Real Estate

Reasons to Hire a Residential Structural Engineer

Posted on by Hassan Modjiri

A Structural engineer is a specialized member of the engineering community who must have completed a large number of academic studies and completed a series of licenses. Structural engineering is a part of the construction industry that requires a professional engineers license which means the holder is an expert in their field such as Pedram Zohrevand, according to the SEAOC. There are many reasons why a structural engineer is one of the leading members of the construction industry and can make a number of improvements to any project.

1. An Important License

There are many reasons why you should consider hiring a structural engineer, but one of the main ones is the fact they have achieved one of the most difficult licenses in the sector. Chron reports a structural engineer must obtain both state and national licences to be classed as fully-qualified. After obtaining the correct level of experience and academic achievement, a structural engineer must sit through a two-day exam.

2. Get an Honest Report

When you are facing foundation issues in your home you will often find yourself inundated with offers of help from companies looking to offer their construction services. Construction Tips reports one of the main reasons structural engineers are in such high demand is their independent nature. The sole responsibility of a structural engineer is to provide an honest assessment of the foundations of a property when this is the main problem being faced.

3. A Major Alteration is Taking Place

Across the world, there are TV shows explaining how best to complete a home renovation with talk of removing walls and changing the entire layout of a home. Angie’s List explains the best option is to work with a structural engineer before deciding to tear down any walls or rearrange the layout of a building a structural report is vital.

4. Additions can be Achieved

There are many projects that need the assistance of a structural engineer, including the decision to add a room to any property. When adding a room a structural engineer can ensure the structure is fit for the purpose it is to be created for. If a new room is to be added for a person with a disability, the best option is to look to the work of a specialist such as Pedram Zohrevand. An expert such as Pedram Zohrevand will make sure the room has enough strength to work well for the owners of the property.

5. Add Another Story

Among the reasons why it is always a good idea to work with a structural engineer is if you believe you are running out of space to achieve your desired additions to your property. When a property cannot spread out anymore at ground level the best option is to move upwards. Making sure the building work is completed correctly is vital to making sure the building is up to the additional weight and structure that is to be added. A similar set of calculations will be made when a property owner is looking to convert an attic space to a living area similar work must be undertaken by a structural engineer for safety reasons.

6. Add a Deck

Another area that is often undervalued is the addition of a deck or other outdoor structure to any property. Although most of these structures can be added without worrying about building permits, it is always a good idea to get a structural engineer to conduct a report for your new structure. This report can ensure you know if you require a permit to build a deck or whether you can build your deck safely without any problems.

7. Creating a Custom Home

A custom home is often made from plans that are freely available across the internet or purchased through a specialist home building company. However, you may want to make your new home your own with different rooms or layouts that may affect the weight-bearing walls of your dream home. In cases like these, the chances are that you will need to employ a structural engineer to make sure your new home will be safe and secure for the future. Making sure your dream home is built to suit your needs and is as safe as possible to allow you to live in your new home for years to come

Bathroom Remodel Ideas That Potential Buyers Are Guaranteed to Love

Posted on by Hassan Modjiri

If you’re interested in remodeling your bathroom, then it’s a great idea to look at all the options available to you. You’ll want to make sure the bathroom’s design is comfortable, but you also likely want to make it add value to the home. There are many cost-effective ways to update a bathroom’s design, and a quality Baton Rouge remodeling company can help you build your dream bathroom at a budget price.

Improving the Bathroom’s Design

There are many creative ways to redesign a bathroom, and you’ll probably want to customize the room to meet your specific style desires. You might want to adjust the vanity, bathroom tiles or tub. Adding a walk-in tub may be a great idea. These tubs are very accessible. These are very easy to enter because the door is very wide. Some people like to save space by having them installed in a specific enclosure. Walk-in showers are also a great option. These can make the bathroom look like the one you would find in an upscale resort. Some of these showers are made purely out of glass panes. Others may have a tiny step you use to enter the shower. MaxHome in Baton Rouge can do a complete installation of these tubs in as little as 24 hours.

