Real estate slowly but steadily is adopting digitalization in business processes. This industry has always been in demand for a number of reasons. There used to be a time when people used to take out their time and visit a property and make decisions, but today with the advancement of technology, the whole process has become a lot easier. Be it task automation, property analysis, or insight generation from a given data, AI is the solution.
There are multiple reasons for this shift to occur, in the past few years, the real estate sector has entered the world of digitalization through various different technologies. In a survey conducted it was found that more than 50% of the total real estate companies have transformed their businesses digitally.
Some of the ways by which Artificial Intelligence is reshaping the real estate sector include
Enabling smart real estate management
The combination of Artificial Intelligence and Machine Learning helps you analyse the data of property management more efficiently with saving costs. It also helps the property managers by giving alerts of weather data and spikes in energy utilization, by this a real estate agent can save a humongous amount of money in operations costs.
While building large properties, due to improper planning, a lot of energy, as well as area space, is wasted. A solution named TRIRIGA by IBM was made which with the help of various IoT devices gathers and analyses the data and provide valuable insights to manage workspaces effectively. Another software was made by company Gridium, that software used Machine Learning algorithms to analyse and detect respective data sets to save energy and optimize resources of a property.
AI-based lead generation
Before digitalization people used to cold call potential buyers and sellers, but today with the help of AI, the process of lead generation gives you a lot more opportunities to find the ideal client. A real estate agent might have all the sorts of data of different buyers and sellers, here AI helps to know the difference between the actual potential clients and the ones who are not. It also gives you the option to identify different preferences of the client and promote to them tailor-made listings, by this the process of closing a client becomes faster.
A software algorithm made by Zillow analyses the data sets that a real estate agent might have, and provides a variety of attributes to find different sets of interested customers. Also, the algorithm has the ability to identify the types of property a client is looking for through his previous history of searches, which allows the real estate agents to save their efforts and close a deal with the right clients.
Provide personalized home search experience to the clients
When we search for homes online, we get options to filter out our basic requirements like the number of bedrooms, and location, etc., on the other hand with AI included on the online platform, a lot of personalization could be offered to the customers.
An agent can beforehand with the help of previous data gathered from the customer’s history suggest personalized property suggestions. AI along with VR allows you to provide a great level of experience to the property buyers, instead of choosing the number of rooms, the buyer can also experience the flowing types, the furniture type they want, etc.
Predictive analysis for real estate investors
With the constant rise and fall of rates of the real estate sector, it becomes difficult to know when the right time to invest is. Here comes one of the most prominent features of AI into the picture which helps one to predict the future growth of a property and its future possibilities of returns on investment. With the enablement of predictive analysis in the system, many key factors could be taken into considerations before making a decision on investment. One can easily look at the future trend of a property and identify the right time to sell or rent a property with a competitive advantage.
A start-up from Israel, Skyline, has made an investment-focused Ai-based management software. This tool with access to the largest data pool sets provides an accurate predictive analysis. Currently, Skyline uses more than 130 various sources of data to analyse over 10,000 features to provide an unmatched accuracy to a real estate agent. These models can also be used to determine the value of a property based on a variety of factors. The algorithms used are capable enough to provide data like the age of the property, its market value, past trends, neighbourhood, etc.
AI offers a whole bunch of automation tasks to the property agents from lead nurturing to the acquisition of clients. With the help of automated software, clients can be onboarded and the signing of agreements is possible digitally, and the management of all such documents and leads could be done from a central mobile application.
AI has opened endless opportunities to the people who use it, you can harness all the history data of a client, provide automated chatbots, and carry forward the whole lease process digitally.
As we see the real estate sector getting transformed digitally, many exciting possibilities lay ahead. Artificial Intelligence gives you a chance to establish a long-term relationship with your clients. In other words, AI assists both the clients and the real estate agents in the whole process of buying or selling, or renting a property. It’s not a hidden secret after all that many industries have shifted to this technology. To sum it up, one of the main reasons to shift your business today to artificial intelligence is to do effective completion of tasks that are done by property agents manually.