Artificial Intelligence (AI) is revolutionising every industry, and real estate is certainly not an exception! With increasingly evolving and adapting algorithms for complex areas, including decision making and voice recognition, AI is enabling a reduction in errors and incorrect decisions related to properties with the help of actual data and insights.
Real-estate companies can leverage AI for improved data management, enhanced financial and loan modelling, and improved sales and marketing to reap its benefits to the fullest. This blog explains how AI can offer diverse sets of benefits to prospective clients, agents, and real-estate businesses alike.
Impact of Artificial Intelligence on Real Estate
Enhanced Property Search
Powerful AI algorithms analyse a customer’s search patterns and provide a list of prospective properties that are more accurate and aligned to customer preferences, resulting in enhanced client experience. Additionally, AI applications can combine search results of similar buyers to suggest additional alternatives.
Further, AI-enabled applications have conversational interfaces and offer additional information about properties with their ability to perform advanced property analysis to help in a customer’s buying decision. For example, an AI-enabled real-estate application can provide you with information such as parking space availability, local transportation system statistics, reviews and ratings of local educational institutions, number of hours in a month or year that the property gets sunlight, etc.
Predict Property Market Value
AI can analyse vast volumes of data from CRM, marketplace, and public information, including buying trends, crime rates, schools, etc., to make reasonably accurate predictions about future property value or rent. These more reliable estimates help clients make better investment decisions.
Enhanced Transaction Process
With its powerful algorithms and processing, AI offers a digitised, transparent, faster, and user-friendly property closing experience for the buyer, seller, and agent. It helps to save significant time and efforts and eliminates human-error through auto-fillable data and robust compliance checks. Further, it can help agents with their performance assessment by providing smart reports.
Agent-less Property Tour
AI helps busy agents to help clients tour the property without accompanying them and answer their queries using robots. An agent can steer an AI-enabled robot to hold a property tour, while clients can check the property at their leisure. It also increases the number of tours a realtor can conduct within a day, reducing the travelling time and efforts significantly.
Improved Lead Generation
The robust analysing power of AI algorithms helps agents identify their ideal prospects from the “not so serious buyers”. It saves a great deal of agents’ time and efforts to target and focus on the right customers.
Besides these benefits, AI provides the following offerings to investors and real-estate businesses that will transform this industry.
Prevents Budget Overruns
According to McKinsey, large construction projects are prone to construction delays, with the chances of budgets exceeding up to 80% of their planned value. In combination with regular 3D construction images captured by autonomous robots, AI can reveal ongoing construction issues and valuable insights. The project managers can act upon these issues to provide timely delivery and stay within budget.
Revolutionises Mortgage Lending
With massive data handling and analysing capabilities, AI is set to revolutionise data-intensive mortgage lending processes. With the ability to capture enormously more information with higher accuracy, AI can enable loan auditors to evaluate three-fold compliance reviews than the previous industry standards. With the automation of mortgage lending processes, lenders can save tremendously on their staffing costs besides processing the requests much faster.
Improves Property Management
AI can also help in efficient real-estate management. AI algorithms can analyse IoT and WiFi data to offer valuable insights to make better space management decisions. Some of these include making customised workspaces, analysing and detecting spikes in energy use patterns, and taking corrective actions to decrease operational and maintenance costs.
Offers Competitive Edge
AI-enabled tools provide precious insights to help you make vital decisions with cost-advantage. It enables you to make more educated offers and gives you the upper hand in today’s highly competitive real estate market.
AI is set to transform the real estate industry by analysing high data-volumes and deriving critical business insights. AI’s cognitive abilities need large datasets that are scalable and readily accessible in a Cloud environment. The powerful combo of AI and Cloud offers a substantial critical advantage to businesses.
E2E Cloud offers you the powerful Cloud Computing capability to enjoy the full benefits offered by AI. We offer the most cost-effective and easy-to-use Cloud platform that provides high reliability, best availability, and advanced technical stacks. For more information, please check our website. Also if you are interested in taking a GPU server trial feel free to reach out to me @ 7795560646.