When we talk about using AI and machine learning in the real estate industry, some may imagine a house or a piece of property that can communicate with space satellites or perhaps convert into a portable suitcase to be taken anywhere! For a real estate app development company offering cutting-edge solutions for the industry, exploring new grounds and testing out innovative technologies that benefit business owners and consumers alike has always been a priority.
The details below emphasize the application and use cases of Machine Learning (ML) and Artificial Intelligence (AI) in real estate. The industry has already witnessed unprecedented changes in the way it operates whereas learning about both the technologies would only scratch the surface.
Before diving deep into it, let us first understand the current state of AI and its transition into the property business market.
Real Estate & the Coming of AI/ML
Despite the ongoing economic crisis worldwide and the depressing impact of recession, the real estate market seems to thrive and operate brilliantly and gallantly. In-fact, MSCI has predicted that worldwide business acquisitions are all set to rise by 9.6 trillion in a few years.
Like almost every other business industry, real estate finally realized the potential of advanced technologies such as AI and ML when integrated. In the data-driven world of the property market, AI has impacted almost every aspect from property search to consumer buying behavior, selling strategies, investment management, construction and so on.
Creating intelligent homes using smart and advanced technologies, the ability to virtually visit a unit before it is actually built to get first-hand experience and even predict the creative design intent are only a few of many other possibilities. Just a few questions you can have answers for using artificial intelligence are:
Would the elevator be able to calculate the number of passengers and raise an emergency alarm if it's overfilled?
Would there be a positive ROI of the solar panels if installed on the rooftop?
Who would be the primary buyers and residents once the building is complete?
Fortunately, all such answers can be obtained by AI and ML-enhanced software. Now that we know a bit about the technology, let's have a look at how it's benefiting the real estate industry.
AI & ML: Driving Real Estate to New Heights
Generate More Leads
In the ecommerce industry, AI-powered software programs fetch useful consumer insights for business development purposes. Real estate marketing campaigns; when backed by AI apps and chatbots, use machine learning interfaces to gather customer data which helps with lead generation.
In fact, there are many different applications that help you gain traction in the particular real estate niche and emerge as a leader; having been learned and trained through ML environments. Then there's NLP technology that prepares a track record of potential buyers having greater chances of conversion.
Streamlines Property Search
All the way from listing property units on the internet to buying, renting and customer support, technology has simplified the entire process for everyone. We're quite accustomed to search tools in the real estate industry that can filter the results by agents, buyers, number of bedrooms, total area of the unit, number of bathrooms, nearby amenities and so on.
AI algorithms come into play during this stage, allowing users to search for a property based on very specific details and teensiest aspects that can change the game. In-fact, the technology is advanced enough to even walk you through the unit using a 3D model or even wearable tech that lets you experience the place with all the design changes, adding or removing amenities and so much more.
Keeping track and remotely managing almost all aspects of the real estate industry using AI software is an added benefit. For instance, the algorithms and repeated patterns from users streamlines and even automates tasks such as maintenance of buying/renting list, unit listings, catering to maintenance requests, tenant applications and many other details.
Even the most intricate tasks such as checking tenant/buyer and even owner's background, seasonal availability and booking of units, price trends in particular areas and so much more can be automated using AI and ML.
Simple & Hassle-free Transactions
AI and ML, when integrated with Customer Relationship Management (CSR) systems, allow data reading, report generation and contract management to be performed automatically. All of this saves time as compared to manually entering every single detail, thus even removing the slightest chance of human error from the equation.
Facilitates in Property Evaluation
While the coming of AI and ML is considered a true blessing, for some, the technology's ability to predict the final outcome or future that's more or less precise is regarded as a threat to their employment. But that isn't the case as you can work in collaboration with the technology and see exceptional results.
With real estate, estimating rental cost, current and future value of the unit(s), analyzing nearby facilities, gauging information such as crime rates in the area, alternative routes to travel to-and-from the property, public records and so on; are a few of the many possibilities you can easily overcome using AI and ML.
This particular technology was tested and performed brilliantly beyond imagination during the pandemic as most of the outdoor activities were either halted completely or partially executed.
Complicated calculations and financial dealings in real estate can be painful but even here, ML and AI comes to the rescue by simplifying the entire process. For instance, when it comes to lending, a real estate agent or investor would be informed in advance with all the data and documents available at their fingertips, collected by AI.
A lot of real estate companies are engaged in mortgage calculation and despite operating in the industry for years, there comes a time when they need help. Even here, AI and ML come to save the day as the algorithm can read the mortgage applications, remove possible errors and process further. The end result is a flawless and precise outcome that helps owners to make an informed decision.
The coming of AI and machine learning have transformed industries from scratch as we know it and real estate isn't any exception. Then there are many different yet best apps for realtors supported by Android and iOS to give you an idea on integrating AI and ML in real estate apps.
AI and ML are gaining traction as more and more industries are pledging to the technology. Integrating this smart tech is sure to raise market credibility and optimize delivery with quality.