AI & ML in Real Estate
AI & ML show no sign to slow down and have become 21st-century buzzwords, thankfully not hijacking any jobs like the people feared them to do.
For Example, You don’t see real estate agents getting substituted by computers, and we can safely say that it’s not going to happen in the next 10 years as well. Instead, what we see happening is the rise in the trend to use AI & ML to get a competitive advantage. According to a report by PwC, business leaders believe that AI is going to be fundamental in the future, with many of them referring to it as a “business advantage.” The survey also reported 63% of people agree that AI will help solve complex problems, and 59% agree that AI will lead to people living more fulfilling lives.
Artificial intelligence has already penetrated the smart building sector. It offers machine learning-based controls for HVAC, lighting control, energy management, building maintenance, occupant tracking, and acoustic settings to reduce operating costs, enhance the occupant’s experience and also improve workplace productivity. There are also building security systems that use AI/ML for biometric identification and facial recognition to control property access.
The continued adoption and development of AI provides enhanced operational efficiency, advanced productivity, and improved customer service in nearly every facet of the Real Estate business.
As it continues, building owners & operators are now shifting the allocation of their capital from infrastructure to technology.
From ML algorithms that match probable homebuyers to the listings to chatbots that attend to clients’ needs, the real estate industry is becoming more efficient, profitable, and service-oriented, all thanks to AI!
AI is most effective when added to human knowledge rather than replacing it. The real estate industry consists of tremendous amounts of data sets. AI can help investors to manage data, customize property investments, as well as obtain data-driven insights to make effective investment decisions. A real estate investor can also find out information like expected rental income and return for a specific property, compare figures for different features, etc. AI can arrange and manipulate data using specific algorithms; it also means that it helps investors find custom investments.
The ability to collect, analyze and learn from a massive inflow of data has made agents more efficient, brokers more strategic, and clients empowered to experience the buying and selling process with lesser uncertainty.
Here are some ways in which AI and ML are set to influence the real estate industry.
Improved search functionality: Machine learning has made this process much easier by analyzing the person’s pattern and creating a more accurate picture of what are their needs.
Identifying leads: Technologies offer a powerful tool for helping agents reveal their ideal clients.
Removing guesswork: By providing in-depth analysis of markets and showing current demands helps leaders to work more confidentiality.
AI and ML technologies enable real estate agents to concentrate on the relational, intuitive, and creative roles that are far beyond the capabilities of computers. There are many such applications of ML/AI in real estate.
So far, we have just explored the prominent examples, but the possibilities are immense. If used effectively, this can turn out to be a real game-changer towards the more significant benefit of better customer experience.