artificial intelligence, real estate

Extraordinary Benefits of Artificial Intelligence in Real Estate

Tech Falcon
Published on September 12, 2021

Real Estate is one of the most important data-driven productive fields. It is well prepared to leverage the use of AI and automation technology to boost productivity, save costs, and decrease mistakes. Artificial intelligence refers to smart technologies that are capable of actively seeing their surroundings and learning from them in order to respond to signals and make decisions on their own. Artificial intelligence in the real estate sector range from evaluating a property's worth to comprehending market conditions. Brokers and agents are continually performing manual activities that might be performed more efficiently by a machine. AI usage in the real estate market can also aid in this regard.

Improved House Search

AI can transform the way operations are conducted in Real Estate. When you hear the word Real Estate, the first thing that comes to mind is the house search, looking for a house is an extensive, time-consuming process. But with updated AI and ML you don't have to any longer, Machine Learning real estate algorithms can simplify your search for the perfect house. It allows you to put in various search criteria to narrow down your desired need and look for the best options easily. With AI application, you can search using specific phrases like, "houses with a backyard" or "swimming pool" and set the area, to filter your search. AI can also track your previous searches and recommend you similar prospects. Real Estate Agencies are incorporating AI to change the house searching experience with greater efficiency within a short time, which in turn attracts more customers generating revenue.

Boost your Lead Generation

AI can simplify the process of lead generation, you don't have to wait for offers to pop up, but AI can identify the most potential leads based on data itself. AI is a powerful tool, which helps you to find your ideal client. Manually going through each and every lead is an extremely time-consuming process, so AI can even distinguish between serious and casual leads, this way you can narrow down your searches to the right one. Hyper personalization is one of the most important features of AI in real estate. AI can draw a detailed analysis of your customer based on occupation and his likings, to suggest his ideal home. For example, He must be interested in properties near retail malls, supermarkets, schools, hospitals, and other similar facilities because he is seeking a residential house. Or he could already be thinking about specific locations. He also conducted all of the searches within a particular time frame, as he is a working professional.

Predict the Property Value Seamlessly

Getting good and reasonable prices is hard, even with the most popular real estate agent. This is where AI application comes into play. It helps customers to predict the best value of a property. AI and ML algorithms evaluate previously unnoticed qualities and conduct multi-dimensional comparisons across seemingly unrelated assets without any preconceived criteria, and they continue to learn as they process additional data. This provides a much more playing field to assess an accurate price. Analyzing brings up many new unrelated factors like the locality, the road connectivity, nearby marketplaces, bars, or coffee shop into account. Gone are the days where only the indoors mattered to predict an average cost. AI provides more real-life vision to every project. This also helps in setting the value of a property in the coming years by analyzing the prospects of future developments and the changing variables of real estate, AI will provide you real-time cost predictions.

Enhancing Online Assistance

Like every other business in the world, Real Estate is also spreading its online presence to capture more attention, and reach out to more clients. Online transactions might seem detached from the real world but by incorporating AI chatbots you can increase the personalized engagement of clients. AI chatbots can assist your customer through the whole process by asking valuable questions and keep them connected to the site. Chatbots can act as their personal online broker and ask personal questions to analyze their needs and likings. It can ask questions like “What is your price range?” or “What location do you prefer?” to understand the customer needs, and further suggest to them similar leads to keep them hooked. Users can subscribe to the chatbot so that you can send them relevant information through the mail. This way, you can easily turn a visitor into a potential lead with the help of AI.

Virtual Property Tours

Virtual property tours are one of the most significant benefits of AI-powered virtual reality (VR) and augmented reality (AR) technology in the real estate industry. These tours allow potential buyers to experience a property remotely and explore the space as if they were physically present. The technology provides immersive 3D images and videos that give buyers a sense of the property's layout, design, and features. Virtual property tours offer several advantages, including saving time and money by allowing buyers to narrow down their choices without visiting every property physically. This is especially useful for buyers who are relocating from another city or country or have limited time for property viewings. Virtual tours also increase engagement and interest in a property by providing an interactive and engaging experience. They can enhance the property's marketing and make it stand out from other listings. Overall, virtual property tours are a game-changer for the real estate industry, providing an innovative and effective way for buyers to explore properties and for real estate professionals to showcase their listings. With AI-powered technology, virtual property tours will only continue to improve, making it an essential tool for the real estate industry.

Fraud Detection

Fraud is a significant concern in the real estate industry, and AI technology can help prevent it. AI algorithms can analyze data to detect fraudulent activities, such as identity theft, fraudulent property listings, and other illegal activities. By analyzing data patterns, AI algorithms can identify suspicious behavior and flag it for further investigation. Fraud detection technology can benefit both buyers and sellers in the real estate industry. Buyers can be assured that the property they are interested in is legitimate, and they are not at risk of losing their money to a fraudulent scheme. Similarly, sellers can be confident that their property is not being misrepresented, and they are not at risk of losing their property to a fraudulent buyer. AI technology can also help real estate professionals to streamline their operations and reduce the risk of fraud. By automating fraud detection, real estate professionals can focus on other aspects of their work, such as marketing properties and providing excellent customer service. Overall, AI-powered fraud detection technology is a critical tool for the real estate industry. It helps protect buyers and sellers' interests and ensures that the real estate market remains fair and transparent.