Creative Ideas for Smaller Bathrooms

If you have a small bathroom, then you may want to remodel it to add more space. This is a great idea if you don’t want to tear down an additional wall to make the room bigger. You may want to put a sink in the corner. Some homeowners avoid installing a shower door. You can use a single glass pane to save space in a very stylish manner. You may even want to mount the vanity high up on the wall. Replacing your bulkier bathtub with a smaller and more luxurious Kohler shower is another option.

Selecting a Specific Style

Some people like to remodel their bathrooms to make them look more inviting. This can certainly improve the value of a home. Others may prefer to give the bathroom a minimal look. This may improve the resale value because a lot of potential buyers look for very general styles when they purchase a property. Many homeowners like to add specific themes. You might want to update a bathroom with a Kohler shower or tub enclosure. You can add a new sink and wall fixtures to complete the look. You can add a matching tile and a new paint job to really make space look outstanding. The average bathroom renovation costs $19,000 so it’s important that you make choices you’re going to be happy with. If you’re looking for a bathroom remodel New Orleans, then you should check out MaxHome. This company specializes in these sorts of remodeling jobs, and the business is very reputable.

Tying the Room’s Look Together

You should always consider curtains, fixtures, and decorations. This is particularly important if you want the remodel job to impress guests. New windows or lighting can make the room brighter, and you may want to add a large mirror or plants to make the space more inviting. The choices are virtually endless, so think carefully about specific designs that interest you. A company that specializes in bathroom remodel New Orleans will advise you on the best options for your budget.

Craig Nassi on the Risks and Rewards of Buying and Selling Real Estate

Posted on by Hassan Modjiri

Buying and selling real estate is an attractive process for millions of Americans looking for extra income. They are often attracted to the field by success stories of men and women making thousands of dollars flipping properties. But for every success story, there are dozens or hundreds of individuals who lose a considerable amount of money on a bad investment. Any individual looking to make a real estate investment needs to know both potential risks and rewards before making such an important decision.


Reward: Steady income

Buying and selling real estate can lead to periods of steady income. These periods often result from the stretch in between purchases and sales. During that stretch of time, individuals can make a considerable amount of money through rental fees. These fees can bring in as much income for a considerably-sized apartment building or house as many individuals would make at a traditional job. In some cases, the work involved in bringing in rental income is minimal compared to a full-time job. Craig Nassi notes that landlords often only have to put in time and effort when there is a vacancy or a complaint from tenants.


Reward: Appreciation

One of the clearest rewards of real estate is appreciation. This reward is the primary reason why a large number of individuals engage in real estate investment. The goal of most real estate investments is to buy at a low price and sell at a higher price. The difference is the largest return that most individuals will receive from buying and selling a house or apartment building. This process is designed to bring value to a property that may have become an eyesore, increasing the value of all houses nearby. This also takes a distressed property off the hands of an individual who was not caring for it, and turns this same property into someone’s dream home.


Risk: Vacancy and lost time

Vacancy is the clearest issue associated with real estate investments. The money from rentals can be a considerable boon for investors. But there is also lost revenue from vacancies. Individuals have many incentives not to leave a property. They often have to sign a lease and put down a deposit. Still, individuals have no significant legal obligation to stay at a property if they do not want to. A person who has left will often leave a significant mess for their landlord to clean up. Every month with a vacancy is another month without rental income.

Lost time is an inevitable byproduct of vacancy. Individuals with vacancy issues have to spend a considerable amount of time listing properties and taking prospective tenants on tours. They have to clean up their property and make sure that any damage to the property is fixed in a timely manner. This process could take days or weeks and can be multiplied in a large building when there are multiple vacancies.


