AI could help condo buyers

January 10, 2020

A Vancouver tech company says it has come up with an artificial intelligence (AI) platform that can help condo buyers and their real estate agents sift through years of condominium and strata corporation documents.
Eli Technologies said the platform, which uses machine learning to extract critical information from years’ worth of strata and condo documents, increases transparency by identifying potential building issues, bylaw restrictions and budget concerns in only a matter of minutes.
“We recognize that buying a condo is one of the largest and most important purchases an individual can make, especially first-time home buyers,” says Jamie Hankinson, CEO of Eli Technologies. “A proper review of the strata/condo documents can be very time consuming and complex, but is an essential part of the condo purchase process. Real estate professionals can use the platform as a second set of eyes to identify potential concerns, allowing them to elevate their level of service, and better inform their clients.”
The platform, which has been in development since early 2018, has signed up 500 realtors across more than 75 brokerages in Metro Vancouver and Victoria.
The Eli Report highlights important considerations like rental, smoking and pet restrictions from a set of bylaws, and includes instances of leaks, theft, litigation and special levies—to name a few—contained within the meeting minutes. The software displays extracted data chronologically within specific categories and supports report sharing between realtors and their clients.
The Eli Report is now available to all realtors, mortgage brokers and property managers throughout British Columbia and Eli plans to take it national. Realtors or property managers can sign up for a free trial at www.elireport.com