Real estate is one of the world’s most productive businesses. While the real estate industry is transforming towards to a “data-driven” world also, the opportunities for artificial intelligence and machine learning grow rapidly.
Most businesses are transitioning from analog to digital processes and are having difficulty operating and scaling due to manual intervention and legacy systems.
There is where AI can excel and create big value in automating currently long- and manual processes.
But what is Artificial Intelligence? It is a branch of computer science that is also referred to as Machine intelligence and helps humans in getting the same behavior of speech, visual perception, language, translation or decision making from machines as humans act and perform.
One of the most useful approaches to achieve artificial intelligence (AI) is through Machine Learning (ML). ML, a field of computer science directed at making computers learn from data, recognize the pattern without being explicitly programmed to do so, more precise than most humans possibly can.
How can Machine learning help in tenant screening?
- Predictive scoring: Assigning a score to potential tenants based on various factors such as credit history, income, and rental history.
- Automating background checks: Streamlining the process of checking a tenant’s criminal history, eviction records, and employment history.
- Analyzing rental applications: Extracting relevant information from rental applications and processing them quickly.
- Identifying red flags: Automatically detecting warning signs such as frequent job changes or a low credit score.
- Personalized communication: Sending personalized messages to potential tenants based on their profile and application data.
- Minimizing human bias: Reducing the impact of human biases in the screening process by relying on data-driven algorithms.
- Improving decision making: Making more informed decisions by considering a larger set of data and using more sophisticated algorithms.
This is where Smart Rent Score comes in. Our ML-based algorithm for tenant discovery, implemented via cloud APIs.
What do you get with Smart Rent Score?
- 0 to 100% probability that a prospective tenant will default on a sublease
- Default sensitivity analysis for different levels of rental fee
- Analysis of a tenant and up to 2 co-signers per request to API.
- Identification of the main risk factors of a tenant
- Integration with TransUnion and Experian
It is essential to look at artificial intelligence and machine learning in the real estate business. In fact, in the last few years, almost every aspect of the real estate industry has been affected by AI technology.