Nobul Success and the Role of AI and Machine Learning – Real Estate

Nobul offers a wide variety of innovative features, functionalities, tools and resources. The end-to-end marketplace isn’t kidding when it says “end-to-end”. In fact, one of its mission statements is to ensure that consumers feel empowered and supported throughout their real estate journey. Nobul isn’t afraid to leverage various technologies to get the job done.

Feature Image by whoisdanny Via Freepik

Among those cutting-edge technological tools is artificial intelligence. Better than any other proptech in the industry right now, Nobul wields its AI-enabled tools to help consumers.

Let’s dig deeper into the role of AI (and, to a lesser extent, ML) in the Nobul platform.

Nobul’s Real Estate Agent Match Scores

Real estate match scores make Nobul famous. Match scores functionality spurred Nobul’s success. Eventually, match scores became the core offering that helped shoot Nobul to the top of Deloitte’s Fast 50 list.

In short, the company innovated a way to match make real estate buyers and sellers with their ideal agents. To accomplish this, Nobul uses a proprietary AI algorithm. The algorithm combs through numerous data points on real estate agents. Data points include verified reviews, sales histories, location, commission rates, etc. Altogether, this data creates a “match score” with the consumer’s criteria.

Once the algorithm does its magic, the ball’s in the consumer’s hand. Consumers can require multiple agents to compete for their business by offering more attractive terms/rates. Potential customers may use this competition to choose an agent they like.

Home Valuations

Their agent matchmaking algorithm isn’t the only AI trick Nobul has up its sleep. Per their website, the platform also leverages a “proprietary algorithm (that) uses a combination of valuation methods based on sold and active listings to calculate an estimated value of your property.”

Again, this is part of Nobul’s end-to-end appeal as a one-stop hub for residential consumers. Before recruiting a listing agent, a seller can capitalize on various resources to determine the likely value of their asset, the market conditions in their area (i.e., is it a seller’s or buyer’s market), and more.

Artificial Intelligence Neighborhood Wizard

The platform also features a “neighborhood wizard” to help consumers pinpoint the right area for their home search. Prospective buyers input their city alongside the various criteria they value in a neighborhood. For instance, one buyer might appreciate walkability and proximity to schools, while another might want a vibrant area brimming with nightlife and restaurants.

The wizard combs through reams of data to determine the ideal neighborhood, thus starting the prospective buyer on the right foot in their search for a dream home.  

Nobul Championing the Benefits of Machine Learning

Beyond being a real-world demonstration of real estate technology in action, Nobul is also a champion of innovation. Because its mission is to ensure a fair, streamlined experience for real estate consumers, the company likes to highlight consumer-centric disruptive innovations elsewhere in the real estate industry.

RELATED CONTENT: 5 PROS OF ARTIFICIAL INTELLIGENCE IN THE INSURANCE SECTOR

The company’s founder and CEO for one, Regan McGee, is quick to tout the advancements in machine learning he sees in real estate. “For so long, the real estate industry has been in the dark ages,” McGee told Digital Connect magazine. “But finally we’re stepping into the light and seeing that business can be conducted much faster and better using these digital tools and techniques that are commonplace in other industries.”

Conclusion

To summarize, the fast-growing real estate tech company uses AI in numerous ways. But it’s never simply “tech for tech’s sake.” Each use case above is in service of providing genuine value to real estate consumers.