Realiste, a prop-tech AI firm specializing in real estate solutions, has recently expanded to major European cities, now operating in 100 cities worldwide. With its user-friendly platform, you can explore apartment listings, compare prices globally and access accurate property forecasts — all powered by its cutting-edge AI technology.
The company's latest growth phase has extended its reach across Europe and the United States, bringing a host of new cities into its ever-expanding portfolio. Notable additions to Realiste's collection include cities like Paris, Montpellier, Miami, Los Angeles, San Francisco, Vienna, Berlin, Dortmund, Frankfurt and Munich.
Benzinga recently spoke with Alex Galt, the CEO and founder of Realiste, about the benefits of using AI in real estate, prospects for AI adoption and innovation, and what unique services Realiste offers its users. Here is an excerpt from our interview with Alex.
How do you describe the potential benefits of using AI in real estate analysis and decision-making?
Real estate investments are all about accurate data and analytics. People need to be fast and efficient to be successful in this sector. Attention to the most minute details is an absolute must. Of course, estimation is the key to knowing what to trade and what not to trade. These estimations have to be accurate and transparently portray the market. Not to mention human inefficacy and error. With machine learning, AI learns instantaneously from a huge pile of data, minimizing the chances of a mistake. This greatly helps in the decision-making process.
How has Realiste incorporated AI into its work processes, and what productivity results have you observed?
At Realiste, we've seen a substantial 80% increase in productivity thanks to our strategic integration of AI into our work processes. Our AI algorithms optimize real estate investment decisions by considering many factors, saving time, and empowering informed choices. Our AI-driven analytics cover over 100 international cities, simplifying market research. Our investment experts rely primarily on our AI's analytics while adding some of their local expertise, launching their productivity to new heights. Automation has reduced manual labor, minimized errors and improved user experiences.
How many cities did Realiste initially operate in, and how many cities has it expanded into now?
Realiste has 100 cities worldwide on its platform, spanning all continents (except for Antarctica, naturally). We are launching in five new cities per week. Today, we operate in the Americas, Western and Eastern Europe, the Middle East, the Arabian Gulf, Africa and Australia. You can view properties and arrange them according to specific filters on the platform in all these places.
What were some of the key cities added to Realiste's portfolio during its recent expansion in Europe and the U.S.?
During our recent expansion into the U.S., Realiste made significant strides by launching in several key cities. Our presence now spans major urban hubs such as New York, Los Angeles, Miami, Seattle, Boston and San Francisco. Notably, San Francisco, $8,424 per sqm, and Boston, $7,123 per sqm, have proven to be somewhat unexpectedly more expensive than Los Angeles, $7,025 per sqm.
In our European expansion, we have introduced Realiste in cities like Monaco, Paris, Madrid, Barcelona, Rome, Milan and Berlin, among others.
You can also check the live plugin Global Real Estate Price Index here.
What unique services does Realiste offer to its users when it comes to viewing apartments and property details?
We are aiming to digitize the real estate experience completely. On our platform, users can find accurate price forecasts made by our AI, ranging from one to five years, rental yield, sales information about the specific market and a filter to view apartments with high access to parks or bodies of water. Furthermore, our new infrastructure feature allows users to view kindergartens, schools, universities and even cafes in a specific area. We also enable users to see what view they will have from a desired apartment, providing them with payment details and the ability to book apartments through our platform. And finally, our AI-powered real estate portfolio tool empowers users to effortlessly add and manage their properties while building their investment portfolio.
What is the company's vision for the future, and how does it relate to the digitization of cities worldwide?
Realiste stands at the forefront of revolutionizing how individuals perceive and engage with the real estate sector. Expanding into five cities per week, we are the only prop-tech company digitizing real estate on a global scale, complete with analytics and accurate forecasts. By leveraging artificial intelligence, we aim to simplify the complex world of real estate investment. Our AI-driven tools can analyze various parameters, determining the most promising investment locations where people invest with higher returns and lower risks. Where we live plays a huge part in who we are as people. It influences many aspects such as our circle of friends, work opportunities, our children's schools and the social surroundings we immerse ourselves in. Looking ahead, Realiste aims to further improve its platform by next year.
What are the prospects for A.I. adoption and innovation in the coming years, and how might this impact businesses?
Everyone agrees that AI is the future. When I started working with AI almost 10 years ago, I saw that AI would open so many new doors to humanity. Time wasted on menial tasks can now be time gained developing and enhancing our world. AI has already significantly impacted politics, the workforce, civil rights, surveillance, economic disparity, the military and education. Real estate, in particular, will make the entire sector very accessible to everyone as it provides transparent data. AI has significantly impacted multiple sectors and industries worldwide as our lives are increasingly digitized. Only recently, innovation in the real estate market has remained stagnant. Yet, we are determined to make the real estate industry a truly transparent sector where everyone is free to view any data they want, anywhere they want.
What advantages does AI have in automating tasks, streamlining decision-making, and providing unique insights?
AI improves productivity by allowing us to scale effectively, improve user experiences and streamline operations. Where we expand is influenced by AI, helping the company target locations with the most potential for growth and profitability. Keeping up with market trends, risk mitigation for investors and our property evaluations are all run by AI algorithms we've put in place. Even personalized recommendations, chatbots for customer support and search functionality, which improve the efficiency of users' interactions with the platform, are aspects we attribute to AI.
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