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Impacts of Artificial Intelligence on Real Estate Industry

Real Estate Industry

Artificial intelligence is an IT technology which is trained to take logical decisions on its own. The technology is growing rapidly and humans fear that it will soon take their place in the different markets and industries. The technology uses various algorithms and predictive analytics to take well informed and educated decisions. Although the technology has progressed a lot in the recent past, it has not grown enough to take the place of human brains. As of now, there is no home that doesn’t have a personal computer or a smart phone at their place. This has made the process of Machine Learning quicker and smoother, and it is getting included in our lives in form of various media, like social media and other apps and websites.

Lately, we have seen a great shift from conventional techniques used in the real estate industry to the latest AI based operations in this market too. Different individuals, brands, and tycoons have started shifting towards the AI based marketing techniques, while, the end users and tenants have also started relying on these techniques much in the recent times.

Today’s post will discuss the 6 major changes that AI has brought into the game of real estate development, buy, sell and rent business. In today’s world, there are various ways in which artificial intelligence and machine learning are impacting the real estate and we are going to discuss them.

Lead Generation

The first thing that AI is helping us in is lead generation. Potential buyers or investors can easily be found through this technology. See, every website sees a plethora of new visitors’ everyday but very few of them are the potential leads. AI automatically sorts the ones that it feels are like the potential ones and are definitely going to make a purchase in real estate market. So, while the AI tracks the potential leads you just have to sit back and don’t have to track down the whole list of potential buyers that are not even there to make a purchase.

New Search System

The search filters are helping a lot in finding the best and most suitable search results for you. The prospective buyers can narrow down their searches according to the property type that they want and the budget that they have. This makes the listing appear more best-fitting while filtering out the rubbish ones, so that you can take a decision more easily and swiftly.

Rapid Transactions

The features like e-banking and other such similar features are helping the real estate business owners and buyers in the business a lot. One can track down all the payments that they had to make while the receivers can know which payments are there to be received. In this way they can come on a mutual agreement and set periodic payment features in almost every banking app. So that the next time you have to pay or receive the rents or commissions, you don’t have to stand in long queues waiting for your turn. As, you can get all this done periodically with the few clicks that you have made during the initiation of the agreement.

Competitive Edge

The next thing that we have here is the competitive edge that has been made a quite more convenient. Like in the past, the prospects would often miss on a great deal while looking at the less lucrative ones. This has been made easier with AI. Apart from the Search Filters, you can also compare different listings depending upon the size, area, year of construction and many other such attributes which were difficult to track or compare in the past.

Sellers Credibility

It has also become a lot easier with the inception of AI to know the exact market credibility of the seller or the dealer, who is going to make the deal. You can also view the past projects that the seller has done in the market and what good he has delivered before. With that handful of knowledge about it you can easily make decisions that would be harder to make in the past.

Process Automation

Last but definitely not the least, if you are someone who is into the buy and hold system of real estate businesses then AI is going to help you a lot to keep a check on all the properties and files that you are holding and what appreciation you have got till now. You can benefit from these CRMs as they can hold many difficult tasks for you including data entry to leasing and renting.

Conclusion

In the recent past we have seen the two technologies AI and ML growing rapidly. These also have influence the business community in various ways. From automation to filtering, we have listed a thorough run-down of impacts that Artificial Intelligence (AI) has made on the real estate business. Have a look on the detailed list above and do let us know if you have any other questions.

Call us directly on one of our numbers, or leave yours in the comments section. Our highly diligent and active team would love to respond to any of your queries regarding real estate businesses or the involvement of AI into it.

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