Risk: Total loss

There is always the possibility of a total loss when investing with real estate. Stocks and bonds are paper assets that are not tied to individual objects that can be lost, stolen, or destroyed. Real estate is a different matter entirely. Houses and other pieces of real property are vulnerable to storms, fires, and floods. There is the possibility of damage from crime or arson. Such events can be paid for with insurance in many instances but buying a property and then having insurance pay for a possible depreciated amount is not a sound investment strategy.


Conclusion

Craig Nassi believes that real estate is a rewarding area of investments that could lead to the gain of significant sums of money. But everyone who is working in the field could have a tenant leave or a natural disaster cause damage. Individuals must be careful and make sure that they are considering these pitfalls and using hedges and insurance policies to control for them. Being careful with risk is essential if anyone wants to properly invest in, collect rent from, and even flip real estate.

4 Mortgage Companies That Work With Affordable Loans For Potential Homeowners

Posted on by Hassan Modjiri
CHENOA-FUND

Choosing to purchase a home is a big step for many people and there are a few factors you need to consider before you write an offer on a home. The most important one is your mortgage company. Without an affordable loan, buying a home is out of reach for lots of people. If you are looking to buy a home here are four mortgage companies to consider offering Federal Home Assistance Program (FHA) Loans

Guild Mortgage

Started in 1960, Guild Mortgage serves homebuyers in the west, Midwest, and southeastern parts of the US or 40 states. It specializes in helping homebuyers who want an FHA loan and have a lower credit score starting at 580. In addition to accepting those with lower credit scores, Guild Mortgage doesn’t require a 20 percent down payment. It only requires a minimum down payment of 3.5 percent and will finance up to 96.5 percent of the mortgage.

In addition, Guild Mortgage also has down payment assistance for homebuyers in need of it. The company has a comprehensive list of relationships with housing offices in different counties. Factors to qualify for down payment assistance include income but other factors may also be considered. Features include the possibility of avoiding mortgage insurance, qualifying for grants that cover up to the entire down payment amount, and buying a home sooner or increasing the loan amount.

Fairway Nationwide Mortgage

Fairway Nationwide Mortgage serves homebuyers in every state in the United States with various loan types including FHA. They offer both fixed-rate and adjustable rate mortgages at 15, 20, and 30-year terms. Unlike other lenders on this list, Fairway doesn’t give a lot of detail with regard to specific qualifications and down payment assistance. So people must apply first to see if their credit score and other factors are sufficient enough to receive a mortgage.

With that said, Fairway is a lender that serves those with low or moderate income and who need help with a down payment.

CBC Mortgage Agency

Based in Utah, CBC Mortgage Agency focuses specifically on affordable housing for homebuyers using an FHA mortgage. To do this, CBC uses a down payment assistance program to help people realize the dream of homeownership. Chenoa Fund helps people who are creditworthy but are otherwise unable to save for a down payment.

The lack of a down payment is often a barrier to receiving a mortgage. Chenoa Fund removes this barrier by providing down payment assistance and increasing affordable homeownership for homebuyers using FHA loans.

TD Bank

TD Bank is a lender based in Canada offering homebuyers in U.S. states bordering the Atlantic to get an affordable loan including through FHA. Homebuyers can choose from a 15 or 30-year mortgage. TD offers down payment assistance and requires a minimum of 3.5 percent down payment. It also doesn’t require borrower-paid mortgage insurance in its TD Right Step Mortgage program. TD Bank does require education for borrowers purchasing a home.

Since TD Bank only serves Atlantic states, excluding Georgia, from Maine to Florida, it’s an option for people buying property in those states with a minimum credit score of 620. This lender also has a maximum of 41 percent debt-to-income ratio.

Purchasing a home requires a lot from homebuyers in terms of qualifications and also money. That’s why mortgage companies offering affordable loans are so important. Without them and programs like down payment assistance, homeownership wouldn’t be possible for borrowers who are qualified but need help with a down payment. If you’re in the market for a home, check out these affordable mortgage companies.

