Company uses artificial intelligence to forecast housing market shifts
Calgary-based home builder Hopewell Residential has integrated artificial intelligence into its business to gain an edge in the competitive Canadian real estate market.
The company has partnered with OpenHouse.ai, a tech firm specializing in AI solutions for the housing sector.
Hopewell aims to streamline the homebuying process with AI tools while also gaining valuable market insights to gain a clearer picture of the housing market's direction.
"This allows Hopewell to strategically consider its pricing levels and promotions to meet changing market conditions - before they happen," the home builder said in a press release. "With a clear vision of where the market is heading – including shifting interest rates, supply and demand, and material costs – Hopewell can make informed decisions to keep homes readily available and affordable for buyers."
However, around 88% of respondents in a recent poll by the Royal Bank of Canada (RBC) think that AI use in scam attempts will rise over the next year, while 89% believe it will make people even more vulnerable to fraud. Many are also concerned about voice cloning and impersonation scams.
OpenHouse.ai CEO and co-founder Will Zhang believes the residential construction industry has been slow to adopt AI because tech companies do not fully understand the sector's needs.
Read more: How to start your AI-driven marketing journey
"To meet the demands of a dynamic housing market, our goal is to help home builders deeply understand the needs of homebuyers and, ultimately, build better homes to suit buyers' needs," Zhang said. "We believe that AI can finally accelerate the digital transformation of the home building industry, and we are grateful for the opportunity to work with some of the most forward-looking builders in this industry to make a difference."
The collaboration has also resulted in a new online platform called OpenConnect. This platform analyzes buyer behaviour and preferences, helping homebuyers find their ideal homes more efficiently.
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