How Machine Learning is disturbing the world of Real Estate.
Wake County in North Carolina has implemented machine learning to improve the property value assessment process, something extremely important for tax purposes. The new assessments will be effective in 2020 and will be the result of a new process that intends to get more objective, timely, accurate, thoughtful, and equitable property valuations that provide more confidence to both the County and the taxpayers.
Rising land prices, rapid urbanization, and the housing affordability crisis have spurred some real estate developers to digitize construction. Forest City Realty’s bet on high-rise modular construction showcases the evolution of their supply chain—and what can go wrong for early adopters of new technology.
Can companies like Opendoor effectively disrupt the real estate broker ecosystem and home-sale supply chain through big data and machine learning?
A 210-room hotel required in New York? No problem, we can ship that to you: Digitalization of the real estate and lodging supply chain in the form of modular construction is allowing companies such as CitizenM to react more quickly to changes in global demand with hotel delivery inspired by the "just-in-time" philosophy.
Real estate brokers always seem to be the next industry ripe for disruption, yet the profession remains stubbornly resilient. The Internet, smart phones, satellite mapping, virtual reality, secure online payments, and consumer data access have all impacted the real estate search and purchase process. However, the broker fee is still the most expensive transaction cost. The median rate has barely budged from the historical 5-6% of purchase price for selling and 15% of annual rent for brokered rentals in New York City.
Zillow is using big data to create a transparent marketplace. Will it be enough to break the realtor monopoly?
Residential real estate agents are on the brink of extinction. Can Redfin, through digitization, finish the job?
Zillow uses big data and machine learning to address pain points in the real estate industry, but is it thinking too small?
Real estate investing startup Cadre is finally disrupting the real estate investing business.