Technology https://realestatemagazine.ca/category/technology/ Canada’s premier magazine for real estate professionals. Thu, 30 Jan 2025 16:29:15 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://realestatemagazine.ca/wp-content/uploads/2022/09/cropped-REM-Fav-32x32.png Technology https://realestatemagazine.ca/category/technology/ 32 32 Proptech trends shaping 2025: Integrated transactions, modular construction and decarbonization https://realestatemagazine.ca/proptech-trends-shaping-2025-integrated-transactions-modular-construction-and-decarbonization/ https://realestatemagazine.ca/proptech-trends-shaping-2025-integrated-transactions-modular-construction-and-decarbonization/#respond Fri, 31 Jan 2025 10:00:38 +0000 https://realestatemagazine.ca/?p=37023 Proptech Collective explores how AI, integrated transactions, modular construction and decarbonization are driving innovation and transformation

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The proptech industry is entering a new era, with AI emerging as a key driver of innovation across the real estate industry, according to a new report from Proptech Collective.

The non-profit organization analyzed more than 530 active startups and found that the sector is adapting to market shifts with a sharper focus on efficiency, integration and long-term value creation.

 

AI: A game-changer in proptech

 

AI is reshaping proptech by enhancing automation, predictive maintenance and property management. Companies are prioritizing data governance, system architecture and AI strategy development to ensure responsible implementation. AI-driven tools are also transforming planning, risk management, and energy optimization, improving operational efficiency across residential, commercial, and construction sectors.

 

Key proptech trends for 2025

 

As the industry looks ahead, several emerging trends are set to shape the future of proptech:

Integrated transactions

Homebuyers and sellers are demanding more seamless, efficient processes. Companies are digitizing and consolidating financing, insurance and transaction management, reducing friction for consumers and Realtors. AI is also streamlining the lead-to-lease process, automating lead generation and tenant screening.

Modular and offsite construction

Facing labour shortages and rising costs, the construction industry is shifting towards offsite construction and prefabrication. The report highlights that assembling components in controlled environments reduces timelines, improves quality control, and enhances scalability. Government initiatives, such as funding for modular housing, are supporting this shift.

Decarbonization and grid infrastructure

Sustainability is no longer just a regulatory requirement but a core financial strategy. Asset managers are prioritizing energy-efficient buildings to drive profitability. The report highlights the increasing demand for sustainable energy solutions, as data centers—driven by AI adoption—place greater strain on grid infrastructure. AI is being used to optimize energy consumption and automate HVAC systems to reduce carbon footprints.

 

Industry consolidation and sustainable growth

 

Over the past decade, the proptech industry saw an explosion of standalone solutions, leading to fragmented experiences. Now, companies are focusing on platform integration and consolidation. Mergers and acquisitions (M&A) are accelerating this trend, with over 65 M&A transactions recorded in the last five years, with three happening in the first few weeks of January.

Despite economic headwinds, Canada remains a leader in real estate innovation, with Toronto, Vancouver, Montreal, Calgary, and Kitchener-Waterloo serving as key hubs. The report notes that 77 per cent of Canadian proptech startups were founded in the last decade, with 35 per cent emerging in the past five years. Startups are prioritizing unit economics and sustainable business models to navigate tighter funding conditions while continuing to innovate.

“As we start 2025, it really feels like proptech is entering its next era,” says Stephanie Wood, report lead at Proptech Collective and vice president at Alate Partners.

“The Canadian real estate industry faced a transformative moment in 2024,” said Fred Cassano, real estate leader at PwC Canada. “Tight financing and rising costs continue to challenge growth, but sustainability and technology are creating new opportunities.”

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FCT acquires majority interest in Fintracker https://realestatemagazine.ca/fct-acquires-majority-interest-in-fintracker/ https://realestatemagazine.ca/fct-acquires-majority-interest-in-fintracker/#respond Wed, 29 Jan 2025 10:00:10 +0000 https://realestatemagazine.ca/?p=36993 In a move to tackle one of real estate’s most time-consuming challenges, FCT has acquired a majority stake in Fintracker, a digital ID verification company

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In a major move to tackle one of real estate’s most time-consuming challenges, FCT has acquired a majority stake in Fintracker, a digital identity verification solutions company.

The Oakville-based company announced the news on Jan. 28, saying the partnership is poised to streamline compliance with KYC and anti-money laundering (AML) regulations while enhancing security and efficiency in real estate transactions.

“Fintracker’s advanced identity verification technology, combined and integrated with our trusted services, will help create a more secure, seamless, and fully compliant experience for all stakeholders while shaping the future of connected and intelligent identity verification processes.,” says Michael LeBlanc, CEO, FCT.

