The term artificial intelligence has become a buzzword in the real estate industry, and it’s commonly misunderstood. Contrary to popular belief, the rise of AI does not mean that computers will replace people in the future.
The concept of artificial intelligence emerged because of the need to collect and use vast amounts of data to improve the efficiency of people’s lives. It’s about helping them make better decisions by analyzing and applying the data collected from various digital activities. Here are some of how AI is changing how we look at real estate.
Provide tailored recommendations to customers
Similar to Amazon’s recommendation engine, AI can help real estate agents improve the efficiency of their sales by delivering relevant and personalized offers to their customers. Large estate agencies can save their customers a lot of time and effort by optimizing their offers.
Through AI, real estate agents can create customized listings for their clients based on their preferences, previous viewings, and demographic details. These techniques can also help first-time buyers find the ideal property.
Perform analyses of the market
AI can also help predict the future outcomes of various markets, whether it’s complex market patterns or global weather patterns. This area can potentially have a huge impact on the business world. In the real estate industry, investors are hoping that this technology will allow them to make better decisions.
Using data and human expertise, AI can help investors make informed decisions when it comes to investing in the real estate industry. It can also identify the latest trends and provide them with the necessary insight to make informed decisions. This, in turn, reduces risk and maximizes Return on Investment.
Offers simplified customer care
Calling a help desk is one of the most stressful things in the real estate industry, as it can take a long time to get through to a real estate agent. Having a fully staffed call center is not feasible or even desirable for small and medium-sized real estate firms.
Fortunately, with the help of AI-powered chatbots, most customer care queries can be handled without a problem. In some cases, these can even be more effective than the agents themselves. Moreover, advancements in machine learning and natural language processing have made it easier for customers to interact with these new technologies in a similar way that they’d interact with a real agent.
Enabling smart contacts
The rapid emergence and evolution of smart contracts have made it easy for businesses to grow faster and more efficiently. With the use of these contracts, real estate can benefit from the ability to create immutable transactions, which can eliminate human error and time-consuming processes.
With the help of predefined rules, smart contracts can be executed without requiring human intervention. These rules can also check the legitimacy of the contract and prevent fraud. In the future, real estate transactions will be conducted as if they were conducted online.