How Artificial Intelligence Is Being Leveraged by the Real Estate Industry?
Author : Marketing Team | Published On : 14 May 2021
The real estate sector has been considerably apprehensive about adapting to the latest technologies in the past. It is a positive sign that the trend is changing, and the industry is slowly but certainly adapting to a ‘data-oriented world. The progress has been consistent, and the industry has been leveraging the latest potential technologies such as artificial intelligence.
With AI becoming a part of almost all industries, it is imperative that real estate also incorporates the technology into its core aspects.
The industry wouldn’t have remained indifferent to the potential advantages of artificial intelligence, such as enhancing the competence of operational processes or even influencing critical decisions.
AI As Part of Real Estate
Examples of artificial intelligence in real estate include natural language processing, computer vision, and machine learning.
Here is an insightful look into a few of the potential applications of AI in real estate.
Vast numbers of property buyers and agents are existing users of AI, and the number is expected to increase drastically.
Several real estate firms are leveraging AI for effective lead management to connect to lenders or buyers. Further, AI is an effective tool for assessing current market data and for recommending properties for brokers. A history of the records of a property or agent can be maintained easily through AI.
Natural language processing algorithms are proven ways of understanding customers’ real needs within, say, a particular zip code.
The influence of AI on property management is manifold. The chances for human errors are minimized. AI empowers the use of advanced services and apps that assist in managing daily activities.
Recent market trends are indicative of the fact that the majority of potential customers prefer dealing with firms or agents that enable personalized real estate experience. AI has been a highly reliable technological tool during the attempts to provide a highly personalized, customer-oriented, and deep technical approach to customers.
AI has proven its potential in ensuring maximum efficiency for buildings. This is made possible by analyzing and predicting possible or existing issues to prevent instances such as clogs, leaks, electrical issues, and so on. Thus, relying on AI, proactive maintenance work can be carried out.
Another impact that AI has is on CRM systems. Several CRM systems leverage machine learning for creating auto-fillable data or for generating automated real estate reports. This way, it is possible to offer superior customer services with minimal errors.
AI enables to carry out detailed and in-depth digital analysis for estimating behavioral patterns of potential customers. Also, it becomes easy to zero in on the most important way to market the analysis results.
In addition, one of the major impacts of AI in real estate is its capacity to give reliable predictions on the future, especially when assessing property values or rental values. The automated valuation models powered by AI can accumulate data regarding transportation, crime statistics in the area, ratings on educational institutions, etc. The future trends could be predicted while deciding on a property.
AI will continue to transform the real estate sector. Certain improvements might be required for efficient use of AI in real estate which include enhanced data comprehensibility and standardization. At times, inconsistency with respect to data models and legal concepts have been deterrents to the effective use of AI in real estate.