Fintracker has contracts with many of Canada’s real estate boards and brokerages, including TRREB subsidiary PropTx. 

 

Why Fintracker?

 

Founded by former Realtor Simon Fiore, Fintracker was born out of a need to simplify the tedious FINTRAC compliance process. In a 2023 interview with Real Estate Magazine, Fiore shared that the idea for Fintracker originated in his Winnipeg brokerage. “I was like many agents struggling with these forms and not handing them in in a timely fashion,” Fiore said. His initial goal was to solve the problem for his own brokerage, but the solution gained traction.

The platform has since evolved into a tool for completing FINTRAC forms, digitizing workflows and reducing the potential for human error. During the pandemic, its ability to facilitate remote identity verification for non-physically present clients made it an important tool for many brokerages.

 

A shared vision for the future

 

With Fintracker’s solutions now integrated into its operations, FCT says its goal is to create a “connected identity ecosystem” that accelerates the home-buying process while safeguarding sensitive personal data. Fintracker’s founders, Fiore and CTO Matt Amihude, will continue leading the company as it expands under FCT’s umbrella.

“Partnering with FCT enables us to scale our mission of simplifying compliance for agents and brokerages across Canada,” says Fiore. “Our shared vision is to minimize friction for both the public and our clients, while raising the bar for KYC and AML compliance. Together, we’re fostering greater trust, transparency, and efficiency in real estate transactions.”

Fiore, who described himself as “the least tech-savvy agent in the country” when he started Fintracker, believes there’s no replacement for human relationships in real estate.

“Technology is always going to try and replace us, but one-on-one and face-to-face interactions, gaining trust and building relationships are still the keys,” Fiore told REM.

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Homz.io real estate portal expands across Canada with AI https://realestatemagazine.ca/homz-io-real-estate-portal-expands-across-canada-with-ai/ https://realestatemagazine.ca/homz-io-real-estate-portal-expands-across-canada-with-ai/#comments Tue, 14 Jan 2025 10:01:07 +0000 https://realestatemagazine.ca/?p=36548 The platform will use generative AI and other new technologies while staying committed to its user-centred philosophy

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Quebec-based real estate portal, Homz.io, recently announced its rebrand aimed to help new homebuyers and renters across Canada. Formerly known as GuideHabitation.ca, the portal has been around since 2004 and is now growing, starting with British Columbia.

The team has been expanding its presence in B.C. for over a year, offering the technology and business model as a SaaS platform to third parties, like communication firms and specialized websites.

 

The portal

 

The portal attracts over 100,000 monthly visits from home seekers comparing real estate projects—from pre-sale condominiums to move-in-ready homes, to new rental units. The company notes the traffic is partly due to its focus on user needs over a purely advertising-driven approach.

“Our strength is in making new real estate searches easier and providing new homebuyers with comprehensive, factual and fairly objective information,” said Founder Denis Sauvé in a press release.

 

A 20-year journey

 

Sauvé reflected on the company’s two-decade journey: “20 years on the web feels like 100 in other industries. Yahoo was still a giant when we launched, and social media platforms like Facebook and YouTube didn’t even exist.”

When it first launched in 2004, the website had what Sauvé described as a “fast-food menu design.” However, it was ahead in search engine optimization, which laid the foundation for the site’s growth into a hub for new real estate projects.

Since then, the company says most of Quebec’s builders and promoters have showcased their houses and condominium projects to potential customers.

 

Future plans with AI

 

Moving forward, the company’s co-founders face the expanding impact of artificial intelligence. “Search habits are constantly evolving. People are turning to YouTube, Instagram, TikTok, Reddit, ChatGPT and countless other apps for any information … AI is just getting started. Who knows what the next few years will bring?” Sauvé pointed out.

So, Homz.io is integrating generative AI along with other new technologies into its proprietary codebase. The platform remains committed to its user-centred philosophy.

“Being here after 20 years is an achievement in itself. And the future looks exciting,” Maurizio Furnò, associate, expressed. “We are happy as a small business, and we aim to continue our journey controlling our growth path.”