Special Considerations When Constructing a Dock to Add Value

Posted on by Hassan Modjiri

If you live by the lake and love going out for a swim, water sports or taking your boat out for a spin, chances are that you’ve contemplated building a custom dock. Docks allow you to fully enjoy your waterfront property. Besides giving you access to the lake, they also give you a quiet and serene place for relaxation. Again, docks are good places for meditation, yoga and even sunbathing. 

Docks are not all the same. They come in different designs and can be built with a range of materials depending on the intended use, available space and desired durability. Before you start building your own dock, here are a few things to consider. 

Intended use and number of people expected to use it

Docks built for a large establishment will be different from those built for a private residence. Public docks will have to be able to handle a lot more people. Their size and shape would have to allow ease of access and movement for large groups of people. Sturdier material would also have to be used to ensure the structures are not compromised. 

You must consider how you want to use the structure. Is it just for boats or will it also be used for water sports? Sometimes docks can also incorporate recreational spaces such as bars. All these factors have to be considered so that you can derive the maximum value possible from your investment. 

Material that will be used

Once you have decided on the use of your structure and know how many people it should serve, you can now choose your preferred material. The most common materials include aluminum, wood, concrete, and PVC. Your intended use should guide you in the selection process as different materials have different properties such as strength and durability. It is therefore prudent to take all these factors into account before you start building. 

Private docks may seem like mere luxuries, but they also come with other advantages on top of the convenience they offer. The following are some of them. 

1. Custom design 

When using a marina, you have to settle for what you get. They are mostly designed for a single purpose which is generally for boat storage. Private docks can, however, be designed to have multiple uses. Though there are regulations you have to follow, there are no design limitations when it comes to building your own structure. It can extend deep into the lake for fishing purposes and you can also build it with a place to relax and sun bathe. There will be no limitations to how you can use it and the value you can derive from it. 

For recreational establishments, a well-designed structure that allows multiple uses can be a great tool to keep the guest list constantly full. It also provides a platform to generate more income through water sports and enabling customers to arrive via lake or sea. 

2. Ease of access 

The joy of owning a boat is being able to take it out for a ride whenever you feel like. It’s safe to say that marinas are usually some distance from most people’s property thus making their boat less accessible than they would like. Private docks give you the luxury to go for boat rides at any moment. 

3. Boat security

Marinas are public places with few access restrictions. This, and the fact that you will not always be at the marina poses a security threat to your boat. Obviously, a boat will be more secure at your property, where traffic can be controlled. On your property, the risk of it being stolen or vandalized is very low. You will also be closer and better placed to respond to any issues that may arise. 

4. No overcrowding

Marinas can sometimes get overcrowded especially during the peak season. This makes navigation hard, and you may even fail to get slips for your boat. Private docks give you peace of mind knowing that you do not have to jostle for space. 

5. No fees 

After the initial investment to set up your structure, you will not have to pay constant fees to rent slips and additional monthly maintenance fees like at the marina. 

Undertaking dock construction on your property is one of the best choices you can make. The value you gain from it will greatly outweigh the upfront costs.

4 Ways Architects Are Creating A Booming Industry

Posted on by Hassan Modjiri

Brian Setencich

Although real estate appears to be problematic according to the news over the recent years, architecture isn’t. This is because people are not exactly looking for new properties, they are looking to redesign the properties that they already have. This is why according to many sources, architects still stand strong as one of the highest-paid professionals in the real estate and construction industry.

Brian Setencich, a well-known freelance architect, and real estate analyst give us the lowdown on the profitability of architects in 2018 and beyond:

  • High median salary – an average architect working in the United States will get a salary of $70,000 a year, which is almost more than half of the usual median average for all the jobs combined. Average worker salary in the US is only around $ 40,000-45,000.
  • Architects are flexible – an architect can work will in many sub-industries in real estate–they could be participating in private properties, industrial companies, as well as tourism-related opportunities. The possibilities are endless for the profession.
  • The Architects have an increased growth rate – it is reported that architects have an expected growth rate of 4% by 2024, which means that there will be more opportunities for advancement in the future.

