What if Artificial Intelligence took the time to close on a home purchase from 30 to 3 days?
Artificial Intelligence has tremendous power to increase economic output. Take a look around and consider the inefficiencies in modern businesses? How much time is spent on tedious paperwork? How many hours are lost in endless meetings? Imagine applying for a mortgage loan without all the overhead? You simply, log on to a website, click apply for loan, you grant access, sign some disclaimers and hit submit. Any questions can be answered by sending instant messages to software which provides the right response immediately. Then within hours you’re approved for a $500k loan for a new house, no need to wait for weeks for the loan to go through! Then start searching for a house online, take a virtual tour of 5 of your favorites within the pre-approved amount and schedule a visit to see your top 1-3 the next day. No need to meet with a realtor, simply drive yourself over there. If any questions come up, a realtor is just a touch of a button away on your phone. When you’re ready to make an offer, you check a list of comparable properties, price trends, review an automated appraisal and within a couple clicks your offer is sent to the seller.
A couple hours later the owner accepts your offer and within 24 hours from start to finish you are now under contract on your house. An inspector is scheduled to see the house within the week, he finds a couple issues so you negotiate the inclusion of those repairs. The work is scheduled by a contractor who comes out and completes the work on Wednesday. By Friday, within a week of starting your search you close on your new house. The movers show up on Saturday to pack all your belongings and move you into your new home while you take a couple days away to celebrate your new purchase. No stressful deadlines to meet. No late nights packing or remodeling your old home. Instead it’s all done for you.
How is this possible? Each of things could be done by automating the tedious parts of the process and freeing people to provide greater value! The realtor could help people with the decision making process and find the home that they will enjoy in the long run. Rather than only managing a
handful of home sales per month they could work with dozens or even hundreds of people. The mortgage loan officer could spend their time getting to know the people and less time making sure all the right paperwork is filled out. She could help ensure people have an adequate budget and learn to live within their current paycheck rather than pushing them towards a loan they can barely afford just to make a little more on commission.
Imagine how liberating it could be to automate all the boring parts of this process. Do you want to help your company forge ahead and change the industry? Reach out to learn how this is possible.