 

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New AI tool promises to save Realtors hours on admin tasks https://realestatemagazine.ca/new-ai-tool-promises-to-save-realtors-hours-on-admin-tasks/ https://realestatemagazine.ca/new-ai-tool-promises-to-save-realtors-hours-on-admin-tasks/#comments Wed, 11 Dec 2024 10:06:04 +0000 https://realestatemagazine.ca/?p=36008 Realtors spend up to 35 hours to close a single deal, says the creator of Mave, an AI tool that promises to streamline tasks

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Realtors can spend up to 35 hours on administrative tasks to close a single deal, according to Raz Zohar, who left his job in tech to work as an assistant in the industry to uncover its pain points. This realization sparked a “lightbulb moment,” inspiring him to create Mave—an AI-powered assistant designed to streamline tedious workflows and empower agents to focus on what they do best: serving clients and closing deals.

At its core, Mave uses AI technology to streamline tasks. Realtors interact with the tool through messaging platforms like WhatsApp or iMessage. For instance, an agent might text, “What’s the pet policy for ‘X’ building? When was it built? Does it have rent control?” Mave retrieves and organizes relevant information in seconds, enabling agents to provide instant answers to clients—avoiding the dreaded “let me get back to you” response.

 

Supporting agents in two key roles

 

Zohar identifies two primary roles agents juggle: consultant and marketer. Mave is designed to support both areas.

When representing a buyer, agents must act as consultants to help solve their problems, while for sellers, he adds, it goes beyond winning the deal. “Clients want agents to sell their property as fast as possible for the most amount of money,” Zohar notes.

Tasks that traditionally take days—such as creating social media strategies, filming scripts and promotional campaigns—can now be completed in minutes. Agents can quickly produce polished, branded content for platforms like TikTok, Instagram and email, driving engagement and results with minimal effort.

Mave is set up to adhere to brand guidelines for compliance. This means if agents need to market a property with, say, a social media post, a feature sheet or other collateral, they can text their request, and in a few seconds they’ll have branded content ready to go.

 

How Mave was born

 

Zohar’s curiosity was born from his own experience in buying a home—he knew his Realtor was working hard behind the scenes, but admittedly, he didn’t know what they were doing. He saw an opportunity for innovation in an industry often criticized for being slow to adopt new technology. 

He began with a question: What do Realtors actually do during those 35 hours? To understand, he quit his job in tech to work as a real estate executive assistant, immersing himself in the processes behind winning listings, staging homes, arranging repairs and managing marketing.

“The only way was to become someone in the industry doing the dirty work that no one sees.,” he explains. This hands-on experience revealed inefficiencies, particularly for brokerages grappling with shrinking margins and limited resources to hire full-scale marketing teams.

Agents often relied on outdated processes or had to wait days for in-house teams to deliver materials. With Mave, Zohar says those delays are eliminated, allowing agents to act quickly and decisively.

 

Adoption and growth

 

Mave started small but has rapidly scaled, onboarding nearly 6,000 agents across 90 brokerages in the Toronto area. Of the 1,000 beta users actively engaged, about 60 per cent use Mave daily, according to the company’s founder. 

Zohar emphasizes that trust is non-negotiable. “If an agent’s showing a home and Mave says it’s 10 bedrooms but it’s really one bedroom, you’re just not going to trust it,” he says. Mave’s engineers ensure data accuracy and train the AI to minimize errors.

Still, Zohar and his team see certain situations where AI needs to be fact-checked and reviewed “because it’s performing about 30 steps in one.” So, they advise users to thoroughly review any deeper analysis from Mave to be sure the results look right.

 

Collaboration with boards and data providers

 

The tool’s functionality hinges on partnerships with real estate boards and data providers. Zohar cites PropTx, a tech-focused initiative of the Toronto Regional Real Estate Board (TRREB), as an example of industry interest in innovation.

While TRREB President Jennifer Pearce clarified that the board has no formal partnership with Mave, highlighting in a statement, “TRREB is a facilitator of technology for our members who are permitted to have individual contractual agreements with Virtual Office Website providers of their choosing.”

Mave takes data security seriously, adhering to strict protocols from real estate boards and brokerages. “Whenever we onboard a brokerage, we must go through a legal process we’ve guaranteed with the boards to sign off on the right to access data,” Zohar explains.

 

Human touch meets AI efficiency

 

Despite Mave’s capabilities, Zohar believes human interaction remains at the heart of real estate. “Psychologically, consumers are going through what’s usually the most meaningful purchase of their lives. They want support, a human touch and to feel that there’s a trusted companion by their side. This isn’t going to change because of AI,” he says.

Currently, Mave has onboarded one thousand users in Southern Ontario to its beta program with plans for expansion across North America. 

Zohar’s ultimate goal is to reduce administrative time by up to 90 per cent. For now, Mave continues to refine its features and onboard more users, aiming to revolutionize real estate by giving agents their time back.

