The Problem: Why build AI for Real Estate Development?
We, at Deepblocks, have been using all the tools available in real estate development for more than a decade and it is frustrating. First, it’s a difficult task to gather essential data (which comes from multiple sources) concerning basic market potential, zoning constraints, and construction costs. And then, even when we have the data, tools to analyze options are painfully fragmented. There are programs for analyzing map information, 3D models, and spreadsheets, but it takes weeks, sometimes months, to align the data. Once the 3D model and financial models are built, having to adjust and keep track of all those changes in all those file types is extremely complicated.
Instead, experienced real estate developers have come to rely on their intuition and their years in the field to move forward on deals. The developer’s intuition evolves over time and is a badge of honor for those who have seen a few market cycles, bubbles, crashes, and recessions. This intuition is generally focused on a specific asset class and geographic region because it takes so long to mature. There are fantastic successes, as well as costly failures, but in each case, controlling the outcome is not straightforward.
The future will be less tolerable of failure, and less experienced real estate developers are frustrated about the time and cost required to thoroughly analyze real estate opportunities. Students, brokers, advisors, agents, architects, investors, bankers, heirs, and contractors who want to contribute to the built environment are looking for new tools to discover, analyze, test and reinvent. What if those who have a different vision for the way people live have the tools to accomplish this?
What if mitigating risk and optimizing success is available to us all. Instantly.
This is what we are building at Deepblocks.