The business of real estate is much more than just location, location and location. It involves a lot of data about buyers, sellers, their finances and preferences, among many others. It only makes sense to leverage the use of a powerful tool of artificial intelligence to make their work easier. This industry has already been exposed to its advantages and are making developments in making a full use of AI to make their work easier, valuable and remunerative.
Advantages AI Offers
1.Recommendations: It is very difficult for real estate agents to find the right estates for the right customers. Even after a detailed conversation, it becomes either difficult time-consuming to provide with apt real estate choices. AI can help with this, since it is excellent with data and the larger the data the better, they work, it can help in finding a perfect set of properties for the customers. They could take information from a conversation with customers, convert it into data and input it into its algorithms to finally come up with the best set of choices. A very descriptive form consisting of questions could also be made, that the customers would fill and the realtor AI, with the help of its algorithms, could come up with the best choice of properties for the customers. This would save a lot of time and tide of the realtors struggling to identify the exact places that their customers might be looking for or might like. With the help of AI, estate agents can bring out the most efficiency. The recommendations are so robust that it can also provide recommendations to people based on what their behaviour on the current website is. It will help customers to stay away from properties that do not match their requirements and liking. Popular real estate platforms like Airbnb also uses algorithms for recommendations to find the right property for the right people at the right price. In the future, AI can be used to give personalised recommendations based on individual buyer personalities as well.
2.Availability: An AI can work all throughout the day and night. People can seek help to take guidance any time of the day according to their convenience. Chatbots can come into rescue here by automating conversations and building personalised conversations and healthy relationships. They can answer simple questions by the customers and help them with their property of interest, before directly talking to the estate agent. Motion.ai is one such example of a chatbot which is helping the estate agencies to save time and make things easy for the realtors.
3.Prediction: With the data given to AI, it can provide with meaningful predictions involving customer priority. For example, it can predict what is going to be the price of an area based on the geographical area and based on future development or physical changes that the area might go through. It can also predict what area is more prone to theft or other crimes since it is an important aspect for anyone to consider while buying or renting a home. The AI-based customer relationship management systems have progressed so much that they can also predict if someone is likely to default on their loan or fail to credit a check. It can also find unique aspects of a property using NLP. Nestway provides predictive analysis to provide solutions to customers.
4.Automation: The job of realtors involves a lot of document scanning and verifying. Same goes to the people involved in buying, renting or selling properties. AI can be used to automate these jobs and scan the documents.
5.Virtual tours: It will become very easy for people to not find a separate time to see a property. Many times, properties seen in pictures do not look the same when viewed in person. Virtual tours of homes come into rescue. Ghar360 is one such platform that provides people to have a virtual walk through a house using a digital platform.
6.Disaster management: Very often buildings are not built with a proper strategic planning, considering how disaster-prone the area is or what measures to take to not be affected by disasters. A priori knowledge of building statistics is important to dodge disasters and avoid the damage.
There is no denying that AI has taken over many sectors. There has been a challenge called ‘Broker vs Bot’, where who among the broker and the bot can find the perfect match for the customer had to be seen and it turned out that the bot won on all the three days of the challenge. The real estate market also does not lag in this field. Although it is not as popular as the streams of healthcare and finance industries taking up AI for their benefits, it is slowly emerging in this space as well. AI is and will continue to be of help to real estate businesses to function more efficiently and profitably, apart from being of help to the people looking for properties to buy or rent or sell.
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Found a way to Data Science and AI though her fascination for Technology. Likes to read, watch football and has an enourmous amount affection for Astrophysics.