AI in real estate: How technology impacts the industry

Real Estate | 3 Dec, 2019 |

We are living in an era of artificial intelligence. From our TV commercials to games, shopping experiences, and sales talk tracks, AI is everywhere. It is even playing a pivotal role in performing critical surgeries, learning new concepts, and delivering better financial services.

But, what about real estate? Does the technology favoring to the world of buying, renting, and selling houses too?

Well, the answer is – YES.

AI technology has not just knocked into the real estate territory as a guest but has established its reign. It has simplified the traditional processes as well as added new options by integrating into mobile apps and other devices.

A few of the applications that AI has served the real estate business with are:

Ease of Search

No doubt, mobility solutions designed by the top app development companies have made it quite easier for buyers to filter the property listings based on different parameters like location, budget, etc. But, the output received still consists of hundreds of results, which makes the house-hunting process frustrating for the users.

Machine Learning, a subset of AI, in this scenario helps by gathering consumer data from different sources, analyzing their search patterns, and eventually delivering them with minimal results matching to their needs.

Higher Efficiency

Not only AI cut down the efforts required by users in the searching process, but it also helps the team in terms of higher efficiency.

The technology takes over the repetitive, monotonous, and risk-taking tasks, giving real estate agents ample time to do something productive. It streamlines the processes, lowers down the hurdles in the purchase process, detects and prevents fraud, and more. This way, it encourages them to build and enjoy an efficient environment.

Effective Customer Experience

Another use case of AI in real estate is improved customer experience strategy.

The technology is providing real estate agents with an opportunity to study the background of each consumer along with their facial expressions to understand their behavior. Also, it is assisting them in curating a personalized strategy for each individual customer. And this way, deliver a better experience to all.

What’s more, an AI-enabled chatbot is always available to listen and respond to the customers’ messages and complaints; making it easier for the real estate agencies to deliver 24×7 customer support too.

Ability to Determine Potential Client

Like delivering a personalized experience, AI is also considered by real estate agents to determine which client would actually buy a property (or make a deal), and which one is just to have some talks.

This insight makes it easier for them to determine where to invest more of their time and effort, and where not. And this way, crack more deals and enjoy higher ROI, rather than having an endless conversation with an individual.

Enhanced Market Analysis

With the changing consumer behavior and market trends, it is becoming far more difficult for real estate agents to stay abreast of what new to introduce in their marketing plan.

Artificial Intelligence, in this context, provides them a heap of data and the power of predictive analytics which enables them to easily predict the present and future of the market. This enables them to make suitable changes in their strategies at the right time and eventually, gain better outcomes.

A ripple effect of this implementation of AI in the market space is that it has been assumed that no real estate business would be able to survive by 2021 without investing in this technology.

Closing Thoughts

The use of Artificial Intelligence in real estate is still a new thing in the market. Many real estate companies are still unfamiliar with a plethora of possibilities that AI adds to the traditional process. In such a scenario, by becoming an early adopter of technology, you can easily grab better opportunities in the marketplace. You can surpass the competition and become the first choice of your team. So, do not miss out on this opportunity.

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