Real estate agents in Oregon belonging to the Regional Multiple Listing Service (RMLS) will be a bit quicker to verify the integrity of their deal documents thanks to the latest artificial intelligence offering by Restb.ai, the Barcelona, Spain-based technology company.
The new Document Compliance product is designed to prevent mistakes on forms that could jeopardize the buyer agents’ ability to be compensated.
The product is directly related to industry changes in how buyer agents are compensated implemented a year ago. In the wake of those changes, agents across the country have in some cases forgotten to complete the proper fields, check boxes or thoroughly review contracts before submission. Aware of this increased risk, transaction coordinators, brokers and team leaders face increased manual intervention to ensure transaction documents are compliant and that agents get paid.
The team at RMLS approached Restb.ai about the problem, given that it’s computer vision AI has processed more than 900,000 MLS photos in total for compliance verification. The technology also helps members of close to 70 MLSs enter listing data faster, craft home descriptions and generate market performance data.
“Restb.ai’s solution integrates seamlessly and will reduce staff workflow, helping us streamline our internal document review process as it’s integrated into our proprietary systems,” said Melissa Bigler in a statement. Bigler is RMLS’s Director of Subscriber Service. “It’s the kind of smart, adaptable tool that fills a very specific internal operational need, one we see as potentially complementing our future platform enhancements.”
The solution reveals the exact keyword triggering an alert, the page it appears on, and a snippet of the surrounding text, according to the statement. Users can confirm and fix the error, or flag it to teach the AI if the field or term in question is correct.
The role of artificial intelligence in residential real estate has rapidly evolved from simple listing descriptions to advancing back-office productivity and everything in between. It’s filling gaps between fragmented software solutions in tech stacks and helping marketers, transaction coordinators and agents improve the pace at which they work. Its found its way into appraisals and CMA generation, too. It’s certainly impacting the way people find homes, as well.
ListedKit AI was reviewed by Inman recently for its document automation and form compliance solutions. However, those tools are more targeted at brokerages and transaction management teams. Other systems can be trained to look for document errors, such as Oppy’s ever-expanding team of AI agents, as well as Sidekick.
“MLSs came to us to help their staff save time since they were checking every document manually,” said Duncan Brownlee, VP of Product at Restb.ai, in the press release. “With our new Document Compliance solution, MLSs can meet their legal responsibilities at a fraction of the cost, with our AI completing reviews in real time as part of an agent’s regular workflow – and more solutions like this are coming.”
