Exciting new startups are bringing Applied AI to the Real Estate and Construction Industry.

The real estate industry is not known to be on the leading edge for new tech. Compared to sectors such as fintech, consumer apps, even agriculture, real estate has been more reactive, cautious, and even reluctant to embrace tech revolutions. AI has been no different; however, there are promising startups who are changing the industry with exciting new products:

Sitewire – Total Draw Management Platform for Lenders and Builders.

Their awesome computer vision product analyzes real estate building projects with AI tech – giving visual proof of construction progress. They also offer a total draw platform to manage, communicate, and fund building projects for lenders. This eliminates the need for physical inspectors – while offering insurance against draw loss. Customer testimonials are excellent – they are a product-first company on the rise.

Vesta – Building Mortgage Infrastructure to Simplify Borrowing.

Their idea is to streamline the whole process for everyone involved – banks, credit unions, mortgage brokers, the whole crew. Basically, they want to make it quicker, cheaper, and easier to get a loan, and also make things clearer for the borrowers. As they state – the software now tells the human what to do, instead of the human telling the software what to do. They are growing quickly with very strong investors.

Mike Simonsen and the crack team at Housing Wire recently completed a deep dive into the top new AI tools for real estate agents. I found a one really new and innovating:

AirDNA – Tools and Data to Manage Short Term (AirBNB) Rentals for Owners.

This company really focuses on the needs of home owners who rent on short term property rental sites. It’s all done very well, with market data and management software – it’s a very focused and useful tool for owners.

The Real Estate and Construction industry needs to see continuous investment and innovation from the next generation of AI focused founders and investors. These startups are good approaches to follow.