 

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Can AI help Realtors create compelling content? https://realestatemagazine.ca/can-ai-help-realtors-create-compelling-content/ https://realestatemagazine.ca/can-ai-help-realtors-create-compelling-content/#comments Tue, 05 Nov 2024 05:02:41 +0000 https://realestatemagazine.ca/?p=35550 New AI technology from Google promises to create personalized podcasts, turning market reports into a lively discussion between two hosts

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It just seems like a week doesn’t go by and AI is changing the landscape of industries and real estate.  This next AI technology blew me away because it’s incredible lifelike voices it creates for podcasts.

In the fast-paced world of real estate, staying updated with the market, real estate forms and technology. However, not every Realtor has the luxury of time to sift through pages of dry reports or articles. Enter Google’s NotebookLM, the AI-powered tool that’s setting a new trend in information consumption through its innovative podcast feature. Realtors can leverage this technology to turn mundane data into engaging, personality-infused content.

 

From text to talk

 

Imagine transforming a 50-page market analysis report into a lively discussion between two knowledgeable hosts. That’s exactly what NotebookLM does with its audio overview feature. Realtors can upload documents, whether it’s the latest housing market stats or a new listing, and receive a podcast-style audio file. 

What I like about it the most are the hosts of the podcast. They have engaging “personalities” that make the podcast something you enjoy listening to. The AI-generated voices dive deep into the material, offering insights, debates and even anecdotes that can make learning about real estate trends as enjoyable as listening to your favourite podcast.

 

Why this matters for Realtors

 

This business thrives on engagement. Properties are not sold with facts and figures but through stories and connections. By using NotebookLM, realtors can:

  • Create engaging content: Convert property listings to market forecasts into podcast episodes. This can be particularly appealing for clients who prefer listening over reading, potentially increasing client engagement.
  • Educational tools: Use the generated podcasts to educate new home buyers or investors about the market. An audio format can be more inviting, making complex information accessible and entertaining.
  • Marketing strategy: Share these podcasts on social media or during open houses. A discussion about local market trends or the backstory of a neighbourhood can attract potential buyers, offering them value beyond the visual tour.
  • Professional development: I use it now when I come across complicated or boring content.  I just upload the content into NotebookLM and minutes later I have an engaging and understandable podcast that I can listen to. Realtors can keep up with industry changes on the go. Whether they’re driving between showings or waiting at a coffee shop, they can turn that time into a learning session without needing to read a single line.

 

The future of client interaction

 

Imagine sending your clients a personalized podcast episode discussing the potential of a neighbourhood they’re interested in, complete with market trends, future development plans, and historical anecdotes. This not only positions the Realtor as an innovative professional but also adds a layer of personal touch that text-based reports can’t match.

Google’s NotebookLM isn’t just a tool; it’s a gateway to transforming how information is consumed and shared. For Realtors, this means an opportunity to turn every piece of information into an engaging story, every market update into a conversation, and every client interaction into an experience. In an industry where personality and presentation can make all the difference, turning the page from reading to listening might just be the next big move in real estate. 

Want to see how it works? Have a listen to this article in podcast form:

 

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A Realtor’s guide to navigating strata documents in B.C.  https://realestatemagazine.ca/a-realtors-guide-to-navigating-strata-documents-in-b-c/ https://realestatemagazine.ca/a-realtors-guide-to-navigating-strata-documents-in-b-c/#respond Mon, 04 Nov 2024 05:02:27 +0000 https://realestatemagazine.ca/?p=35523 Master the complexities of strata documents to help your buyers avoid costly pitfalls and learn how AI can help

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Realtors play a vital role in guiding buyers through the often overwhelming process of purchasing a unit in a multi-family complex. For many, the volume of required documentation—from disclosure statements and financial reports to meeting minutes—can feel daunting. Knowing what to focus on and interpret is crucial for a smooth experience and can make all the difference in helping clients make informed decisions.

 

Assessing financial health

 

One of the first steps in this process involves familiarizing buyers with regulatory forms like Form B and Form F, which are required in British Columbia when selling a unit in a strata corporation. These forms provide a valuable snapshot of the unit’s financial standing, including outstanding fees and details about parking and storage. However, while Form B and Form F are informative, they don’t tell the whole story. The overall financial health of the community is just as important as the individual unit’s details. Realtors who dig deeper beyond these forms offer their clients a significant advantage.

