It’s incredible how much AI has been incorporated into the business world. Small firms, startup companies, and even big brands make use of this new development. With every sector taking hold of the opportunities that come with this technology, we don’t expect to see real estate lagging. Most property users and real estate agents make use of AI for propelling their business and property visibility forward. Studies show that the real estate sector has been able to improve and support a healthy lifestyle with the inherent advancement in artificial intelligence. According to a recent study by Forbes, the real estate sector has been able to generate over $33 bn from the use of artificial intelligence between 2008 and 2017. Also, the number of commercial use in this sector has propelled from 176 to over 1200, a number we never saw coming.
There are different ways in which AI is revolutionizing the world. From ensuring creating better real estate solutions to helping realtors/brokers with their business, one might wonder about the possible shortcomings of this technology. Here are some ways this tech is being used in the real estate sector.
Being a real estate realtor, you probably have had to take risks. While some were normal, others might have required a lot of calculations. Well, you could reduce the amount of time you spend searching for a low-risk investment if you’d just integrate AI into your business. You could also minimize financial risk by using this technology.
As a company, getting information on a building you’re about to purchase is a necessary step, and most times, it is hard to get this information. Using AI, you can easily get data on the age, nuance, owner details and lots more. This helps you to save your money if it isn’t worth investing.
Advanced Listing System
As a realtor, you can easily use artificial intelligence to provide a better experience for your potential buyers/clients. With this system integrated into your business, it becomes easier to show buyers specific listings based on their preferences, past buying experience, their income, and any other relevant information. This makes it faster for buyers to get what they want, and in return, you get to close a deal faster than usual.
Easier Home Tours
Now, no-one ever thought of this 15-20 years ago, but recently, it has become a trend in the real estate sector. Using artificial intelligence, you can easily walk your potential buyers around your property without having to meet them physically. Customers can check out new home designs, get details about your home, literally step into every room, nook and cranny of your property from their phones/desktops. If there is anything AI can’t do, it’s helping buyers move their things into a purchased property, and we hope to see that in the new future.
AI can help you estimate the cost of a property, to prevent providing incorrect estimate cost of a property to your potential clients. With artificial intelligence, realtors can easily calculate the value of a building based on various factors like the age, the surrounding, and access to necessary amenities.
Big companies – especially the ones indulging in the building of properties from scratch– make use of AI for better constructions. AI can help monitor the weather condition of a particular district, thus allowing these companies to know if it is worth building a property there. Also, it analyses the safety of residence and predicts the comfort level for potential buyers if these buildings are to be erected.
Creation of Smart Homes
Smart homes cost much more than regular houses, and this is made possible by the integration of artificial intelligence in a building. AI helps to connect homes, possibly to your mobile, so you can have total control of your property even when you’re far away. This is something realtors should take into consideration when home flipping, as it will not only help them get more potential buyers but also increase the value of listed properties.
Platforms like Zillow and Trulia have thousands of real estate agents, and there are more than 10,000 listings on this site every day. With this large number, it is almost impossible for a starter to get his listings on the first page of a zip code if he doesn’t hire an SEO expert. However, since the advent of AI in the real estate sector, things have changed. Sites like Zillow make use of artificial intelligence for their property ranking process, so the easiest way to get your property to the top of the list is to integrate one yourself. The use of artificial intelligence will help to increase your property visibility, thus, giving you a chance to close a deal faster.
You can easily see how much AI can do in the real estate sector from looking at this article. However, this technology provides more service for the agent than the buyer. We hope to see that change in the comings, and more features added for a better marketing experience.
Victoria Liset is strategic business & technology consultant to SMEs. She helps businesses improve their performance by using data more efficiently, and helping them to understand the implications of new technologies such as AI, Machine Learning, Big data, blockchain and IoT.