One of the biggest creations of the 21st century, AI is a computer program that is made to mimic the thinking capabilities of a human being. Thanks to the Terminator and Matrix’s movie series, many individuals consider AI to be synonymous with the end of the human race. However, it does not have to be like this because AI is essentially a piece of a program written by humans for humans!
With the global acceptance of AI and the fact that it can help and improve human intelligence, many industries have been integrating AI to simplify operations and maximize profits. One such industry is the real estate network that has adopted AI to introduce convenience in an existing working model.
Considering this, here are some ways AI is slowly transforming the real estate industry:
1. Enhancing the Customer Experience
Providing a good customer experience is crucial when it comes to turning customers into loyal clients. This is where artificial intelligence is helping agents in transforming the real estate industry with the help of intelligent chatbots. A wide range of brokerages and real estate companies have started incorporating chatbots to elevate the customer experience.
Related: How to Use Predictive Analytics as a Real Estate Agent in 2020
Since AI is programmed to mimic the human speech pattern, the AI-powered chatbots are allowing this industry to save up on customer representatives. Of course, when customer representatives are replaced by AI, they will have much more time to focus on other important tasks; thus optimizing the time.
Right now, AI is not sophisticated enough to take on complex human queries. So, it can be used in situations where queries, from customer to customer, do not change. If the queries do get complex, the AI-powered chatbots are intelligent enough to connect the potential customer with a real representative.
To take it up a notch, you can develop a specific app that caters to the queries of the customers. For this purpose, you can take help from any company that provides app development service.
2. Ditching Traditional Approaches to Data Entry
Real estate investors understand the basics of the real estate industry which is the longer a property sits idle on the market, the lower the profit will get. In response to this, various tech companies are developing AI-powered tools that will automatically enter data into online databases regarding property specs such as basement status, room types, and kitchens, etc. In some cases, the AI-powered tools can utilize images to collect crucial information.
With artificial intelligence handling basic data entry operations, the agents representing contractors and investors can work smartly to increase profit margins and overall sales.
Related: Real Estate Data Analytics Is What You Need to Get Rich
3. Breaking Down Language Barriers
Global industries with international chains have to keep up with thousands of documents that are in multiple languages. Such documents contain legally binding information and when working on a lease term, the industry faces the challenge of depending on local resources. Once any real estate deal is finalized, only the native speaker of any particular language can understand the finalized terms. Not anymore!
New AI technology can be trained to speak or understand any language. Through this feature, AI can extract valuable information from global contracts and change it into any target language. Thus, the application of AI in the real estate industry would enable the agents to understand crucial content pieces without any barriers. This will enable the real estate industry to be more transparent.
4. Construction Automation
Just like with every other industry, the real estate market also wants to optimize its spending and increase its profits. To help with their expenses, a new set of tools is being developed to aid the builders to automate their material purchasing process. With the help of such AI-powered tools, the builders can purchase the best material at suitable prices through reliable suppliers.
By allowing the AI technology to take over, the builders can cut down on certain processes and at the same time, allow AI-powered tools to optimize the profits. Through material acquisition, AI can help builders to decrease their expenses and increase their profits by a huge margin.
5. Enabling Virtual Access
Another department where automation is producing positive results is in the field of real estate business and property management. The technological advancements have led to the rise of virtual tours for spaces for leasing parties which ends up saving a lot of time. As more and more time passes, virtual tours have become a casual habit which is achieved through drones.
On the other hand, surveying land for construction is another benefit made possible through the advancement of AI. With the help of intelligent drones, property buyers and construction companies can inspect the lands before finalizing any deals. Automation of this nature lessens the number of complexities and complications associated with this process.
Related: Construction and Property Management: 5 Tech Solutions That Are Taking the Industries Forward
6. Managing Property
Artificial intelligence is being used in property management as a predictive tool. It monitors the property and notifies the concerned parties whenever any critical maintenance systems require replacement. Such AI-powered tools are also proving themselves critical when it comes to keeping track of rental trends in any location and increasing the rents once the lease expires. On top of this, AI can even be used in monitoring geographical areas and certain trends when it comes to property prices, crime rates, and more.
Overall, various property management companies can perform simple building automation and detailed expansion analysis to identify potential returns through critical AI inputs.
The Future of AI in the Real Estate Market
To summarize it, AI is proving itself critical when it comes to automating the tiresome process, enabling remote access, and providing virtual assistance round the clock. Its ability to comprehend future trends and to mimic the human interactions provides it with plenty of space to grow and transform the real estate industry.
Does AI’s growing control spell trouble for its human counterparts in terms of employment? AI will not lead to unemployment straight away but it will lead to certain inevitable changes to the real estate industry. To some extent, AI’s integration in this industry will be disruptive and may cut off certain practices. However, it will help involved parties save a great deal of money and time in terms of client service, operational efficiency, and advertisement.
As artificial intelligence gets more intelligent, the real estate industry will become precise at handling the unique requests of their clients.
This article has been contributed by Nouman Ali.