Wha are some ways that architects are constantly building through a booming industry? Brian Setencich explains it all.

4 Ways Architects Are Creating A Booming Industry

Architects are paving the way for sustainability development

The real estate industry may be experiencing some growth problems due to millennials’ difficulty in purchasing their first homes, but architects are still on the rise. Why? This can be attributed to the fact that more property owners are focusing on the renovation of their spaces for increased sustainability.

For example, the term “sustainable homes” is creating a buzz in the real estate community. Many people are opting for natural materials, recyclable finishes, and other things that can help them make the project zero-waste. There are also some models that architects have made over the last couple of years such as pre-fabricated homes. These homes have less waste as you won’t be needing construction materials to establish them. Most construction projects often leave waste and pollution during the process. Having pre-fabricated homes eliminate this entirely.

Architects are embracing modernism

Most people have now attempted to simplify their lives. The signs are evident as many have become cult followers of the minimalistic movement, diminishing materialism, and creating a better balance of their work life and personal life. This ultimately reflects how people live, and it affected the way they want their spaces made.

The term “modernism” is now adopted by architects and is now used by many professionals as a term of reference for simple and fuss-free architectural styles. Now that people have embraced these types of designs to create their living and workspaces, architects also have made ways to help their clients express themselves through this style.

Architects have incorporated technology in the real estate industry

It isn’t just the creation of styles that should be advancing when it comes to real estate. More importantly, architects have incorporated technology to help improve the current state of modern properties.

For example, there is computer-aided training for architects to assess the safety of a building plan or to improve its built-in security features. Additionally, high-profile companies seek the help of an architectural technician to help them create a blueprint for a property that will yield the best results for their company goals.

Architects help in the tourism industry

With tourism in its all-time high, more people are looking for opportunities to travel domestically and overseas. A big factor that helps them decide if they’re going to book a resort or hotel is its facilities.

Architects partner with aspiring hotel and resort owners to create a space that’s appealing for the traveling population. In this case, it is not only the real estate industry that’s gaining from the architect’s work but also the tourism economy in that region.

As another decade will soon come to a close, architects will remain as a precious asset to many industries. Their expertise and ingenuity are one of the reasons real estate continues to survive.

How To Decorate A Studio On A Budget

Posted on by Hassan Modjiri

If you’re living in a studio apartment, space is already tight, and we bet your budget is tight, too. However, with the modern, multiple use furniture available today, and the excellent prices found at places like JMD Furniture there’s no reason to have a difficult time finding furniture that will fit your studio apartment lifestyle and budget.

Your first task is to prioritize the space that you have available to you. Decide what you need, what you want, and what is a luxury, then make your purchases accordingly. For example, everyone needs a place to sleep and your bed should be a priority. However, if you already have a free-standing bed, you may consider trading it in for a pullout couch, a sleeper sofa, or a Murphy bed so that you can also add a seating and entertaining area to your space. If you love to cook and have (small) dinner parties, you’ll want to make sure that you use your space wisely and include a foldable dinner table in your layout.

The next step is to find as many pieces of furniture that can do double duty as possible. This includes a couch/bed combination, a folding dining set, a desk that can be stowed away when not in use, or even a day bed that can be made up as a couch during the day, and used as a regular bed at night. JMD furniture offers many of these types of pieces.

Since you won’t have much space to spare you want to make sure that you love every single one of the things that you have in your studio apartment. You’ll be spending a lot of time in close quarters with these items, and if you hate something you won’t be able to get away from it. It’s not always about having something new, but do try to make sure that you include a few pieces in your studio space that make you truly happy. This can be a colorful rug, a big, stunning piece of artwork on the wall or a small collection of items that you treasure. Whatever you decide that your statement piece will be, curate it, professionally display it, and enjoy it!

