Artificial Intelligence and Real Estate

Knight Barry Title is excited about what AI brings to real estate

With the infusion of technology into our industry, the chances you’ve already seen Artificial Intelligence (AI) in action is high. (Chatbots anyone?) But we are only scratching the surface on what AI can do for us.
For a company dedicated to innovation, AI is an appealing topic. Knight Barry Title understands there’s only going to be more tech disruption in the real estate industry. What is important is how we collectively harness this innovation and turn it into useful tools.
When Blockchain first came out, the industry latched on to the negative possibilities the it could bring. You probably still remember the negative headlines plastered across trade publications. We don’t want a repeat of this. Think of AI as a tool that can make our jobs more efficient and streamlined, not something we should fear. Rather than work autonomously, AI thrives when partnered with a “human,” so it’s up to us to figure out the best way to use it. In fact, there’s a good chance you’re already using AI. Chatbots are a form of this technology that are designed to emulate a human user and can help you increase leads and nurture customer relationships through your website, Facebook page or other platforms 24/7.
So, what is Knight Barry Title doing with AI?
See, AI doesn’t have to be scary for you or your customers. From driving leads to improving safety, AI is bringing more forward-thinking technology into real estate’s old-fashioned process. In fact, here are some ways Knight Barry Title is already putting AI to work for our customers.
Issuing Polices
  • We use automation and machine learning to create programs that allow us to issue policies within days and, in many cases, immediately at the closing table.
  • This is made possible with the combined experiences of our team at Knight Barry Title to formulate a process of questions and answers called “decision trees”. 
  • The program asks a specific round of questions/scenarios and depending how they are answered the user can accurately issue a policy in a swift manner. 
  • Our software is self-learning. The more policies issued, the "smarter" the program becomes and the easier and more effective it is to use for you.
Predicting Market Trends
  • Drawing upon our vast database of key property data points, we use cross-validation, statistical-regression analysis to predict market trends. 
  • Deep machine learning helps us understand where the market is headed and what to expect based on our inputs from year-to-year, month-to-month or even week-to-week.
  • With daily training, the machine-learning model evolves itself and realigns its predictions to adapt to constantly shifting variables.
Autonomous Automation
  • Knight Barry Title strives for the most accurate solutions by investing in technology to eliminate the possibility of human error by moving traditionally manual steps to automated processes. 
  • We take items and tasks that are repetitive and tedious and create software/hardware solutions that can eliminate those steps with a few keystrokes or automate 100% without human assistance. 
  • Whenever possible, Knight Barry Title introduces autonomy into our solutions so that our technology can self-monitor, self-diagnose, and even self-repair an issue.
Robots can be a helpful friend (and a great customer-service tool)
AI-based algorithms have the ability to refine the search process and pick out the homes that are most relevant to that customer. The technology can even help you maintain long-term relationships with leads who aren’t even looking to buy right away.
To prove just how far AI has come, here’s a spotlight on a fast-growing real estate tech company that relies on this technology. OJOLabs serve as a digital real estate assistant for homebuyers starting to look for a home. OJO uses AI to conduct text conversations with consumers at scale, combining natural language understanding with data and personalization.
There are plenty of other AI-centered companies and tools out there, and we promise to keep an eye on the landscape for programs that can help us deliver the best customer experience. Knight Barry Title is proud to be a company with an eye on the future, and we will always offer our customers the most innovative solutions on the market.
In addition to delivering the best title and closing services in Wisconsin, Minnesota Michigan and now Florida, Knight Barry Title is committed to exploring innovation that could bring improvements to any part of real estate. Reach out to one of our 60+ locations today and let us put our experience to work for you.