Realty Sector Escalates Due to AI

Author : GoodTime Builders | Published On : 24 Nov 2023

1. What is Artificial Intelligence (AI)

Artificial Intelligence or AI refers to a wide ranging branch of computer science that builds smart machines which can mimic human intelligence and perform tasks and can improve themselves based on the information they collect. These machines can be programmed to think and act like humans. AI is being used in various fields and the realty sector is not an exception. In fact, the realty sector escalates due to AI.


2. AI Helps in Real Estate Transactions

With the entry of AI in the realty sector, the transactions have been simplified and the time spent on hunting and finalising the deal is also very much reduced. Let’s see how AI escalates the realty sector. 


2.1. Identifies Lead Generation

A number of visitors visit the sites of real estate developers and it is not necessary that all are interested in purchasing that property. AI enabled programmes collect consumer information and with the help of NLP, another technology it can find out who are the interested customers of that property and AI can also maintain a record of potential buyers. 


2.2. Eases Home Search

Searching a home of our choice and requirements was a tough job earlier but AI has made it a cake walk. Home search is very much simplified on the internet. SEO tools list out parameters like number of bedrooms, bathrooms or other specifications and the consumers can filter out from a wide range of options. AI algorithms help to filter out user preferences and can save time.


2.3. AI Facilitates Evaluation and Home Loan Process

AI helps to estimate property values and rental prices. AI application testing model collects data from public records and produces specific data value analysis. Home loan was a lengthy procedure earlier but AI has taken over the traditional process of lending home loan and made this procedure hassle –free. This improved process of home loan, benefits the home buyer, developers etc. Consumers are now comfortable with technology and love to adapt digital processing that makes this process of home loan much easier, faster and efficient. The entire journey of home loan is now covered digitally.