AI chatbot improves efficiency in real estate industry
Singapore-based AI startup Pand.ai unveiled Rena last week (July 2021)- an AI Chatbot to help minimise paperwork and improve productivity in real estate transactions.
“Real estate is a highly regulated and paperwork-heavy industry. Agents often have to juggle between serving their customers and submitting numerous forms, letters, checklists and agreements to complete a deal. On the other hand, agencies often have to hire employees to perform manual data entry after collecting all the documents submitted by agents,” explained Ezline Lee, business director of Pand.ai. “With Rena, information can now be exchanged digitally and instantaneously, cutting down on paperwork and human errors.”
Powered by Pand.ai’s home-grown Natural Language Processing (NLP) engine, agents can now instruct Rena to perform certain tasks by sending her a text message. Some of the tasks Rena is currently capable of doing includes: creating deals and listings, performing searches on agent profiles and property details, and retrieving internal resources such as forms, brochures, and floor plans.
Rena is custom-designed for the real estate industry in Singapore and comes pre-loaded with more than 1,000 frequently asked questions and nearly 600 industry terms. The bot is connected to the Public Register API from the Council of Real Estate Agency (CEA) as well as a local address directory to maximise workflow efficiency.
Rena is also integrated with modern cloud-based accounting systems such as Xero, allowing an invoice to be automatically generated after a deal gets submitted. This eliminates manual entry errors and duplication of effort.
“Not only does Rena save agents and companies a lot of time on admin work, it shortens the cash conversion cycle. Cash flow is especially important for small to medium-size agencies like us,” said Lina Chang, owner of VIP Realtors. In the adoption of Rena, the real estate agency received the Enterprise Development Grant (EDG) from Enterprise Singapore to cover 80% of the cost. “We are already seeing significant improvement in operational efficiency from Day 1, and I expect this productivity improvement to increase by more than 50% over the next 3 months.”
Rena understands Singlish and recognises common Singaporean terms such as “Ang Mo Kio”, “HDB” and “CPF”. “Real estate is a local business, so it is important that Rena understands how Singaporean real estate agents think and talk,” added Lee, a Singaporean who spent over a decade in the real estate industry before making the switch to technology with Pand.ai, “we are excited to venture into proptech with Rena, and look forward to being a part of the digital transformation journey of this industry in Singapore.”
“Pandai” means clever in the Malay language. As the name suggests, Pand.ai specialises in developing custom smart AI-chatbots for enterprises in Asia. Pand.ai’s customers include Schroders, Tesco, CIMB Bank, MSIG, Great Eastern, VIP realtors and others.