A key aspect of reviewing a multi-family property’s financials is assessing the strata corporation’s financial health. In British Columbia, strata corporations generally have two main accounts: the operating and contingency reserve accounts. The operating account covers daily expenses, like electricity, landscaping, and routine maintenance, while the contingency reserve fund (CRF) is designated for more extensive, infrequent costs—reroofing, plumbing repairs, or other major building upgrades. A well-funded CRF indicates financial stability and can give buyers peace of mind, knowing the community is financially prepared for unexpected expenses.

 

Red flags to watch for

 

Thoroughly analyzing financial statements can help identify potential red flags. Under-budgeting and overspending are common issues that, if left unaddressed, can lead to budget deficits. These deficits are usually covered by increasing monthly fees or levying special assessments—charges that owners must pay to fund significant repairs or unexpected costs.

“A healthy strata corporation should run neither a large surplus nor a deficit,” explains Katharine Olson, owner of Groundbreaking Strata Consulting & Education. Olson emphasizes that special levies are a normal part of the property lifecycle and should be considered when reviewing sales documents. Buyers should carefully examine any history of levies and anticipate future ones based on the age and condition of the building. This helps prevent unexpected financial surprises arising from missed or overlooked fees.

 

Understanding special levies: What buyers need to anticipate

 

Special levies are additional charges for specific projects not covered by the contingency reserve fund. These levies are typically documented in both financial statements and meeting minutes. Reviewing these documents ensures previous owners have paid past levies and helps determine if future levies might impact potential buyers. This information can significantly influence a buyer’s decision, especially if costly repairs are anticipated within the next few years.

 

Matching community rules to buyer expectations

 

Common issues around people, pets and parking often arise in multi-family living. Carefully reviewing the complex’s bylaws and rules can reveal necessary restrictions, like limits on pet ownership, which may impact buyers directly. Matching the bylaws to a buyer’s lifestyle is essential, ensuring their daily living environment aligns with their needs and expectations.

 

The importance of reviewing meeting minutes

 

Meeting minutes are among the most valuable yet often overlooked resources in a strata document review. Minutes from strata meetings provide an honest look at the day-to-day operations of the complex and can reveal important insights. Although two years’ worth of minutes is usually offered, Olson recommends that clients and Realtors look further back if possible.

“Minutes show us a lot about the workings of the complex,” she explains. “For example, the financials might look solid on paper, but the minutes might show that maintenance is often deferred or certain issues remain unresolved.”

 

AI tools transforming document review

 

Given these documents’ details, some Realtors and buyers opt for AI-driven tools to simplify the review process. Many brokerages now turn to AI-based platforms, like Eli Report, which can speed up document review by highlighting critical information in financials, meeting minutes, and other documents.

“We bring transparency to documents,” says Thomas Beattie, CEO of Eli Report. “We help Realtors and owners pinpoint what to look for in the minutes and provide an overview of the financial health of the building.” By scanning for trends in levies, maintenance records, and violations, these AI tools can help buyers and Realtors identify potential red flags more accurately, allowing for a more efficient and informed review process.

In multi-family real estate transactions, a thorough document review is essential. For buyers, understanding the financial health and dynamics of the community they’re joining is crucial to avoid costly surprises and find a property that suits their lifestyle. Realtors can provide invaluable guidance by diving deeper into financials, examining the bylaws, studying meeting minutes, helping clients make sound decisions and fostering confidence in their investment.

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Mave raises $2 million in pre-seed funding; launches beta program for its real estate industry AI assistant https://realestatemagazine.ca/mave-raises-2-million-in-pre-seed-funding-launches-beta-program-for-its-real-estate-industry-ai-assistant/ https://realestatemagazine.ca/mave-raises-2-million-in-pre-seed-funding-launches-beta-program-for-its-real-estate-industry-ai-assistant/#respond Thu, 24 Oct 2024 10:30:54 +0000 https://realestatemagazine.ca/?p=35278 Agents text Mave a question, and in seconds it automates backend tasks like social media posts, marketing materials, emails, presentations & more

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Today, Mave, an artificial intelligence (AI) assistant for the real estate industry, announced it has raised $2 million in pre-seed funding and launched its beta program for agents and brokers.

The investment was raised and closed in a few weeks and was led by Relay Ventures and N49P with participation from Alate Partners, Clarim Ventures, Gambit Partners, along with several angel and strategic investors including a past president of the Toronto Real Estate Board.

 

Mave’s journey to today

 

After Mave founder and CEO Raz Zohar worked as an executive assistant for agents across the Greater Toronto Area (GTA) and gained experience with the demands on agents’ time, he discovered a gap: brokerages try to support agents, but with their commission split per deal getting smaller, many lack the resources for dedicated backend assistance.

So, Mave began as a result of this opportunity, along with the rapid improvements in AI and large language models (LLM).

