Artificial intelligence (AI) in Real Estate
Artificial Intelligence (AI) is an interdisciplinary field of computer science associated with smart technology capable of undergoing tasks with little to no human input. Machine Learning works by observing data sets and finding patterns to achieve reliable decisions, without being specifically programmed to do so. The ability of systems to learn automatically from the provided data, and using it for future decision-making is indeed a great technological advancement in the field of AI.
Deep Learning is actively used in real estate mobile apps to assist brokers, tenants, and property owners. It assists the potential property buyers in getting a more personalized feed, thus increasing the chance of sales.
While the use cases of Machine Learning in the real estate industry may seem minor when compared with other technological innovations already seen in this industry, Machine Learning assists real estate agents in predicting property market values and making sound decisions without human intervention.
How AI is used in the Real Estate Industry
Artificial Intelligence (AI) is an interdisciplinary field of computer science associated with smart technology capable of undergoing tasks with little to no human input. Machine Learning works by observing data sets and finding patterns to achieve reliable decisions, without being specifically programmed to do so. The ability of systems to learn automatically from the provided data, and using it for future decision-making is indeed a great technological advancement in the field of AI.
Real estate is a massive, fragmented industry that is typically slow to change, but the examples above show that AI is already having an impact in areas like predictive analytics, property estimates, smart home devices, mortgages, and others.
As artificial intelligence improves, it's likely to become an even bigger part of the real estate industry.
Enhanced Real Estate Marketing
Nothing is more frustrating for a real estate agent than irrelevant online visitors who just come by, browse properties, and subsequently leave, never to return. It’s smart not to consider such customers as your potential leads as it’s quite usual for people to visit real estate sites as a recreational activity. Artificial intelligence saves your time by sifting through all visitors to determine actual buyers. Natural Language Processing Technology (NLPT) comes out on top for the real estate industry by allowing you to reach the best potential clients.
Prediction of Market-competitive Property value
Predicting the value of a property is notoriously difficult. Ask a real estate agent, and you will find out first hand the difficulty involved with this task. From manually determining the market values of all community properties to the sales comparison approach, the entire process can take up a lot of your precious time. To save you from the chaos of predicting a property's market value, Artificial Intelligence algorithms have come to the rescue!
Advanced Real Estate Analysis
A major use case of AI in real estate is the accurate analysis of properties while incorporating many factors. Today, we have Al-powered software capable of providing the following property information in a matter of seconds:
- Area’s crime records
- Natural disaster probability of an area
- Transportation and parking facilities
- Local school’s stats and reviews
- Entertainment, recreation, and dining options
Personalized Customer Experience
There’s a reason behind naming artificial intelligence as it is; It's intelligent enough to cater to your preferences for artificial intelligence in real estate management. Although the property search engines filter the properties based on your inputted parameters, they’re never quite effective enough. AI gives an edge over the traditional home searching process by giving a more personalized customer experience. AI-powered solutions keep a track of the customer’s real-time online searches, previous purchases, property views, color preferences, and other filtered searches giving a huge advantage to those companies that use AI in the real estate business.
AI-powered powered property management
Al-derived property management systems are quite recent innovations in the commercial use of artificial intelligence in real estate. Functions like automated HVAC operations and energy savings have garnered the attention of property owners, investors, brokers, and even tenants.
The automation of property management in its entirety comes with stark challenges, with cybersecurity proving to be the most difficult.
There’s a large number of items that can be quickly automated through AI integration in real estate:
- Tracking property listings
- Tracking maintenance requests
- Tracking renter's applications
Final Thoughts
AI is doing wonders for the world's businesses, and the real estate sector is no exception. Property owners, investors, dealers, and clients are equally benefitting from the smart decision-making powers of AI algorithms. From automated transactions to virtual property viewings, nothing is impossible in the age of the fully digitized real estate industry.
Leveraging Artificial Intelligence in the real estate industry will not only cut down on property management costs to half their original value but also gives you a competitive edge in the market.
Are you ready to boost your Return on Investment (ROI) with advanced AI algorithms?
Artificial intelligence is being used in real estate in a variety of ways. For example, AI-generated 3D models allow prospective buyers to tour a property without leaving the comfort of their homes. AI is also gaining popularity in underwriting to evaluate credit scores or employment history.
Feel free to take your business to the next level with Integrio IT services. Our team of AI software development specialists, with 20+ years in the industry, are here to digitize your real estate company.