RealReports enhances property document analysis with new multimodal AI feature

Proptech firm RealReports unveiled a new feature for its AI-powered assistant, Aiden, the company announced on Thursday. The new feature harnesses the capabilities of multimodal artificial intelligence to instantly analyze and summarize complex property documents, including inspection reports, appraisals and seller disclosures.

Multimodal AI technology allows advanced artificial intelligence systems to process and integrate various types of data inputs — including text, images and audio.

“Property documents offer real estate agents and their clients crucial insights; however, they are often long, full of legalese, and poorly formatted, making them extremely tedious to review and understand,” James Rogers, co-founder and CEO of RealReports, said in a statement. 

“Now Aiden, the AI copilot powering RealReports, can extract the key details of a document, summarize it, and answer any question about the contents, all in a few seconds.“

RealReports is a real estate platform that gathers property data — including construction permits, climate risk, rental rates, flood insurance costs, remodel potential and valuation — in one place. It pulls information from more than 30 data providers. Aiden can answer questions about a property, and by integrating multimodal functionality into the AI assistant, it’s possible to ingest property documents and unlock the most current information on a home.

In an environment where agents are increasingly under scrutiny, having a clear understanding of data trends is a competitive advantage, according to RealReports. It can also help agents clearly communicate their unique value and services to homebuyers, sellers and others.  

The product is marketed toward real estate agents, who can use the product during buyer and seller presentations to build credibility, but it can also be used for research prior to  showings and the submission of offers, and at open houses to capture leads, Rogers said.

RealReports has gained momentum in the past few months, announcing numerous partnerships with large real estate brokerages and multiple listing services (MLSs). 

Earlier this month, the company partnered with New England-based PrimeMLS. In February, Illinois-based Baird & Warner, an independent real estate brokerage, partnered with RealReports to allow the brokerage’s 2,000-plus agents to benefit from wide-ranging property data.