“Not much has changed in recent years about the way the real estate industry operates. To modernize their brokerages, many look to existing tools for help. But these can be overwhelming for agents … Mave is the first solution we’ve seen that really solves the core problems the industry faces in a way that is easy enough for any agent to adopt,” says Alex Baker, managing partner at Relay Ventures.

 

Its current state

 

Mave currently has a team of 10. While the product has been operating in stealth mode, it has attracted interest from over 6,000 real estate agents across more than 90 brokerages in the GTA. From these prospective users, Mave has selected 1,000 to initially onboard as part of its beta program.

The team has worked to secure access to extensive market data and related property information through partnerships with real estate boards and other data providers. As the Mave AI assistant is trained using this information, it enables agents to harness market and neighbourhood insights to respond instantly to client requests and deliver a greater level of customer service.

”While our initial focus is on handling marketing tasks, with the funding in place we’re expanding our development to establish Mave as a full-time assistant,” says Zohar. “Mave will handle key back-end administrative tasks, from coordinating an open house to finalizing contracts better and faster than ever before.”

Baker adds, “We believe in Raz and his team and are confident that this is the right approach for the industry.”

 

How Mave works

 

Agents text questions to Mave such as “What is the price per square foot of homes in “X” postal code?” Then, in seconds, Mave can automate backend tasks, such as creating social media posts, marketing materials, emails and presentations.

The product fits into existing workflows, enabling agents to interact with the AI assistant via text messages just as they would their real assistants to get tasks done.

 

Use cases

 

The number of reported daily wins and use cases shared by agents testing the platform have exceeded Mave’s expectations. For example, for one agent participating in the beta program, the ability to immediately respond to a client’s questions and very quickly price the property enabled them to secure a listing within 24 hours.

Another agent that used Mave to optimize a listing saw showings go from zero to 11 in one week. A third used Mave to create the concept, script, post and caption for an Instagram campaign that led to a sale for $100,000 over-asking price.

Among the first Mave beta customers is PSR Brokerage, a luxury boutique real estate firm with over 150 agents in Southern Ontario. The brokerage specializes in resale and pre-construction sales, supported by high-end marketing services for its clients. Within the first week of signing up for the Mave beta program, 60 per cent of agents are actively using the AI assistant at least six times per week.

“Clients have high expectations of realtors to know every detail about thousands of listings,” notes Joshua Chisvin, VP of resale, partner at PSR Brokerage. “With Mave, we finally found the perfect solution to enable our teams to meet this demand effortlessly.”

 

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Data analytics & AI: How they fit into the future of real estate investment and client success https://realestatemagazine.ca/data-analytics-ai-how-they-fit-into-the-future-of-real-estate-investment-and-client-success/ https://realestatemagazine.ca/data-analytics-ai-how-they-fit-into-the-future-of-real-estate-investment-and-client-success/#respond Wed, 04 Sep 2024 04:03:22 +0000 https://realestatemagazine.ca/?p=34092 With the rise of data analytics and generative AI, discover how tech is transforming the industry — and why the human touch still matters

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Flourishing new technology and generative AI looks to offer professionals plenty of tools for success. Perhaps most paramount, however, is access to information and the ability to analyze that data, in order to make informed decisions. 

In real estate, with buyers and sellers seeking an edge to get the most value, those who are better equipped at data aggregation and analysis are poised to succeed, especially in times like now when markets are tense and chaotic.

As Jeremy Dawn, founder and CEO of SNFLWR Investment Corp. attests, technology and apps have revolutionized the real estate investor game, enabling investors to find properties that cash flow even in tough markets.

“One of the most significant shifts has been the availability of data. In the past, investors had to rely on traditional sources such as real estate agents and property managers for information about potential investments,” he notes. “Today, a wealth of data is available online, including property listings, rental rates and market trends. This data can be used to identify properties that are likely to generate positive cash flow.”

 

A desire for better information access and analysis methods to make sound investment decisions

 

When investor Liz Macey couldn’t find an ideal tool to identify money-generating properties based on her needs and parameters, she set out to create one.

Macey founded UnitIQ and explains the platform helps investors find and invest in properties that cash flow. “We’re able to take data from a whole bunch of different sources and make this search process a whole lot easier. We have active listings in the country with vacancy rates and rental prices, and we use financial analysis tools to find cash flow.”

Macey, whose diverse professional background includes an MBA and a pilot’s license, developed the platform after realizing how overwhelming it can be to know how and where to level up her investing. She wanted better access to information and improved ways to analyze what’s available to make savvy choices.

