You are here:
Image credit: REX Real Estate

How Artificial Intelligence Has Managed to Affect the Real Estate Industry

AI and real estate relationship is more and more relative. AI helps sellers and buyers predict and compare a lot of criterions to make the right decisions.
By Alina Vo | EnvZone Staff
on April 17, 2019 | 7 min read
Image credit: REX Real Estate

With innovation and tech disruption set to change the fundamental paradigms of the real estate sector. Especially, Artificial Intelligence has revolutionized the way that real estate agents conduct business.

Before You Start

Here is the definition of Artificial Intelligence that you must know before you begin this article: According to Techopedia, AI is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. Some of the activities computers with Artificial Intelligence are designed for include speech recognition, learning, planning, problem-solving… AI must have access to objects, categories, properties and relations between all of them to implement knowledge engineering.

Now you have known what Artificial Intelligence is. There are a few of the major ways that AI has affected the real estate industry. Let’s get started!

‍Better Long-Term Relationship Building with Clients

AI-based customer relationship management (CRM) systems keep track of all of these clients, continues to reach out and provide them with information so that they know they are supported by you and calculates when your clients might run into trouble with their home. This system allows you to stay top-of-mind with your previous clients while also advocating for new ones. Best of all, AI software is automated and never sleeps so AI will allow you to serve clients all the time.

AI-Powered Data

With Artificial Intelligence programs, you will be able to keep track of all data points, such as:

Predicted Property Prices

By leveraging Machine Learning Algorithms, it's easier to predict the true worth of property. Delving into the PE and other ratios to estimate the value of the property.

The value of a house based on the current conditions of the market: Today by using property characteristics we identify similar properties which recently sold to develop an estimate of a property’s market value.

Popular Housing Needs

Crunching historical data makes explicit trends in housing needs associated with seasons.

For instance, sales may be a slowdown in summer months, when the new school year starts, the prices are increasing. Such seasonal prices help property investors leverage their investments, postpone their sell for a few months to get a better deal.

Maintenance Predict

Fully-automated AI programs that focus on helping your clients build and maintain wealth through real estate investments. Through you, clients receive a monthly, personalized financial digest detailing all the information they could want or need for their specific real estate goals and avoid a potential threat.

Creation of Personalized, Up-To-Date Marketing Content

The AI will then be able to take over by personalizing every customer interaction, bringing all of your marketing activity together in such a way that it can aggregate the data and figure out what will work best at every touchpoint.

Moreover, AI is capable of tracking all of the current trends, analyzing user behavior and needs, and providing tailored content that supplies users with what they want to see most. This allows you to concentrate on aspects of your real estate practice while your technology keeps your clients in the know.

‍Comparison Tools

Artificial Intelligence that enables clients to compare vital variables such as pricing, square foot area, the crime rates in the neighborhood, availability of public transit, and other needs that your clients may consider for their ideal living situation (desired bedrooms, beautiful landscape, the profile of local businesses such as gyms, groceries, restaurants, the proximity of schools and several other factors.…). Especially, factors at a much deeper level, correlating factors such as frequency of power cuts in the locality, unemployment in the locality, frequency of transportation links, school ratings and more also help the buyers choose the best house/ apartment.

Moreover, Sellers may likewise quote a fair price and sell their property faster, without the risk of under-selling themselves. With quicker access to these comparisons, both clients and sellers will be able to close the deal more quickly.

Better Sell

In general, the final goal is selling properties to the customers. The best chatbots are now effectively indistinguishable from real people, and they can come in super useful when it comes to the way that we interact with realtors. It helps you make the best recommendations.

Conclusion

Real estate data sets are growing larger and larger with every passing day, thanks to the ever-improving computing power and cloud storage capabilities. So, it's clear, then, that AI and the field of real estate match together perfectly and they will proceed to grow closer and closer in the future.

Related post: 5 Artificial Intelligence (AI)'s Jaw-Dropping Benefits in Healthcare

SUBSCRIBE FOR THREE THINGS

Three links or tips of interest curated about offshore outsourcing every week by the experts at ENVZONE Consulting.