Real estate is an exciting addition to the list of industries impacted by artificial intelligence systems. It is a highly competitive sector which has been recently facing a downfall. However, the introduction of artificial intelligence can enable the industry to grow and explore revenue possibilities in a better and more opportunistic manner.
There is a tremendous amount of manual work involved in the real estate sector, primarily commercial real estate. From property search to document filing – agents, brokers, and customers go through the manually exhausting process. Artificial intelligence solutions, with their self-learning capabilities and data extraction ability, simplify the entire process and reduce the manual efforts and massive operational costs involved in the process.
With that said, it’s important to take a look at the ways in which artificial intelligence and machine learning are impacting the real estate industry. In truth, nearly every aspect of the real estate sector has been touched by AI solutions over the past few years. To give you a clear picture of the ways in which AI is impacting your typical real estate transaction, here are a few examples:
Real estate websites are working closely with social media platforms to improve lead generation capabilities. AI can help speed this up by:
- Analysing user data quickly to help marketing campaigns
- Turning user interactions into marketing reports
- Helping real estate marketers get better information on their target audience
- Helping agents cover more leads and clients through chatbots and smart assistants
With markets growing rapidly and data becoming abundant, real estate professionals can use AI to identify market trends and make better business decisions. This will help them to not only limit damages in the event of a market downturn but also maximize profits during an upswing.
One of the most interesting applications of AI in real estate is undoubtedly property analysis. This is most practical to real estate investors who need a better understanding of their properties and the way they appreciate/depreciate. This can help them manage future down payments and loans more effectively and increase their profits.
Machine learning can now help find the best match for a client. The real estate agent doesn’t have to go back and forth having multiple meetings with the client in order to find the best match.
It often takes a lot of time and labour to monitor a property. AI can improve this by providing better monitoring and tracking systems, so fewer people need to be involved with property management, which is indeed a massive issue for big complexes and estates.
Visual AI vs. Audio AI in Real Estate
Visual AI and audio AI are tools helping experts and novices to communicate data through the means of imagery and sound. These have several applications in medicine and defense, but the modeling strategies can also be used in real estate.
On the back end of the transaction, artificial intelligence can also make it easier for the Realtor to run their real estate business. For instance, many customer relationship management (CRM) systems utilize machine learning for things like auto-fillable data and generating automatic reports.
Not only does this cut down on the amount of time a real estate agent needs to spend in front of the computer doing office tasks, but by taking the human element out of data entry, it helps reduce the number of errors overall.
Innovations based on AI and ML are empowering the real estate industry significantly. As a result, real estate markets and companies are now offering better services to customers with excellence.
We at AppleTech have the experience and expertise in building portals, mobile and web applications for the real estate industry as well as many other domains. Come to us with your idea and watch it develop into a solution.