Artificial Intelligence (AI) in simple words is the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings. Like most of the professional industry sectors are gradually transforming towards AI, REAL ESTATE INDUSTRY is no different. With the advent of AI, the traditional Real Estate industry is revolutionizing to smart work approaches. From smart home technology to virtual assistants to predictive analytics to smart property management solutions, AI is playing a vital role in every stage of Real Estate Management lifecycle.
- SMART HOME TECHNOLOGY
In today’s scenario, introduction of smart home technology by most progressive developers in their residential and commercial projects has played a vital role in luring potential buyers as it helps to save a lot on the utility bills. These smart devices can enhance security systems, optimize energy management, perform predictive maintenance, and analyze tenant behavior. Additionally, it makes the living experience sustainable, safe and easily accountable.
- VIRTUAL PROPERTY TOURS
AI powered platforms enable hosting of property tours virtually in 3D format. This medium of property tour has gained large popularity in recent times as it is time saving, caters to larger audience, tours of multiple properties can be hosted simultaneously and is cost effective.
- STRUCTURED PROPERTY SEARCH
The traditional property search process is taken over by AI powered property search portals that uses algorithms to analyze data on various factors such as location, size, price, amenities, market demand and buyer’s preferences. Potential clients therefore can leverage their search process more quickly and effectively by finding property listings matching their search criteria’s.
- OFFERS PREDICTIVE ANALYTICS
Home buying process is very sensitive in nature and taking informed decisions is vital in this regard. AI can be used to build algorithms that are equipped to offer insights on the historical data, futuristic appreciation trends, current market demand, investment opportunities in a fast-paced and dynamic real estate industry. Such predictive analytics forms the base for taking informed decisions by the potential buyers and investors.
- AI POWERED CHATBOTS AND VIRTUAL ASSISTANTS
In order to provide seamless 24/7 real estate management service to potential buyers and investors, AI powered chatbots and virtual assistants play a significant role. These chatbots and virtual assistants engage with potential buyers, answer questions, help schedule property viewings ensuring higher responsiveness and convenience. Overall, it helps to elevate real estate experience to a next level!
- ENCOURAGES VIRTUAL STAGING
Some AI powered software’s are capable to digitally furnish and decorate properties using 3D models. This software helps to save time, money and efforts that goes in a traditional staging process. It is a very useful option for developers having off-plan projects and would want its potential buyers to get the real feel of the developing property. These software’s are equipped to build very close to reality interior and exterior designs leaving minimalist differences.
- PROPERTY MANAGEMENT AND MAINTENANCE SOLUTIONS
Some real estate management companies use AI powered property management and maintenance solutions that enables them to manage complete cycle of their real estate services. From verifying/screening of tenants/buyers- to financial, legal, contractual transactions work- to after sales/ maintenance services. It not only helps to reduce paperwork, save time but also helps to improve financial insights and oversights. These AI applications streamline day-to-day property management tasks and create safer, more efficient and more sustainable living environments.
- AUTOMATED VALUATION MODELS(AVM)
Real estate market is largely driven by micro analysis of voluminous data in a particular community at grass root level or in a city/country at a broader level. AI helps to drive these automated valuation models to analyze data on demographics, historical sales, economic patterns, occupancy rates, zoning regulations, income generating potential to estimate property values accurately. All of this together enables real estate developers to stay ahead of competition.
- SUPPORTS MORTGAGE LENDERS
AI-driven technology can be used to streamline the loan approval process. Task specific algorithms are used to assess credit worthiness of a potential buyer, eliminates the need of guarantors/intermediaries, helps in identifying loan defaulters enabling risk mitigation and also helps to improve customer experience in loan application.
- ALERTS REAL ESTATE INSURERS
Although least known, but AI algorithms can be designed to meet the alarming needs of Real Estate Insurers too. These techniques aid in analyzing billions of parameters and data points including satellite images and weather patterns to predict natural disaster risks enabling insurers to create more resilient portfolios and offer better coverage to policyholders.
AI is revolutionizing how the real estate industry does business and transforming how we buy, sell, and manage properties. From agents and brokers to homeowners, buyers, real estate managers, lenders and insurers, AI makes lives easier and helps us make more informed decisions, stay sustainable, evolve progressive, act proactive to the mutual benefit of all parties involved in the real estate cycle.