The main challenge with a studio apartment is that it can easily feel cramped or cluttered. Keep this problem in mind when you are choosing your design elements and remember that in a small space it is best to keep everything as hidden away as possible. Stacks of books, piles of magazines, displays of glassware, or other, seemingly normal items that look fine in a large home or apartment can seem totally overwhelming and out of place in a studio apartment. That’s why, in addition to using opaque design elements such as solid doors on cabinets or shelves that are covered, you also want to be sure that your studio is free of any general mess or clutter. Keeping your studio neat and organized will help your space seem larger than it actually is.

Consistent color choices throughout your studio will also help it feel larger. Don’t be afraid of dark or bold colors, but don’t choose too many colors to use together. A unified and somewhat monochromatic pallet will help open the space up and, again, make it seem larger than it is. Too many colors can crowd the eye in the same way that too much clutter can, and clutter of any kind is apt to close off the space instead of opening it up.

Finally, even though you have limited space don’t be afraid to define your space into rooms. A workspace, eating area, sleeping space, and a kitchen space are all things that you have room for, even if it doesn’t seem like you do! Defining each space will make your home feel psychologically larger and more freeing. These definitions can also help you enjoy your downtime more, help you sleep better, and make your home office time more productive when you’ve reserved a space in your home specifically for a certain activity. No matter the size of your home, take charge of your decor and make it yours!

 

Three Things To Look For When Choosing An AC Repair Company

Posted on by Hassan Modjiri

Air Conditioner

Whether you need AC repair services for commercial or residential purposes, locating the ideal company is important. Doing so can help you save money while also expediting and optimizing the process of fixing whatever is wrong with your air conditioner. Below you’ll find just a few of many strategies you can implement to increase your likelihood of finding the AC repair company that is ideal for you:

1. Qualifications And Credentials.

One thing to think about when you start your search for the ideal AC repair company is whether they have good qualifications and credentials. Specifically, try to determine what types of certifications, educational degrees, and other qualifying entities that individuals who operate within the AC sector are expected to attain. Then check the company’s website to determine whether the AC business in question employs technicians who have extensive education and experience in the field. If the AC company’s website doesn’t list this information, call them and request to speak with a customer service representative or other business professional who can answer your questions. Note that the professionals of All Year Cooling employ technicians who possess the knowledge and hands-on experience necessary to fix your air conditioner with excellence and expedience.

2. An Impeccable Reputation.

In addition to seeking out an AC repair company whose professionals have the right qualifications and credentials, make sure that you seek out a team of experts who have an impeccable reputation. Although reputation certainly isn’t everything, it is an incredibly important factor to consider when you’re ready to attain excellent AC repair services. This is the case because the best companies tend to maintain exemplary reputations as a result of their ongoing commitment to offering high quality maintenance and repair services while also treating their customers with dignity and respect.

Note that there are several resources you can utilize to determine whether the AC repair company has a great reputation. One of them is the Better Business Bureau (BBB). The BBB is a good medium through which to determine whether the AC company in question maintains the accreditation and rating indicating their ability to consistently provide amazing services. Also be sure to check the company’s website to see if they’ve attained any public recognition or awards as a result of offering customers amazing services. A third resource you can use to determine whether the AC repair company consistently offers exemplary services is online reviews. The majority of consumers now think that these reviews are just as valid as traditional recommendations.

3. Multiple Service Offerings. 

Another thing to think about when you seek out an AC repair company is whether they offer multiple services. Multiple service offerings are beneficial because they ensure that you’ll be able to address any and all AC issues with one company. Note that having to call two, three, or more AC companies every time you have a new issue is time-consuming. With this idea in mind, be sure to check the AC repair company’s website to see whether they offer multiple aesthetic, maintenance, and restorative services. Note that the crew of All Year Cooling possess the knowledge and experience necessary to offer clients a wide range of AC repair services.

