AI Case Study
Truss provides tailored commercial real estate listings to users using AI chatbot
Truss is a commercial real estate-focused platform that uses a chatbot to take users' specifications for rental space and provide them with a list of suitable properties, automating the process of a human broker.
Real Estate Development Operations
From D Magazine: "Truss uses an automated virtual system, also known as a chatbot, to help prospective tenants find and lease office spaces with less than 10,000 square feet. Via its chatbot called Vera, which uses artificial intelligence to “learn” as it gathers information, Truss aims to provide transparency through the entire leasing process and pays tenants 30 percent of the lease commission—a fee that is usually reserved for real estate brokers. Truss’ mobile platform also gives prospective tenants pricing up-front. And it converses using layman’s terms versus real estate lingo. In other words, Vera might ask how many people will occupy the space, office layout preferences, and cost per month versus size in square feet or price per square foot. Vera can handle the entire search and leasing process minus a physical tour, which Truss employees then handle. The Truss platform already has about 90 percent of office availabilities in DFW [Dallas Fort-Worth] and 97 percent of availabilities in Chicago".
"Truss uses machine learning and data science to help find properties that best fit a business’s needs, and it uses artificial intelligence to help advise clients on the fair market price for a space and schedule tours." (Americaninno)
From TechCrunch: "Commercial real estate, just like its private counterpart, used to be a paper-based industry that remained bound to its old ways for longer than necessary... Office spaces under 10,000 SF [square feet] represents the underserved, high transaction volume side of the commercial real estate market where the Truss platform can immediately differentiate itself and add value to small and medium businesses". According to D Magazine, a typical “broker goes and uses the private, closed systems and decides what’s best for you. Then you wait a week or two to get results from a broker … and it’s in a clunky PDF, and you won’t have pricing".