“(This) is a pain point for investors and realtors, especially when you’re looking at multiple communities. It’s a lot of data when you’re trying to find good opportunities.” She explains with UnitIQ, users can input their different parameters, such as budget or downpayment.

The tool will offer both a free model that allows for a basic search as well as a paid subscription tier aiming to serve agents. The latter option will incorporate advanced analytical tools: agents can create multiple profiles and specific searches for clients and have the ability to export data with custom branding.

 

Analytical systems and generative AI: Promising, useful tools to help clients

 

Eva Landreth champions such newfound tools as essential to success. A realtor with Century 21 Millennium Inc., Landreth has found success using analytical systems such as HouseSigma and AirDNA to connect clients with investment properties and secondary chalets in Ontario, with a focus on short-term rentals.

“It’s amazing,” she says of what’s possible. “Before you buy a property, you can see revenue, trends, occupancy and price strategy. You can compare similar properties on a street, look at property manager companies and really get to know the historical data, seeing if certain properties aren’t performing well,” she explains. 

Generative AI proves a promising tool as well, one that Landreth is also leveraging. “I think people are using the basics,” she says. “I don’t think people have unlocked all its potential. You have to feed it smart information to get out what you want. I think it’s just going to help our job, make things go a lot quicker — the mundane tasks, it will make easier.”

Dawn concurs, noting that tools and technologies have made it easier for investors to find and analyze potential investments, manage their properties and communicate with tenants. “They’ve also helped to level the playing field, giving (investors) access to the same data and tools that professional investors use,” he points out.

 

Tools and tech will never replace the human touch

 

Dawn feels that as technology continues to evolve, investors can expect to see even more innovation that makes it easier to find properties that cash flow and aid in decision making, saving time and money and ultimately achieving financial goals.

Still, Landreth believes you need that lived experience, wisdom and connection with clients in order to provide the best guidance. “The tools will help you get the market trends and find the hidden opportunities, but you still need that human touch. If you’re just looking at the data, you don’t have the human interaction and expertise in the local market.”

 

While a more diverse tool kit may prove useful for investors, there is concern about its effects on renters and those seeking to buy their first home. Macey notes some of UnitIQ’s users are prospective first-time homebuyers, and that potentially more data about property management companies will help improve the rental market.

“Investing in real estate is a tricky conversation to have when you’re considering everyone in the economy,” she says. “My hope is that we’re able to end up having more rental properties on the market, helping increase the supply so that hopefully you can find a home more easily.”

 

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Venturon partners with Darabase Canada to offer real estate AR advancements and spatial web technology https://realestatemagazine.ca/venturon-partners-with-darabase-canada-to-offer-real-estate-ar-advancements-and-spatial-web-technology/ https://realestatemagazine.ca/venturon-partners-with-darabase-canada-to-offer-real-estate-ar-advancements-and-spatial-web-technology/#respond Tue, 27 Aug 2024 04:01:18 +0000 https://realestatemagazine.ca/?p=33909 By integrating advanced technologies, the collaboration seeks to redefine real estate, offering innovative solutions that benefit both property owners and the wider community

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Venturon Ltd., a Canadian-owned investment group focused on real estate technology start-ups, has recently partnered with Darabase Canada, a technology company specializing in immersive media for the spatial web (spatial out-of-home and permission-based augmented reality (AR) advertising).

Venturon brings decades of experience in various real estate sectors, integrating technology, products and services to create opportunities, efficiencies and investment returns. This is Darabase’s first such agreement in Canada since entering the market in February.

 

‘As AR and the spatial web advance, buildings, streets & landmarks will be transformed … reshaping our daily lives’

 

The collaboration merges each company’s expertise in AR advertising and managing property digital rights, an emerging asset class.

With the rise of AR-enabled devices and advances in the spatial web, the companies partnered to create new value for property owners across Venturon’s client and partner network.

“Real estate needs a new foundation, and technology is the key to unlocking its full potential,” says Deena Pantalone, founder and managing partner of Venturon. “Our partnership with Darabase aligns perfectly with our vision to rethink real estate. By leveraging Darabase’s expertise in AR and the spatial web, we’re paving the way for innovative solutions that benefit both property owners and the broader community.”

Peter Pinfold, CEO of Darabase Canada, notes that Venturon shares their vision that modern property ownership includes not just physical space but also property digital rights: “These rights enable property owners to protect, manage and monetize their digital assets, much like air and subterranean rights add value to traditional real estate.