Summing It All Up

People who find themselves in need of exemplary AC repair services should know that there are several steps they can take to locate the ideal company. One is figuring out which attributes the best companies will offer. Three attributes that stellar companies will consistently have include great qualifications and credentials, an impeccable reputation, and multiple service offerings. Once you’ve found an AC company that possesses all of these attributes, you’ve found a winner. If you’re ready to connect with a team of AC experts now, contact the All Year Cooling professionals and schedule your consultation.

 

How the Robot Sensation Will Set Real Estate Agents Free

Posted on by Hassan Modjiri
Luis Enrique Coll
It may seem like an idea from TV or from the movies, but robots are poised to take over important functions in the real estate industry. This will free up agents’ time to work with their clients one on one, reducing the amount of time that agents need to spend on such tasks as showing properties or creating 3D video tours. Luis Enrique Coll takes us through the basics of robots in real estate and touches on the advantages to buyers as well as sellers.

How Will Robots Work in Real Estate?

Real estate companies such as Zenplace have already begun using robots to show property in California. When a prospective buyer makes an appointment to see the property, he or she is greeted by a rolling robot with a tablet screen. The robot is able to answer many questions about the property.

Another real estate marketing platform, Rex, has begun using an Alexa-like box to answer prospective buyers’ questions about a property. In Rex’s case, a human agent is on site to handle any question the bot can’t answer. The Rex platform also relies heavily on AI in the marketing of its properties. Rex disrupts the real estate industry by removing agent commissions from the equation and by keeping its properties off the MLS system. This passes on significant cost savings to the buyer.

What is the Advantage to a Broker?

“It seems counterintuitive that a robot could actually benefit a real estate broker, but in fact, there is a clear benefit,” says Luis Enrique Coll, President of the Arco International Group. The wise broker is ready to adopt new technology which makes the home buying process easier and less expensive. A certain type of technology-aware client is attracted to the use of AI and robots, and there is a perception that brokers that use this technology may not be charging as much as others.

When a property is listed on the Internet, the REX AI system uses online data to target those who have clicked on the ad and tracks what they have in common. The system also uses purchases and retail data to target people who may be in the market for a home.

Robots and AI can streamline the process of getting a property listed online, and can help a broker deal with questions about their properties. An AI bot can chat with customers without having to involve a human. When it is determined that the buyer is serious, the bot conversation can be seamlessly passed to an actual broker.

Robots can automate the process of creating 3D video tours of homes, an otherwise expensive and time-consuming service. The robot is able to roll through the house on its own, taking photos and videos. 3D walkthroughs are an extremely attractive feature to the customer, providing a virtual experience of visiting the property.

How Do Robots Benefit the Client?

Having a robot give tours provides an appeal to technology-loving clients. If a client has a question at a time of day when the offices are not open, the AI may be able to answer. Robots and AI also cut down on the commission that a human agent might receive, lowering costs. Companies such as REX employ agents who are salaried, rather than working on commission. The companies that use robot automation are generally lowering the cost of their services to the client, but the companies themselves continue to be profitable.

What is the Place of Agents Versus Robots?

In the past, many technological innovations have disrupted the real estate industry. Recently, web sites such as Zillow, and before that, the MLS, democratized the process of looking for real estate. In each phase, real estate brokers became less of a gatekeeper to real estate information. However, customers still place their trust and loyalty in human brokers. The human real estate agent will never be completely replaced by a computer or a robot. Robots can help brokers and buyers alike, but the core of the real estate business will remain human, at least for the foreseeable future.

In Closing

Robot and AI applications are an exciting new facet of the real estate market. They have the potential to reduce costs for the buyer as well as for the broker. Features like property showings, online questions, and 3D walkthroughs are made much easier with the use of AI and robots. AI is capable of marketing properties directly to targeted users online, reducing the guesswork in placing online advertisements.

No matter how advanced AI and robot technologies become, they are missing the personal touch that an experienced broker brings to the table. For the time being, brokers do not need to worry that they will be completely replaced by a robot.

