How Artificial Intelligence is Transforming the Real Estate Industry
Artificial Intelligence, together with data analytics has changed the way real estate firms engage with customers. It has made its mark on the real estate industry in the form of complex software suites that are capable of integrating process automation. The immense possibility of automating tasks like property valuation, delivery of property information to customers, property security management and communication has steadily streamlined business real estate processes. As a result of this, the number of real estate companies adopting technologies like web portals with AI-powered site management, email notification systems and ERP systems with inbuilt data analytics is on the rise.
Like all other industries, AI has grown to be the new innovative standard in real estate as well. In their quest to provide an unparalleled experience to target customers, companies in this industry space have begun to invest more and more on AI technology. They are implementing it to make customer interactions easy and seamless. On the other hand, companies are also using them for internal purposes like big data analytics. All in all, the ability of AI technology to bring enterprise-grade applications that are capable of self-learning has been hard for business owners and real estate agents to ignore.
The ways in which Artificial Intelligence is making the Real Estate Business Better
Introduction of Bots:-
Communication bots specifically designed to answer questions are one of the latest innovative features that are currently taking the industry by storm. These bots engage customers on web portals giving accurate and convincing answers to customer queries. They are powered by advanced neural net systems which ‘learn’ as they interact with more users. These birds can also be deployed to provide a 360-degree view of property to potential clients with the help of virtual reality technology as well.
Data Analytics:-
Software suites with dashboards that provide data visualisation features are ideal for real estate businesses that need to sell and market properties to gauge their performance. Data Analytics provides real estate agents with action points derived from data mining. These action points may include a wide variety of shoes ranging from process improvements to customer service enhancements. Valuable insights derived from Data Analytics are extremely important for the real estate business today.
Consumer Services:-
Empowering customers with self-service avenues like payment gateways and building monitoring systems that provide security based notifications are another area of the real estate industry where AI technology continues to excel. Self-learning systems deployed to monitor the security of the building and to assist customers with property payments add value to the customer service structure of a real estate firm.
Recommendation Systems:-
AI-powered site management systems are capable of suggesting properties to a customer, based on their preferences. Real estate firms are bound by the obligation to provide the right information on demand to the end customer. An Artificial Intelligence solution that effectively brings this information by recommending specific properties to potential customers have managed to revolutionize the way real estate firms convert leads.
Smart Homes:-
Bespoke AI tools that interface with other smart devices like the Amazon echo are finding their way into a large number of homes. Residents can set up the system to dispatch notifications to their smartphones when their homes are empty. Cutting-edge technologies like automatic thermostats and lighting systems guided by AI algorithms help customers save energy costs and keep an eye on their home from remote locations.
The transformation of the real estate industry by Artificial Intelligence implementation has only just begun. With AI algorithms becoming more capable of advanced tasks, the opportunities for the real estate industry is poised to grow by leaps and bounds.
