The Advent of AI in Real Estate

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Have you ever been in the constant hustle of finding yourself a perfect home? I know it is a yes, and how ironic is it that the most attractive investment of our life is also the most excruciating one! 

With the overpopulated world that we live in, getting a perfect room size, property size, and house quality with macroeconomic demographics may seem next to impossible. 

But what if I told you that you could get a lot more with just a click on your phone. 

Yes, it is possible not in a dream world but in the real world of AI. AI can enable much more than your imagination to ease your toil of Real estate purchase. 

Oh, I am excited to know this; HOW? 

So, before we delve into the intricacies of AI, Tell me what you look for or expect in a real estate investment? 

I know, affordable pricing, great location, and an awesome return on investment. Isn’t it? 

The above-mentioned needs can be clubbed into three major criteria: price forecasting, property valuation, and trend analysis. 

All of which can easily be integrated by AI at your ease. 

Wow! 

I know! 

So, an AI employs a regression model that augments all your demands, including property age, house quality, demography, pricing, and so on – allowing you to choose from a list of properties that best suits your needs. 

Looks perfect? So, let us delve deeper into a near-perfect AI-deployed real estate world. 

Incredible Benefits!

a. A potent asset with a huge ROI – Buying a property today to sell it tomorrow! We find it a great way to amass wealth. 

The process can be made simpler with assured success – through accurate timing suggestions for selling to maximize profit with the help of AI. 

b. Detection of demographic development and crime rate how can we afford to spend millions on a property only to discover later that the place is unconducive for better conditioning of kids. 

Therefore, it is very important to know about a place before going on for a big purchase. AI can do that for you with a social listing through a large pipeline of algorithms. 

Rainfall rates, sunlight availability, pollution levels, crime rate, know all of that before your next bug purchase! 

c. Transparency – 

Out of all the processes involved in purchasing real estate, the most excruciating is dealing with multiple agents to land a better deal. 

The lack of proper knowledge about recent trends and the demography can turn in huge losses and an overpriced purchase. To your rescue, AI tools enable an accurate insight into a real estate market through multiple models – enhancing greater transparency throughout the process. [1]

A deal you will surely never regret! 

Seems like a one-stop solution to all my property problems. 

Yeah, what if I told you that AI offers a one-stop solution even to property dealers? 

So, let us discuss the endless benefits Real Estate firms can get! 

So are the benefits that 49% of the real estate agents see the potential of AI in the real estate sector. [2]

How could they not! 

It is endowing them with so many benefits, after all. 

Let us see what they are: 

Lead Generation 

The most important of them is the tedious task of generating leads, as often in the business of Real Estate, a lot of time is wasted in finding clients with real intent of purchasing. They often end up spending a lot of time with unconvertible prospects. 

But with AI, these firms can save a lot of their time and resources by leveraging the power of data analysis and digital marketing. Website visits and landing pages are the biggest assets here. 

The data algorithm also suggests the kind of property one is searching for and allows only relevant real estate firms to connect with them. 

Phew! Saving a lot of hard work. 

What else is there? 

Next on the list is, 

Property Management 

Though most of us purchase real estate for a dream home, not all see it as a mere personal residence. 

Most potential buyers nowadays are interested in purchasing a rental property to acquire a huge ROI. 

But, as enticing as the rental property investment looks, it isn’t easy maintaining the same – leading to lots of conflicts and poor management. 

With AI’s help, real estate firms can emerge as a true savior here. 

From facilitating seamless communication between landlords and renters to automatically sending bills and notices, AI in property management makes it a lot easier to manage a rental business.  [3]

Now that we are considering real estate as a business and investment, let us also not miss upon, 

Valuation and future price analysis 

When buying a house, the most strenuous process is finding a property with accurate pricing. And also the price at which you can purchase today and sell tomorrow with a huge ROI. 

Well then, here’s some good news for you. This buying and selling don’t have to be mere guesswork now. Rather, you can do an accurate analysis through the given metrics for a profitable purchase. 

Actually, Why you? Real Estates will do it for you! 

With the help of the AI regression model, as discussed before, the firms suggest accurate and transparent pricing depending upon the size, location, age, etc. And if you wish to sell, they also let you know the right time, so you don’t miss on an exciting deal. 

Wow, these are some amazing possibilities! 

But, 

How are Real Estate firms adopting these? 

Well! Who doesn’t want to up their game, especially in a competitive sector like Real Estate? 

I know that starting full-fledged with AI for budding real estate firms may look like a far-fetched task. But, still, there is a lot more they can do to move in the right direction. 

AI any day is a competitive advantage, after all!  

 So, what is the first step to getting started? 

The first step is making the marketing game on point via,

Content Marketing

E-Commerce has already been reaping the benefits of this tool. It’s time we allow the Real Estate business to stride in that direction. 

And contrary to the popular belief of content marketing being a simple digital marketing tool, for real estate, it can be a game changer. 

By enabling chatbots on the official website, firms can facilitate professional communication without having to engage in salesy pitches. 

These simple chatbots can go a long way in streamlining useful info like buyers’ preferred location, rate, etc. – enabling customized ads to target the right prospects. 

Another area the firms can start making inroads with AI is, 

House recommendation 

When purchasing a house, we are often baffled by the metrics with too many deciding factors. To ease our task, real estate firms can narrow down our options with the help of a thorough analysis.  

Something similar to an AI search engine will enable data collection – matching it to the property of your choice. 

So the next time your family prepares an exhausting list of features for the new home, you have AI house searches to fall back upon. 

However, no matter how accurate the house search is, I know nothing can replace the satisfaction of home tours. 

But, it is such a time taking task! 

No worries, here is the solution. 

Virtual Tours 

We have different plans with also different locations in mind when it comes to purchasing a home. Though is it always possible in the busy modern life? 

What if we plan to purchase a property abroad or in a faraway city. In such cases, a virtual tour can act as the best alternative. 

If you think it is difficult for real estate firms, let me remind you of the covid period when global movement was curtailed. These firms were forced to adopt AI-based virtual tours, so they don’t miss out on potential candidates. 

Though in covid, it appeared as a compulsive adoption, the long-term hidden benefits were soon discovered. 

From allowing clients to enjoy 3D meetings and direct calls with landlords to touring hot properties still in construction, Real estate firms have finally realized the unexplored potential of virtual touring. [4]

Final Thoughts 

As AI makes inroads in the marketplace, there are many assumptions, as is the norm when anything new is introduced. The most prevalent one is that it sees direct competition with local real estate agents. 

It makes sense as local agents do not have the resources and technological edge to compete with huge firms in data analysis and marketing. 

But, let us also acknowledge that AI and machine learning are becoming more common in daily lives. So, the deployment, too, is affordable for most. 

Agreeing that it’s challenging for small sectors and agents, let us also not miss the potential of making the sectors more organized with the help of AI. 

Initially, left-out agents can also be employed in various tasks like touring, local first-hand trend analysis, and then the list goes on with so much to explore. For most, it would be far better than an aimless search for clients – generating marginal profit. 

What is the real challenge, then? 

Have you not guessed it yet? 

Quite obvious. Data handling and security. 

Utilizing AI tools in line with privacy has always been a concern in all sectors. 

So, how can real estate be spared! 

So, it is of utmost importance that the challenge of deploying AI in line with legal compliance is met. 

Or else we may see our beautiful home dreams turning into the most dreadful nightmares! 

 

 

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She is a National level Debater with many accolades and as an aspiring journalist, she aims to present and document content in a well rounded and constructive manner.

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