which one of them has development potential as well.
“And some commercial or project agents will print off the designs and put them in to both vendors and purchasers as proposals.”
Mr Coorey said that the feedback from the market has been great.
“The main feedback to us is that they are able to be proactive in winning new listings. But also to increase their professionalism and power their competitive edge.”
Eight years ago, ArchiStar started out as a learning and education business. Two years ago, it decided there is a large appetite in the market to use this technology instead of learning how to be a programmer.