The world is becoming a digital canvas for immersive brand experiences. As AR and the spatial web advance, our buildings, streets and landmarks will be transformed with dynamic, interactive content, reshaping our daily lives.”

 

Image: Darabase

 

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Why realtors should embrace AI diversity: Beyond ChatGPT for better results https://realestatemagazine.ca/why-realtors-should-embrace-ai-diversity-beyond-chatgpt-for-better-results/ https://realestatemagazine.ca/why-realtors-should-embrace-ai-diversity-beyond-chatgpt-for-better-results/#respond Fri, 23 Aug 2024 04:02:49 +0000 https://realestatemagazine.ca/?p=33806 Learn why limiting your business to one AI tool is risky and explore how diverse models can provide new opportunities, better insights & enhanced adaptability

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If you think AI begins and ends with ChatGPT, you’re missing out on a universe of possibilities. While OpenAI’s chatbot took the world by storm, it’s just one star in an ever-expanding galaxy of AI models. Relying solely on ChatGPT is like trying to build a house with only a hammer — you’re limiting your potential and possibly compromising your results.

This principle applies across industries like Canadian real estate. Realtors in this field wear many hats, requiring skills in negotiation, social media, content creation and more. By exploring AI tools beyond ChatGPT, realtors can leverage diverse AI capabilities to enhance various aspects of their business, rather than limiting themselves to a single tool.

 

Risks of relying on a single AI system

 

  • Missed opportunities. Using a single AI system can lead to missed opportunities and biased results.
  • Limited perspectives. A single model can only provide a narrow view of a problem or solution.
  • Stagnation. Relying on a single AI system can lead to stagnation, as you miss out on innovations from other models.
  • Vulnerability to outages or updates. Dependence on a single system leaves you exposed if it experiences downtime or significant changes.

 

My experience using various AI models over the past four years has reinforced these risks. The quality of outputs can change dramatically, sometimes on a weekly basis. This volatility underscores the danger of stagnation when relying on a single system.

For instance, if one AI model consistently produces poor social media posts for first-time homebuyers, exploring alternative models could yield better results rather than waiting for improvements in a single system. 

 

Benefits of AI diversification

 

  • Comprehensive insights. Multiple AI models provide a more comprehensive understanding of a problem or solution.
  • Innovative solutions. AI diversification can lead to innovative solutions and new ideas.
  • Adaptability. By using multiple AI models, you can adapt quickly to changing circumstances.
  • Enhanced problem-solving. Different AI models approach problems in unique ways, leading to more robust solutions.

 

Diversify your AI arsenal — at no cost

 

Imagine having unrestricted access to the internet in its early days — you would have seized the opportunity!

Today, top tech companies worldwide are offering their cutting-edge AI language models for free. However, unlike the internet’s early days, we now have multiple AI models in an intense arms race, with innovations emerging every week.

 

Compare AI responses: One prompt, multiple platforms

 

One of the most effective ways to harness the power of AI diversity is to use identical prompts across different AI platforms. This approach allows you to directly compare outputs, highlighting each model’s unique strengths and perspectives. By using it, you can identify which AI excels at specific tasks, uncover nuanced differences in language understanding and even spot potential biases.

The method not only enhances the quality of your final output but also deepens your understanding of each AI’s capabilities, enabling you to make more informed decisions about which tool to use for future tasks.

 

Top alternative AI tools

 

In the rapidly evolving artificial intelligence world, several powerful alternatives to mainstream AI models have emerged, each offering unique strengths and capabilities.

For example, Claude by Anthropic excels in nuanced conversations and ethical reasoning, while Google’s Gemini brings multimodal capabilities and up-to-date information to the table. Perplexity AI stands out with its real-time information synthesis and source citation (very important), offering an interactive search experience. For those seeking open-source solutions, Meta’s Llama 2 provides flexibility and customizability.

By exploring and leveraging these diverse AI tools, users can tap into a rich ecosystem of capabilities, each suited to different tasks and requirements.

1. Claude by Anthropic — known for nuanced conversations, ethical reasoning, detailed explanations

2. Gemini by Google — known for multimodal capabilities, up-to-date information, integrated search

3. Perplexity AI — known for real-time information synthesis, citation of sources, interactive search

4. Llama 2 by Meta — known for open-source flexibility, customizability, strong performance on various tasks

 

Stay diverse to stay ahead

 

The AI landscape is evolving rapidly, and relying on a single AI system can lead to missed opportunities and biased results. By embracing AI diversification and exploring multiple models, you can gain comprehensive insights, innovative solutions and adaptability.

Stay ahead of the curve in your real estate business by harnessing the power of AI diversification.

 

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