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Amitree, a company producing software that turns inboxes into productivity engines for real estate agents, is updating its flagship product with an artificial intelligence component that summarizes documents sent during the transaction process, Inman has learned in an Oct. 16 press release.
The product, Folio, delivers value as an interactive sidebar within Gmail or Outlook, allowing users to respond to, organize and take multiple deal actions without leaving their inbox, ensuring people and relevant business content stays tethered to the transaction.
By adding a generative AI power-up, users can have email attachments abstracted in moments and even ask the app questions about any document received.
Jonathan Aizen, CEO of Amitree, said in the release that the AI update reflects the mission of the product, which is to shrink the steps it takes for agents to perform on behalf of their clients.
“DocGPT represents a significant leap forward in leveraging Generative AI to empower agents with rapid, accurate insights from their documents,” Aizen said.
The new feature is called DocGPT (GPT stands for generative pre-trained transformer). Users can view automatic summaries of offers, agreements, addenda and inspections within the context of their inbox, encouraging faster responses, more efficient deal flow and improved data integrity. It also reduces dependence on insecure local hard drives or poorly managed inboxes.
Currently in late-stage beta testing, the software can scan and abstract the majority of document types pivotal to ensuring a deal makes it through escrow, such as inspection reports, appraisal reports, listing agreements, contingency removal documents and general contracts.
Users need merely “ask” the software “Tell me about the roof” or “What did they pay in property taxes in 2016?” or other critical points of negotiation that are most important to deal stakeholders for getting a deal to its next milestone. With DocGPT, Folio users don’t have to pour over entire documents to find important information. However, the company does encourage users to always fully understand deal paperwork.
GPT is an artificial intelligence format, not a specific reference to OpenAI’s ChatGPT software. Amazon Web Services defines GPT as “a family of neural network models that uses the transformer architecture and is a key advancement in artificial intelligence (AI) powering generative AI applications. GPT models give applications the ability to create human-like text and content (images, music, and more) and answer questions in a conversational manner.“
The technology is being applied to a number of business applications within real estate because of its ability to shrink steps in a workflow, something from which the traditionally manual management of real estate transactions can endlessly benefit. Real, the fast-growing remote brokerage, uses it to help power Leo, an internal productivity solution. ListAssist, a New Zealand-based company, uses it to create property search and marketing resources.
Folio also added document signing and compliance features with full DocuSign integration and improved a number of user experiences. The product was reviewed by Inman back in 2016 and an updated review is pending publication.