Terry Bandy Shares How AI Works in Real Estate

Posted on by Hassan Modjiri

Terry Bandy

Proponents of artificial intelligence contend its continued development will usher in a new era of human achievement. By freeing people from repetitive, rote tasks that machines are better suited to handle, human beings are freed to do what they do best: endeavors involving abstract thinking, creativity, emotional intelligence, charm, wit, and imagination. Why waste a worker’s time on completing forms or calculations a machine can handle when he or she could be developing client relationships or creating a new business model?

This line of thought is especially true in real estate. Because of the vast amount of data involved in categorizing, selecting, and pricing properties, artificial intelligence promises to offer the capacity to put this data to use in a way human beings never could. Imagine the power of a search engine like Google compared to manually searching card catalogs at a library. Google vastly speeds up the research process. AI applied to real estate offers similar benefits. These AI applications free real estate professionals from time-consuming rote tasks and free them to do what they do best: analyzing the values of properties, negotiating, building client bases, and closing deals that are largely based on human emotion.

AI is already in use in real estate in a big way, and the trend promises to accelerate. Here are some of the ways that AI works in real estate:

Maximizing lead potential

Leads are gold to real estate agents and brokers. Without solid leads, agents are doomed to struggle. Every lead, therefore, must be worked to its maximum potential. AI provides agents and brokers with tools that allow them to mine data that assist them in converting leads to sales.

AI tools help agents match potential buyers with properties that particularly suit their preferences and, more importantly, that they are able and likely to actually purchase, explains Matt Murphy, CEO of Chime. In addition, AI integrates lead data to provide insights into how to best approach and close particular prospects. Armed with this information, agents and brokers have a leg up when it comes time to sell the deal.

Automating communications

Every real estate salesperson and broker knows that success depends upon revenue from closed deals. The best research and customer service in the business cannot keep an agency in business if sales flag. Sales are the lifeblood and non-revenue producing activities, though necessary, always take resources away from sales.

A trap agents can fall into is neglecting some customers while they are busy closing others. It’s true that a deal today takes precedence over a deal tomorrow, but long-term results suffer if other customers are not being advanced through the sales pipeline. AI automates communication on behalf of the agent, allowing the process to move forward with all customers all the time. Customer service work, the bane of many real estate closers, can also be automated using administrative robots and chatbots, allowing closers to stay engaged in closing.

Some of those baneful tasks include managing closing documents and record keeping. AI robots can handle the rote paperwork and automatically import records into a CRM system. This not only saves time, but it creates CRM data that can be mined for future business.

Data scientists create AI systems

Reaktor, a Finnish company specializing in AI development, recently created a user-friendly AI system that predicts price trends for Finland real estate. By integrating reams of data on rental and real-estate sales transactions, predictive values can be created using algorithms. Dr. Himburg, the chief data scientist at Reaktor, recently demonstrated the AI capabilities using real-life examples.

The AI tool works by analyzing the prices of various rental and home sales of similar properties. The user simply needs to input variables, such as zip code, property type, number of rooms, number of floors, and condition. Reaktor’s data scientist team created the tool in just a few months.

AI tools offer endless possibilities in saving human labor and increasing the efficiency of tasks like research. In the future, the average person may have many robots employed to handle the routine tasks of daily life, such a laundry, cooking, and driving. Real estate agents, who are notoriously busy seven days a week, may just be able to take a day off once in awhile. With AI humming along at their offices, keeping their sales pipeline in check, and a driverless car freeing them up to work on closing deals during their daily commute, they may also find innovative ways to increase their business activities.

Automation has usually resulted in more jobs, jobs that previously had never been conceived of. Whether the future brings completely new job descriptions or just enhances the efficiency of the current ones, it is certain that every data scientist, such as data and numbers guru Terry Bandy, will be busy mining the numbers to engineer ways that AI can increase efficiencies across all aspects of life, from work to housekeeping.

Examples of innovations that result from AI abound in everyday life. For example, Terry Bandy communicates instantly to thousands of followers the way so many of us do on the Twitter platform, made possible by AI.