NLP technology: AI in the real estate industry
There is no doubt that the use of artificial intelligence will permanently change the real estate industry. Innovative, sustainable concepts are the key to competitive advantage, and not just in real estate construction. The use of Natural Language Processing for processing complex texts is revolutionizing real estate management and sales.
The rapid availability of information from documents is the basis for process automation and strategic business decisions.
Natural Language Processing (NLP): The technology
NLP is a field of artificial intelligence that deals with the processing and analysis of human language. With NLP, computers can understand, analyze and interpret human language - and process it at a human level. This makes it possible to automatically extract information even from long, unstructured texts and output it in a structured way.
Management of rental contracts
The administration of rental contracts is often still a time-consuming and complex task for landlords and managers. The important information from the contracts, which are usually non-standardized and sometimes extensive, must be transferred to the systems - from the names of the tenants to the duration of the lease, conditions, terms of payment and termination, and obligations upon return.
Traditionally, the information is transferred manually from the rental contracts to the management system. However, this is not only a tedious task, but also one that is prone to errors and takes up a lot of time and resources. Using NLP technology, many processes and/or work steps can be (almost) completely automated.
This enables the scalable utilization of information, even from complex contracts. Real estate companies not only save time, they gain transparency and security.
Data extraction / data entry
Rent monitoring / potentials
Controlling & Reporting
Identification of risks
Digitization & Migration
Better decision making
Improved data storage and analysis
Automated reading of exposés
Exposés are one of the most important sources of information. Usually created by brokers, however, they are not standardized and have to be sifted manually and the data transferred to the systems. This requires a lot of time and resources. In addition, there is a risk of errors, duplications and incompleteness.
By automating this process using NLP technology, real estate companies can not only save time and resources, but also significantly improve data quality.
When data is available quickly and in a structured manner, it enables real estate companies to work more efficiently and make more informed decisions. They can better assess the value of properties, optimize their marketing strategy based on nearly complete data, and more quickly target their customers’ needs.