The Austrian university of applied sciences does research in the field of real estate economics and behavioural economics. One of their current projects is about the analysis of how artificial intelligence (AI) can be used to improve online real estate listings.
To do so, platforms like reroom.ai and ChatGPT are used to optimize both the images (see attachment) and the description text of real estate agents. Through website visitors_ requests for viewings, conclusions are drawn about the increase of attractiveness and thereby show whether AI is changing the frequency of viewings and property visiting requests. To retrieve insights about this research idea in the relevant environment, a collaboration partner under a research and development agreement is sought.
Advantages and innovation
The tools of AI hold many potentials like automation of repetitive processes and tasks, minimizing errors and human error, increasing productivity and operational efficiency, improving decisions through access to real-time data or improving learning processes through expanded access to big data. Under this project, the university of applied sciences wants to find out more about how these AI benefits can be leveraged in the real estate market.
The benefit for cooperating companies is that they will gain knowledge about the type of AI supported visual presentation they ought to use in the future to acquire customers and in order to increase their real estate website visits. Potential further insights from this project or subsequent projects could be how the influence of AI visual presentations in real estate market can increase potential sales prices as well as relevant lead contacts from customers, or how it can mitigate the number of meetings needed to complete a real estate deal.
Technical Specification or Expertise Sought
The university of applied economics is looking for a company that is willing to publish real estate posts. They would post apartments in an online post for a total of 2 months to record the viewing requests and other data of interaction with the posts. The real estate posts can be based on actual or fake real estate posts. It is to keep in mind that visual AI enhancement might distort the ads to a certain extend that they differ from the original apartment (see attachment as reference). The aim of this research project is to see how AI can improve the interaction with potential real estate clients.